Using your HSA or FSA to save up to 40% on your Doodip tub
We think cold plunge is one of the best prescriptions for both physical and mental health you’ll find – and a lot of doctors agree! So if you have an HSA or an FSA, you might very well be able to buy a Doodip with those pre-tax funds, just like you can buy things like prescription meds or contact lenses. That means you can effectively save 30 to 40% on a Doodip tub if you follow a few simple steps.
First, if you don’t know what an HSA or an FSA is, here’s a quick rundown of what they are and why they’re cool. HSA stands for Health Savings Account.You can only contribute to an HSA if you have a high deductible health insurance policy. FSA, or Flexible Savings Account, is typically an employee benefit where you can set aside pretax dollars for healthcare. But unlike HSA, and FSA is use-it-or-lose-it. You have to spend all of your FSA funds in the same year.
What the two funds have in common is that they allow you to sock away money without paying taxes on it. And all you have to do is look at your paystub to know taxes take a bite. So any money you can get tax-free automatically saves you anywhere from 30-40%. These spending accounts are like 401ks but better. You will have to pay taxes on your 401k funds when you eventually withdraw them, but if you use your FSA or HSA funds for qualified expenses, you will never pay taxes on that money. It’s like a tax loophole for regular people!
So what’s the catch? It’s that phrase “qualified expenses.” Basically a qualified expense is something considered medically necessary. So doctor visits, prescriptions, etc.
When does a Doodip tub become a qualified expense? When a licensed medical professional says it is an effective tool to prevent or reverse a specific medical condition.That’s where our partner TrueMed comes in. If you have to make an appointment to see your doctor about getting a “Letter of Medical Necessity” you’ll start cutting into your savings, not to mention the hassle of actually getting an appointment these days. So, TrueMed takes care of that.
All you need to do is answer a health survey and TrueMed will forward your answers to one of their independent healthcare partners. After reviewing your responses, they will decide whether to issue you an LMN.If you are approved, you can use your HSA or FSA card to pay for your tub! If you don’t have a card and want to pay with your personal credit card, Truemed will walk you through the steps to get reimbursed.
So, here’s how you do it:
To start the process using FSA or HSA, put the tub you want in your cart but DO NOT use ShopPay, Venmo or a credit card. Scroll down to the bottom of the checkout page and click the TrueMed option. You’ll be directed to their site where you can answer the health survey and, if you’re eligible you can pay with untaxed income – saving you anywhere from 30 to 40% just because of the tax savings!
That doesn’t mean the price is lower, just that the actual cost to you is lower, because you will pay with untaxed income.
If you don’t have an HSA or an FSA, you’re probably feeling kind of left out. We get it. Whether you plan to use it for a Doodip or other qualified expenses, these funds are good deals that may even save your employer money! So be the hero of your company and talk to your HR department at work to see about getting one set up!
