NASM, Truemed Partner To Enable Tax-Free Spending on Personal Training
Personal training clients can now use HSA/FSA funds to pay for gym memberships, exercise classes, equipment and even supplements
Personal training clients with health savings or flexible spending accounts (HSA/FSA) can now use those funds to pay for sessions on a tax-free basis, thanks to a new partnership between health-focused company Truemed and the National Academy of Sports Medicine (NASM). The deal makes it easier for clients to access up to 40% in additional “free money” to put towards fitness,
This collaboration taps into the $150 billion available in consumer HSA and FSA funds, marking a new direction in how fitness services can be financed.
The partnership provides a way for clients to use tax-free funds for a range of health-related expenses, including gym memberships, exercise classes, equipment, and even wellness products like supplements and sleep aids. These expenses can now be included as qualified medical expenses, contingent on obtaining a Letter of Medical Necessity (LMN) that links these services or products to the prevention or treatment of specific health issues.
“This partnership empowers our community of passionate fitness professionals to extend their impact on a client’s overall healthcare journey,” said Jeremy Guenther, director of business development at NASM. “We’re delighted to deliver a pathway that equips our professionals with a means to help their clients get more out of their investment, while boosting retention rates and expanding their overall reach in the process.”
For personal trainers and wellness product affiliates, this partnership could lead to increased financial benefits. The system is designed to potentially boost average order volumes by 36% and retention rates by 42%, according to Truemed’s data. This increase is attributed to the ability of customers to utilize up to 40% more funds through their HSA/FSA accounts.
The process for affiliates to participate in this program involves signing up with Truemed, receiving a customer link, and then marketing this link to their audience. An independent medical provider will determine if a client is eligible for HSA/FSA funding and, if approved, will issue an LMN so they can use tax-free funds to pay for their fitness and wellness professional fees.
NASM-certified trainers can enroll in the program at no additional cost.
Truemed’s co-founder, Calley Means, emphasized the gravity of this initiative in making personalized fitness programs more accessible and affordable for clients.
“It is important for clients to have access to consistent, personalized exercise programs to support their overall health,” Means said. “We are honored to be partnering with NASM to make HSA/FSA spending on personal training seamless.”