If you’re thinking about setting up a home gym, you’ll want to get a weight set first. Personally, I really like adjustable dumbbells. But there’s also a solid way to save some money on your home gym equipment: using FSA or HSA funds.
Thanks to a partnership between Nike and Truemed, you can use pre-tax dollars to buy Nike Strength Training Equipment. This could potentially save you around 30% on your gym investment. Here’s everything you need to know about making your health savings work for a home gym.
Getting a Letter of Medical Necessity (LMN)
Just like you can use health funds for wearables and fitness trackers, there’s a bit of a trick to unlocking FSA/HSA eligibility: get a Letter of Medical Necessity (LMN). Essentially, this is a note from a doctor that classifies a purchase as an eligible medical expense under IRS rules. It verifies that the equipment is intended to treat actual medical conditions such as obesity or heart disease. If you submit an LMN to your benefits manager, it’s likely that the expense will be covered. Without it, the IRS sees fitness equipment as a general health expense, which wouldn’t qualify for FSA/HSA funds.
Traditionally, getting an LMN meant having to book an appointment with your primary care physician to explain your fitness needs; then you’d have to wait for the necessary paperwork, which could take weeks and wasn’t a guaranteed win. But now, some third-party apps have simplified this process.
When you visit Nike’s site and check out eligible products, a “Pay with Truemed” option will pop up at checkout. After that, Truemed will ask you a few questions about your health situation and help match you with a provider to evaluate your eligibility. This includes discussing your fitness goals, health conditions, and how the equipment will aid your wellness objectives.
If you’re deemed eligible, you’ll receive an LMN that allows you to buy the equipment using HSA or FSA funds without the hassle of an in-person doctor visit. Usually, this approval process only takes 24 to 48 hours—way quicker than the traditional route.
Once you’ve got the green light, you can confidently finish your purchase, knowing you’re using FSA/HSA funds. If you find you’re not eligible, you always have the option to cancel before delivery.
Eligible Nike Weights for FSA/HSA Funds
You can purchase Nike strength products with your HSA/FSA through Trueemed. The equipment that qualifies includes:
These products are intended to support particular health outcomes, like building muscle, enhancing cardiovascular health, and boosting joint stability. The key is being able to demonstrate that what you’re buying is necessary for a specific health or fitness purpose—rather than just general recreation.
Though the FSA/HSA fund won’t cover the entire cost of a home gym setup—a hefty $2,819—the typical savings of around 30% can make hitting “Add to Cart” really worthwhile in the first place.
Conclusion
FSA and HSA funds are there to back your health and wellness. If used wisely, they can also facilitate building a home gym with Nike Strength Equipment. Nike and Trueemed outline which products qualify. Keep in mind, though, that you’ll need to show your eligibility. Some employers might scrutinize purchases, but Truemed’s LMN system could really help you out. Just remember: good recordkeeping is key. Keep all receipts and LMNs for every HSA purchase.
