Hey all, I know that canyon and a couple of other off brands have started partnering with Trumed and helping you use your FSA funds on a bike. But has anyone been able to do this on a bike that can be bought at an actual store? Anyone?
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Mike’s Bikes
The tsunami is coming. Probably by Q1 once 2026 FSA funds can be released.
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The IRS is going to come down on this stuff like a ton of bricks eventually. However, my knee hurts and biking is therapeutic, so my tax deduction is totes legit.
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They’re reducing the IRS workforce by 25%, they’ve got bigger fish to fry than going after stretching of legitimate usage of HSA funds.
Technically you can request reimbursement and get a check from your HSA. But, record keeping and validity of the expense is on you. And I’d guess that a reimbursement like this is a higher chance of getting audited than something that goes directly on your HSA Debit Card.
I saw a coaching group marketed this on their website - using HSA funds to pay for their coaching services! Given all the ridiculous stuff that qualifies for HSA reimbursement according to like the “HSA store” a bike should be acceptable IMO but….
Not everything necessarily prequalifies. All of it is supposed to be for qualified medical expenses and if you get audited you’re supposed to be able to defend it.
An example from the IRS: Your doctor suggests you take some exercise classes. You sign up for yoga, swimming classes, and a health club. Since these are for general health improvement, they cannot be considered as qualified medical expenses.
Exercise equipment or a program as treatment for a medical condition, requires a letter of medical necessity signed by a doctor plus detailed receipts. TrueMed supposedly has a doctor review and provide the letter, which is probably how they’re getting around it.