Host Pete Moore sits down with Sam O'Keefe to delve into the (often confusing!) world of HSA (Health Savings Accounts) and FSA (Flexible Spending Accounts) and their intersection with the HALO (Health, Active Lifestyle, Outdoors) sector. In a market worth nearly $150B, Sam shares her expertise on how fitness-related expenses, including gym memberships and fitness programs, can become eligible for reimbursement under certain conditions. We'll explore how Flex, Sam's fintech company, is making it easier for...
Host Pete Moore sits down with Sam O'Keefe to delve into the (often confusing!) world of HSA (Health Savings Accounts) and FSA (Flexible Spending Accounts) and their intersection with the HALO (Health, Active Lifestyle, Outdoors) sector. In a market worth nearly $150B, Sam shares her expertise on how fitness-related expenses, including gym memberships and fitness programs, can become eligible for reimbursement under certain conditions.
We'll explore how Flex, Sam's fintech company, is making it easier for HALO-businesses to integrate HSA and FSA benefits, facilitating seamless payments and reimbursements for members. Sam also discusses the critical role of exercise in both mental and physical health, the psychology behind spending HSA and FSA funds, and the entrepreneurial challenges she continues to face in this very new, rather niche space.
From the nuances of telehealth evaluations to contributing and spending behaviors in HSA and FSA accounts, this episode is packed with valuable insights for anyone interested in the evolving landscape of health and fitness reimbursement. This is a must listen for all gym owners, especially if they wish to uncover the incredible amount of revenue and opportnities that exists in Q4, if this is implemented and marketed properly. Join us as we break down the complexities and uncover the opportunities in this fascinating field.
As HSA and FSA payment options become more popular, Sam states, "It's very exciting to see companies like DoorDash, Instacart, Walgreens, and others that are starting to roll this out. What it's really doing is increasing awareness for consumers and getting them to realize, 'Oh hey. . . I can spend these dollars not just at the doctor's office.'"
Key themes discussed
- Challenges and solutions in healthcare industry discussed.
- Diversity in payment regulations for different businesses.
- Verify POS inventory for HSA, FSA eligibility.
- American customer base faces health challenges, bridge gap.
- Direct payment possibilities with industry CRM's like (MarianaTek and others) for seamless integration.
- Encouraging health club operators to capitalize on HSA/FSA, especially during Q4.
A few key takeaways:
1. Sam discussed the intricacies of HSA and FSA reimbursements, which present a massive $150B market. She emphasized the importance and utility of these accounts in covering fitness and health-related expenses, provided there's a medical necessity and proper documentation.
2. Both Pete and Sam underlined the critical role of exercise in both mental and physical health. They stressed the need to shift the healthcare focus toward preventive measures, highlighting how activities like pickleball can contribute significantly to mental well-being and longevity.
3. Sam talks about Flex, a fintech and telehealth company she started to help streamline the reimbursement process. Flex simplifies HSA and FSA reimbursements by integrating them directly into the merchant's checkout flow and offering telehealth visits to obtain the necessary documentation.
4. The episode shed light on the specifics of what can be considered eligible for HSA and FSA spending. While general fitness programs and equipment usually don't meet IRS guidelines, they can qualify if prescribed by a doctor. This highly nuanced regulatory landscape requires precise documentation and coordination with healthcare professionals.
5. The conversation also touched on the entrepreneurial journey, providing listeners with insights into staying motivated through the ups and downs of business. Physical activity was highlighted as a key strategy for managing stress and maintaining clarity, reinforcing the episode's strong focus on the holistic benefits of exercise.
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Resources:
- Sam O'Keefe: https://www.linkedin.com/in/samokeefe/
- Flex: https://www.withflex.com/
- SIGIS: https://www.sig-is.org/
- Prospect Wizard: http://www.theprospectwizard.com
- Promotion Vault: http://www.promotionvault.com
- HigherDose: http://www.higherdose.com
Connect With Us:
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YouTube: https://www.youtube.com/@halotalks
LinkedIn: https://www.linkedin.com/company/integrity-square/
Website: https://www.halotalks.com
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