Can I Buy a Peloton with My HSA? Understanding HSA Eligible Expenses

Are you looking to invest in your health and fitness with a Peloton bike or treadmill? You may wonder if you can use your HSA (Health Savings Account) to make the purchase. Let's explore the possibilities!

An HSA is a tax-advantaged savings account that allows you to set aside money for qualified medical expenses. While Peloton equipment can be a fantastic addition to your home gym, it's essential to know whether it qualifies as an eligible expense under the IRS guidelines.

According to the IRS, eligible HSA expenses include medical services, prescriptions, and medical equipment for the diagnosis, cure, mitigation, treatment, or prevention of disease. While fitness equipment is generally not considered an eligible expense, there are exceptions under certain conditions.

Here are some key points to consider:

• Peloton equipment may be eligible if prescribed by a healthcare provider for a specific medical condition or as part of a treatment plan.
• If you have a medical necessity for improving your health through exercise, your HSA funds may be used for Peloton equipment.
• Consult with your healthcare provider to determine if purchasing a Peloton is medically necessary for you.

Additionally, it's essential to keep thorough documentation of the medical necessity for the purchase and any prescriptions or recommendations from your healthcare provider. This documentation will be crucial in case of an IRS audit.

So, can you buy a Peloton with your HSA? The answer is: possibly, if it is deemed medically necessary for your health. Remember to always check with your healthcare provider and keep detailed records to support your purchase.

If you're eager to enhance your home workouts with a Peloton bike or treadmill, it's essential to understand if your Health Savings Account (HSA) can help cover the costs. The IRS allows funds in an HSA to be used for certain medical expenses, but does that extend to fitness equipment?