BODi and Truemed Partnership to Provide Pre-Tax Reimbursement for BODi Health and Fitness Supplements

Rhea-AI Summary

BODi (NYSE: BODI) has announced a strategic partnership with Truemed, enabling qualifying customers to use pre-tax HSA or FSA funds for purchasing BODi nutritional supplements and fitness offerings. This collaboration allows customers to save up to 40% on BODi products, including Shakeology and the Beachbody Performance line. To qualify, customers must complete an online medical assessment with Truemed to obtain a Letter of Medical Necessity (LMN), valid for one year. The partnership aims to make health and wellness more accessible to the over 40% of Americans with HSA/FSA accounts. Eligible customers can receive reimbursement for their purchases by submitting their LMN and BODi receipts to their HSA or FSA administrator.

Positive

• Partnership with Truemed allows customers to use pre-tax HSA/FSA funds for BODi products
• Potential savings of up to 40% on BODi supplements for qualifying customers
• Increased accessibility to health and wellness products for over 40% of Americans with HSA/FSA accounts
• Streamlined process for obtaining Letter of Medical Necessity without on-site doctor visits

Negative

• None.

Financial Analyst

This partnership between BODi and Truemed is a strategic move that could potentially boost BODi's revenue and market share. By enabling customers to use pre-tax HSA/FSA funds for supplements, BODi is effectively reducing the cost barrier for consumers, which could lead to increased sales and customer retention. The potential 40% savings for customers is significant and may attract new health-conscious consumers to BODi's products.

However, the impact on BODi's financials remains to be seen. While this move could increase sales volume, it might also lead to lower profit margins if BODi absorbs any costs associated with the Truemed partnership. Investors should monitor upcoming earnings reports to gauge the effectiveness of this strategy on BODi's bottom line and market position in the competitive health and fitness industry.

Healthcare Policy Expert

This partnership highlights a growing trend in healthcare policy towards preventive care and wellness. By allowing HSA/FSA funds to be used for supplements and fitness offerings, it signals a shift in recognizing the importance of nutrition and exercise in preventing chronic diseases. This aligns with broader healthcare initiatives aimed at reducing long-term healthcare costs.

However, it's important to note that this approach may face regulatory scrutiny. The FDA has strict guidelines on health claims for supplements and the process of obtaining a Letter of Medical Necessity for these products could be subject to review. Investors should be aware of potential regulatory risks and monitor any policy changes that could affect the sustainability of this business model in the long term.

Market Research Analyst

This partnership taps into a significant market opportunity, considering that over 40% of Americans have HSA/FSA accounts. By making their products more accessible to this large consumer base, BODi is positioning itself for potential market share growth in the competitive supplements industry. The convenience of the online qualification process could be a key differentiator, reducing friction in the purchase decision.

However, the success of this initiative will largely depend on consumer education and awareness. BODi will need to effectively communicate the benefits and process to its customer base. Additionally, the long-term impact on brand perception should be monitored, as linking health supplements to medical necessity could either enhance credibility or raise questions among some consumers. Tracking customer acquisition costs and lifetime value will be important in assessing the overall effectiveness of this strategy.

Enables Qualifying Customers to Use HSA (Health Savings Account) or FSA (Flex Savings Account) Funds to Purchase BODi Nutritional Supplements and Fitness Offerings

EL SEGUNDO, Calif.--(BUSINESS WIRE)-- The Beachbody Company, Inc. (NYSE: BODI) (“BODi”), a leading fitness and nutrition company, announced today a strategic partnership with Truemed, a leading healthcare payment provider that helps qualified customers spend their HSA/FSA funds on supplements, exercise and other lifestyle interventions that can help treat or prevent chronic disease. The partnership enables qualifying BODi customers to use their pre-tax HSA or FSA money to pay for supplement purchases from BODi’s best-in-class product portfolio, including its Shakeology superfood nutrition shakes. By using pre-tax income for purchases, BODi customers can access their supplements at a significant discount.

To access the partnership, current and new BODi customers can take an online medical assessment with Truemed to determine if they qualify for a Letter of Medical Necessity (LMN). If approved, the LMN is valid on all supplement purchases for a year and allows customers to save up to 40% on BODi supplements, including both one-time and monthly subscription purchases.

All BODi supplements are approved for reimbursement through Truemed, including Shakeology, BODi’s clinically studied blockbuster superfood nutrition shake that has helped millions of people feel great, lose weight and improve their energy and digestion. Also included are bestsellers such as Energize, BODi’s pre-workout supplement recently touted by CNET as 2024’s best pre-workout supplement for performance. Energize is part of the Beachbody Performance line that also includes Hydrate - a hydration powder that provides all four essential electrolytes: calcium, magnesium, potassium, and sodium, to help fuel any workout, and Recover, a post-workout formula that provides 20 grams of high quality protein and BCAAs to support lean muscle synthesis along with pomegranate extract to help reduce exercise-induced muscle soreness.

“Since our inception more than 25 years ago, BODi’s mission has always been to help people feel their best through our industry-leading fitness and nutrition solutions,” said Carl Daikeler, BODi’s Co-Founder and Chief Executive Officer. “We believe that health and wellness should be accessible to everyone, and that health savings should be available for the products consumers use to improve their wellness. We are so thrilled to partner with Truemed to make our line of world class supplements and fitness offerings more affordable to the more than 40% of Americans with HSA/FSA accounts.”

Justin Mares, CEO at Truemed, commented, “We’re very excited about this new partnership. Qualified BODi customers will now be able to use their pre-tax funds for BODi’s evidenced-backed supplements. After answering a few qualifying questions and being approved by a licensed medical practitioner, eligible customers will receive a Letter of Medical Necessity via email, which along with their receipt from BODi, allows them to receive reimbursement for the purchase from their HSA or FSA account. It’s that simple.”

Without the need for an on-site doctor visit, this partnership saves time and money for those who qualify. BODi customers 18 and older in all 50 U.S. states and Washington, D.C. will need to complete Truemed’s online medical qualification form, which they can do directly from Truemed’s website or via the link in their BODi order confirmation email. After completing this process, qualified customers will receive their Letter of Medical Necessity which can then be submitted to their HSA or FSA administrator with BODi receipts for reimbursement.

About BODi and The Beachbody Company, Inc.

Originally known as Beachbody, BODi has been innovating structured step-by-step home fitness and nutrition programs for 25 years such as P90X, Insanity, and 21-Day Fix, plus the first premium superfood nutrition supplement, Shakeology. Since its inception in 1999, BODi has helped over 30 million customers pursue extraordinary life-changing results. The BODi community represents millions of people helping each other stay accountable to goals of healthy weight loss, improved strength and energy, and resilient mental and physical well-being. For more information, please visit TheBeachbodyCompany.com.

About Truemed

Truemed enables HSA/FSA spending on items that can help treat or prevent chronic disease: exercise, supplements, sleep aids, and more. HSA/FSA accounts are a $140 billion pool of funds that qualified Americans can unlock for products and services that prevent, treat, and alleviate medical conditions. For more information, visit: truemed.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240919616045/en/

PR@BODi.com

Source: The Beachbody Company, Inc.

FAQ

How can BODi customers qualify for HSA/FSA reimbursement on supplements?

BODi customers can qualify for HSA/FSA reimbursement by completing an online medical assessment with Truemed to obtain a Letter of Medical Necessity (LMN), which is valid for one year on all supplement purchases.

What BODi products are eligible for HSA/FSA reimbursement through the Truemed partnership?

All BODi supplements are approved for reimbursement through Truemed, including Shakeology, Energize, Hydrate, and Recover from the Beachbody Performance line.

How much can BODi customers save on supplements through the Truemed partnership?

Qualifying BODi customers can save up to 40% on supplements by using their pre-tax HSA or FSA funds for purchases.

When did BODi (NYSE: BODI) announce its partnership with Truemed for HSA/FSA reimbursement?

The Beachbody Company, Inc. (NYSE: BODI) announced its strategic partnership with Truemed for HSA/FSA reimbursement on the date of the press release.