True Medicine, Inc.

Truemed is a US-based payments technology company headquartered in Austin, Texas, focused on making preventive healthcare more accessible. The company's core mission is to enable individuals to utilize Health Savings Accounts (HSAs) and Flexible Spending Accounts (FSAs) for health-promoting products and services, thereby shifting the healthcare paradigm from reactive treatment to proactive prevention.

Truemed operates as a marketplace and payments platform that facilitates the use of pre-tax HSA/FSA funds for evidence-based lifestyle interventions. Its services include a qualification process where independent, licensed practitioners review health surveys to determine medical necessity and issue Letters of Medical Necessity (LMNs) for IRS compliance. The platform partners with thousands of merchants, offering a wide range of eligible products and services across categories such as fitness equipment, health technology, sleep solutions, supplements, and gym memberships. Key areas of focus include supporting individuals managing early heart disease, mental health, chronic pain, and metabolic health conditions.

In December 2025, Truemed successfully closed a $34 million Series A funding round, led by Andreessen Horowitz, with participation from Bessemer Venture Partners, Long Journey Ventures, BoxGroup, and Trust Ventures. The company, co-founded by Justin Mares, who also serves as CEO, and Calley Means, has reported consistent 3x year-over-year revenue growth for the past two years. Truemed positions itself as a leader in HSA/FSA compliance, aiming to transform how Americans engage with their health by leveraging financial tools to support everyday health improvement and preventive care.

Latest updates

Truemed Partnership Broadens HSA/FSA Access, Signals Shift in Benefits Administration

Event summary

  • Truemed, a platform enabling HSA/FSA purchases, has partnered with Highmark Benefits Administration.
  • The collaboration integrates Truemed's qualification process with Highmark's benefits administration services.
  • The partnership aims to allow Highmark participants to use pre-tax funds on a wider range of 'root-cause' health interventions.
  • Truemed focuses on medically-necessary purchases, utilizing licensed practitioner review and IRS-aligned documentation.

The big picture

This partnership represents a broader trend of integrating preventative and wellness solutions into employer-sponsored benefits packages. Truemed’s model, facilitating access to these services via pre-tax accounts, could reshape how employees engage with their healthcare and potentially reduce long-term healthcare costs for employers. The move also highlights the growing importance of specialized platforms in navigating the complexities of HSA/FSA compliance and utilization.

What we're watching

Adoption Rate
The speed at which Highmark participants adopt the expanded HSA/FSA eligible services will indicate the true demand for root-cause healthcare solutions within employer-sponsored plans.
Regulatory Scrutiny
Increased utilization of HSA/FSA funds for non-traditional healthcare interventions could draw scrutiny from the IRS regarding compliance and medical necessity definitions.
Competitive Response
Other benefits administration platforms will likely observe Truemed’s strategy and may develop similar integrations to retain or attract clients, intensifying competition in the space.
CID: 2033