Now more than ever, employers need to attract and retain talent. As employees start to look at benefits offered that fit their spending habits, Lifestyle Spending Accounts can offer an incredible advantage that allows them to pay for expenses they hold valuable.
A Lifestyle Spending Account is a post-tax plan, sponsored by employers that can cover a limitless amount of expenses that help employees begin or maintain a lifestyle that promotes physical, financial and emotional wellbeing.
Benefits of a Lifestyle Spending Account:
- Employers have the flexibility to create eligibility, funding amount and frequency that best fits their organization needs.
- Employers help employees cover expenses they deem valuable, which helps boost retention.
- Encourage healthy behaviors that can lead to higher productivity.
- Offer an innovative benefits package that allows employers to compete in the talent market.
Lifestyle Spending Accounts are not bound by IRS rules like Flexible Spending Accounts or Health Reimbursement Arrangements, allowing them to pay for expenses that wouldn’t be deemed eligible under those plans. LSA’s can be used to pay for self-care services and products, gym memberships and even pet-care! Please contact us to learn more.