Lifestyle Spending Account (LSA)
Lifestyle Spending Accounts, or LSAs, are employer-sponsored benefit plans that allow employers to show their employees that they care about their overall wellbeing by providing reimbursement for a variety of goods and services that are not covered by an insurance plan or other tax-free benefit.
What is a Lifestyle Spending Account?
A Lifestyle Spending Account (LSA) is a benefit provided by employers to give employees money to spend on a variety of different things. LSAs can be focused on wellness, fitness, education, or other specified expenses not covered by regular insurance or benefits packages.
LSAs are a great way to encourage healthy habits and increase employee morale and financial or emotional wellness. Some common items that may be covered include:
Physical Wellness
- Athletic equipment and accessories
- Exercise equipment
- Fitness classes and gym memberships
- Personal trainer
- Fitness trackers
- Race entry fees
Financial Wellness
- Home purchase expense reimbursement
- Financial planning advisor and services
- Financial seminars and classes
- Pet care and insurance premiums
Emotional Wellness
- Meditation classes
- Non-medical counseling services
- Retreats and personal development classes
- Home assistance (cleaning services, meal delivery)
Why Should Employers Offer an LSA?
Attracting and retaining top talent is tougher than ever right now. Offering an LSA is a great way to enhance a benefits package and increase employee satisfaction.
LSAs offer the ultimate level of flexibility as the employer chooses what benefits are included and how much they will contribute to the accounts. Employers have the freedom to tailor the plan to achieve specific goals and align the benefits with the culture of their organization.
Our expert team works with the employer to design the perfect LSA for their organization, help promote the plan, and educate employees. Plan participants will appreciate how easy it is to be reimbursed for their lifestyle expenses through our mobile app or online portal.