Lifestyle Spending Account
Help your employees manage their health and wellness with a Lifestyle Spending Account (LSA). LSAs promote healthy and happy workplaces by providing robust, tailored benefits to support the financial, social, emotional and physical needs of a diverse workforce.
Health and wellness programs are a must-have
Recently, employees’ needs shifted with 52% now stating health and wellness programs are “must-haves” in accepting new roles.1 An LSA is an effective way to get your benefits program in shape to recruit and retain a strong workforce! It’s also a business expense tax deduction and a high-value employee benefit that’s easy to implement any time of the year.
LSAs: A benefit for every generation @TextFields.Render(Model.HeadingType, editable: true)>
Mental health benefits and programs that support diversity, equity and inclusion.
Student loan repayment, parental leave and career advancement opportunities.
Retirement planning, caretaker benefits and more paid time off.
How an LSA works @TextFields.Render(Model.HeadingType, editable: true)>
Employers define eligible dollar amount and frequency of contributions made to employees.
Employers predetermine allowable expenses for reimbursement.
Employees submit claims for reimbursement on the Member Website and HSA Bank manages substantiation and reimbursement.
Employees get reimbursed once claims are approved, based on eligibility and availability of funds. The LSA funds used are included as taxable income on employees’ federal W-2 forms.
What an LSA can cover @TextFields.Render(Model.HeadingType, editable: true)>
Adoption expenses, childcare, child tutoring, elder care and pet care.
Home office furniture, computer equipment, internet provider fees and printer cartridges.
Gym memberships, fitness and nutrition classes, athletic apparel, exercise equipment and massage therapy.
Personal or marital counseling, life coaching, art, cooking and language courses, and spiritual or leadership retreats.
Tuition and student loan payments, tutoring, financial advising, tax preparation, and estate and retirement planning.