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Set Your Clients Apart with Lifestyle Spending Accounts

Employers are looking for every possible advantage to recruit and retain top-quality employees in a dramatically changed workplace. Many are finding new value in Lifestyle Spending Accounts (LSAs). These accounts are a great way to beef up benefits packages and tailor them to the unique needs of the employees in any company.

Expenses eligible for LSA reimbursement are chosen by the employer and can be nearly unlimited in scope. Many employers choose expenses within the categories of physical fitness, mental wellness, and financial literacy. Others select education and enrichment activities. Still others prefer sports participation fees, cultural activities, or costs associated with leisure travel. No other benefits account provides employers with so much flexibility to address employee needs and interests.

FIND OUT HOW YOU CAN ADD LSAs

Lifestyle Spending Accounts Support Almost Unlimited Benefit Options. Here are some common examples:

Attracting and retaining top talent in today’s market requires creativity. Nearly half of Americans who left their job in 2021 listed dissatisfaction with benefits as one of the main reasons. Lifestyle Spending Accounts (LSAs) can help.

LSAs are post-tax, employer-funded reimbursement accounts that assist employees in accessing products, services, or activities that help improve their overall sense of well-being.

Employers can make just about anything eligible for LSA reimbursement. No other benefits account provides employers with so much flexibility to address employee needs and interests. What better way to get where you want to grow?

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Add to Existing Benefits

Their post-tax status and lack of regulatory restrictions allow LSAs to be offered alongside other benefit accounts without interference.

Enrollment at Any Time

Lifestyle Spending Accounts can be started at any time during the calendar year. They do not have to align with traditional annual enrollment dates.

Tax Considerations

LSAs are completely funded by the employer, with no annual minimum or maximum beyond what the employer chooses. Employees are taxed only on total reimbursements received.

Debit Card or Manual Claims

Depending on employer requirements, LSAs can be accompanied by a convenient, account-linked debit card. Alternatively, employees can be required to incur the expense first and then submit claim documentation before receiving reimbursement.

Full-Featured Mobile App

Using the Summit mobile app, employees can check their LSA account balance, view claims status, file claims, and upload receipts with their smartphones and tablets.

Affordable BPO Services

From plan setup through claims adjudication and reporting, DataPath BPO can help you add Lifestyle Spending Accounts to your services menu with no further burdens on your existing staff.

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