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Cloud-based LSA Administration
Streamlined Administration for Lifestyle Spending Accounts, Mobile App, and Debit Card
Cloud-based LSA Administration
DataPath Summit equips TPAs to go beyond “typical” benefit offerings to meet the needs of today’s diverse workforce with Lifestyle Spending Accounts.
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. However, despite their exploding popularity nationwide, many TPAs haven’t begun to offer LSAs.
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 health, 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. Go beyond your competition by being among the first in your market to do so.
Summit’s cloud-based solution makes the administration of Lifestyle Spending Accounts simple and includes versatile account management features such as:
- Flexible plan creation to accommodate nearly any account-based reimbursement plan
- Full-featured mobile app for account access via smartphones and tablets
- Account-linked debit card with card behavior and MCC restriction settings by employer
- Affordable, accurate BPO services with quick turnaround
- And more!
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.
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.
Lifestyle Spending Accounts Resources
Watch our recent webinar on the benefits of LSAs
Sound Benefit Administration
I was sold on the COBRA product with DataPath. I checked several references. They all turned out good. So with confidence I moved to DataPath, and I have never regretted my decision.
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