Employer-sponsored benefits have become an important part of any business. Employers are always looking for ways to enhance their health benefits and help their employees pay for their health insurance premiums and out-of-pocket health care expenses. Another benefit is starting to emerge that could be a great addition to an employer’s custom health benefits package. The Lifestyle Spending Account is another benefit that both employers and employees can be thankful for!
The BASE® Lifestyle Savings Account is a post-tax spending account that allows employees to pay for eligible expenses that promote physical, financial, and emotional well-being.
The Lifestyle Savings Account is available to all businesses who want to help promote healthy habits and the overall well-being of their employees. The LSA allows employees to pay for the products and services to create a healthy lifestyle not covered by insurance.
Employees can pay for eligible expenses for…
- PHYSICAL: exercise equipment, gym and fitness memberships, personal trainers, fitness trackers, entry fees to marathons, ski and golf passes, and nutritional supplements.
- FINANCIAL: Home purchase expense reimbursement, financial and planning advisors, and identity theft services.
- EMOTIONAL/OTHER: Non-medical counseling services, retreats, camping supplies, mediation, personal development classes, annual park passes, and hunting and fishing licenses.
This service is different in the way that is it NOT done on a pre-tax basis, but post-tax. If there are no tax-advantaged benefits to employers, why should employers be thankful to have something like this to offer their employees?
The LSA allows employers to offer an innovative benefit that helps more effectively attract and retain talent. It is also a great incentive to encourage healthy behaviors that increase employee productivity and reduces insurance costs. Studies have shown that promoting health and wellness programs, a company will have happier, healthier employees. Their productivity increases from 12-20% and cost the company less! Now THIS is what employers are thankful for – happy, healthy, productive employees!
The LSA allows employees to have the freedom to choose and find expenses that meet their lifestyle and interests and get to promote a healthy lifestyle. Now THIS is what employees are thankful for – a way to pay for eligible expenses that help them create and lead a healthy lifestyle!
The BASE® Lifestyle Savings Account can help complete an employer’s health benefit offerings. For more information on this new, post-tax benefits option, Contact BASE® at 888.386.9680.