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Advanced Flex Plan Administration with the Human Touch
Lifestyle Spending Account
A Lifestyle Spending Account allows Employers to provide funds to employees to promote health and wellness.
Eligible Expenses
Employers may decide what is covered by the LSA. Some examples include:
- Gym memberships
- Nutritional supplements
- Fitness equipment
- Groceries
- Daycare
- Athletic clothing
- Life coaching
- Continuing education courses
Who Can Contribute
Since benefits are taxable to employees, only Employers should contribute to an LSA.
Advantages of an LSA
Employers
- An LSA is a great way to attract and retain employees and
encourage wellness. - The Employer can tailor the LSA to meet the specific needs of their employees.
- Employer contributions are tax deductible as business expenses.
Participants
- Employees receive Employer contributions to spend on wellness.
- LSA funds may also be used for dependents.
Want More?
EMPOWER’s Benefits Solutions Guide takes the guesswork out of benefits by providing a comprehensive synopsis of each plan type, as well as comparisons and sample scenarios.
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