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.