For an employer, being able to provide employees with a means to pay for their health insurance premiums on a pre-tax basis, a means to pay for their qualified out-of-pocket health care expenses, and a means to pay for their dependent care expenses is pretty sweet, but, what if BASE® could help sweeten the deal even more?
Let us introduce you to the Lifestyle Spending Account! This wellness benefit is the perfect complement to the more traditional health benefits such as the Flexible Spending Account (FSA), Health Savings Account (HSA), and other 125 Cafeteria Plans. The employer allots a certain amount of money towards those expenses that are wellness related, and so the name: lifestyle.
The Lifestyle Spending Account (LSA) allows employers to customize a post-tax spending account to help their employees pay for eligible products and services that promote healthy habits and the overall well-being of their employees.
The BASE® LSA is available to all businesses who want to help their employees pay for eligible expenses that promote physical, financial, and emotional well-being that are not covered by insurance.
Eligible expenses for the LSA include, but are not limited to:
PHYSICAL: Athletic and exercise equipment, gym, health club, spa and fitness studio memberships, fitness classes and lessons, personal trainers, fitness trackers, entry fees to marathons and passes to ski and golf, and nutritional supplements.
FINANCIAL: Home purchase expense reimbursement, financial advisor and planning services, financial seminars and classes, and identity theft services.
EMOTIONAL/OTHER: Non-medical counseling services, retreats such as leadership or spiritual, camping supplies, meditation, and personal development classes such as art and cooking, annual park passes, and hunting and fishing licenses.
The BASE® Lifestyle Spending Account (LSA) helps employers offer an innovative wellness benefit that helps to attract and retain talent, also showing employees their employer cares about their physical health and mental well-being. This incentive encourages healthy behaviors that will help reduce insurance costs.
When the employer sweetens the deal by adding in the LSA with other employer-sponsored health benefits, the employer gives their employees the opportunity to better their physical and mental health today, which benefits the company in all the “tomorrows.” Employers will have happy, healthy, and more productive employees with a plan that won’t break the bank.
Contact BASE® at 888.386.9680 or visit www.BASEonline.com for more information on how to sweeten the deal with the Lifestyle Spending Account (LSA).