BASE^® Blog

A (new) employee benefit option has been gaining popularity in recent years because it shows that a company genuinely cares about the well-being of their employees.  This benefit, known as a Lifestyle Spending Account (LSA), has seen an increase in popularity in recent years due to the flexibility it offers employers and employees.

The Lifestyle Spending Account is one of the most flexible fringe benefits an employer can provide their employees.  It has a positive impact on both employer and employees, helping to reduce stress, increasing morale and productivity, and encouraging healthy behaviors. 

The BASE® LSA is a customized post-tax spending account available to employers who want to promote healthy habits and the overall well-being of their employees.  Employees can use this health benefit to pay for their eligible expenses that promote physical, financial, and emotional well-being. 

Employers get to choose what expenses are covered and how much each employee gets to spend per plan year.  Plus, employers can use LSAs to address employees’ desire for higher compensation without permanently increasing wages.  Rather than invest in another well-being initiative that employees may or may not use, employers can help subsidize a variety of services, products, or experience to fit employees’ very different lifestyles. 

Employees can pay for things that promote their:

• Physical well-being: athletic and exercise equipment, gym memberships, fitness trackers, marathon entry fees, nutritional supplements, and more.
• Financial well-being: financial advisor, financial planning services, identity theft services, home purchase expense reimbursement, and more.
• Emotional and other well-being: non-medical counseling services, personal development classes, hunting and fishing licenses, retreats, camping supplies, and more.  

Employers need to think differently about employee compensation, with salary and standard benefits packages no longer being enough to attract and retain top talent.  With endless options, LSAs offer the flexibility and simplicity to expand benefit options to provide a health and wellness benefit on customized terms. 

For more information on the BASE® Lifestyle Spending Account, contact BASE® at 888.386.9680 or visit www.BASEonline.com.

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Not all businesses have a designated HR department who knows the ins and outs of all things HR for the business.  So how can an employer…

Stop wasting time researching laws and HR guidelines when they could be putting that time into their business? 

Know that the answers they spent so much time looking for are correct? 

Get all the forms and posters they are required to hang up in their office?

Stay in compliance with major federal and state laws?

Get everything they need HR-related all in one place?

With the BASE® Online HR Library!

The Online HR Library is an online Human Resources library with a full, 360-degree view of human resources and benefits laws on the federal and state level.  From forms, to posters, with the newest information on the most updated health care reform or state employment laws, a business has everything an HR department may need at their fingertips.      

The BASE® Online HR Library is an award-winning HR compliance library that brings over 15 years of legal experience managing an HR compliance library.  The library is used by many business owners all over the country for such things as step-by-step guidance on how to comply with major laws including Health Care reform, COBRA and FMLA, as well as the key HR functions such as hiring and terminating employees. 

This mini-HR department at a business’ fingertips features dynamic interactive HR tools, such as a job description builder and salary benchmarking tool.  Businesses can also find interactive compliance guides that provide the proper steps on how to conduct performance reviews, the interview process, hiring, and terminating employees.  With over 700 downloadable forms, posters, and model notices, businesses will find exactly what they need.   

One of the biggest risks a business can face is NOT being compliant with the ACA, DOL, etc.  The BASE® Online HR Library can help get all your HR and benefit questions answered, help streamline some essential HR functions, and help a business mitigate risk of not being in compliance. 

If an office manager, designated HR employee, or a self-employed business owner is trying to do it all, the HR library was built just for them! 

Whether a business has 5 or 500 employees, the Online HR Library is a comprehensive, easy-to-use site that makes it easy to follow everchanging rules and regulations.  For more information on the BASE® Online HR Library for only $30 a year, contact BASE® at 888.386.9680 or visit www.BASEonline.com.

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Health Savings Accounts (HSAs) are a great health benefit tool.  With unmatched tax benefits, the HSA can do so much for health care expenses, financial goals, and retirement.  The BASE® HSA offers the opportunity to make the most out of every health care dollar and invest in the future. 

The Health Savings Account (HSA) is a type of savings account set up for individuals enrolled in a qualifying High Deductible Health Plan (HDHP) to save and pay for eligible health care costs.   Furthermore, an HSA is a triple tax-advantaged account that helps employees pay for their health care expenses and allows for the opportunity to save for the future, invest funds to build wealth, and create a powerful tool for a retirement portfolio.

FACT 1:  Triple Tax Benefits.  With the HSA, contributions into the HSA are tax-free, the funds in the HSA grow on a tax-free basis, and withdrawals for qualified health care expenses are tax-free as well. 

FACT 2:  NO “Use-it-or-Lose-it.”  Unlike the FSA, the funds are not forfeited at the end of the year.  The HSA balance can continue to grow from year to year. 

FACT 3:  Funds Can be Used for Prior Year Health Care Expenses.  As long as the HSA was established before the incurred health care expense, the HSA can be used to reimburse the health care expense years later. 

FACT 4:  Retirement Benefits.  After hitting the age of 65, the HSA can be used for qualified medical expenses or as a retirement fund to live off.    

FACT 5:  HSAs+FSAs Don’t Mix, But...  An individual may not have an HSA if they have other health benefits that pay for health care expenses before the high deductible has been met, such as a Flexible Spending Account.  However, an individual may have a Limited Purpose FSA to pay for their qualified dental and vision expenses. 

FACT 6:  Employer Contributions.  Many employers will incentivize their employees to enroll in a High Deductible Health Plan (HDHP) and HSA, encouraging them to become better health care shoppers.  Many will contribute a specific amount each year to the HSA or match the employee contributions as an incentive.   

FACT 7:  Use for Dependents.  Whether the participant is on a self-only or family health insurance policy, the money in the HSA may also be used for health care expenses for their spouse and current tax dependents.   

Health Savings Accounts (HSAs) do more than just the 7 facts above.  For more information on the BASE® Health Savings Account, contact BASE® at 888.386.9680 or visit www.BASEonline.com.

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