A Lifestyle Spending Account (LSA) is designed to offer employees an ultra-flexible benefit they can use as they wish, so long as it emphasizes health and/or wellness.
For example; fitness services and equipment, nutritional supplements, family leisure, personal and professional development, or work/life balance services.
Lifestyle Spending Accounts go by a few other names including; Wellness Spending Account and Personal Spending Account (PSA).
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Wish to promote a holistic view of health amongst employees.
Want to attract and retain employees.
Wants a healthy, happy, productive and engaged workforce.
Wants to offer employees a benefit that is flexible and adaptable to their needs.
Want to be able to offer employees 'more' than the standard benefits and health spending account.
Lifestyle spending accounts can be used for a wide range of expenses.
Here are some popular ones. Custom categories can be created as needed.
A Health Spending Account (HSA) is an excellent way for a business to help employees pay for health and dental expenses. HSA is oriented more so towards services performed by 'licensed' healthcare practitioners and pharmacy.
HSA expenses are tax-deductible to the corporation and a tax-free benefit to employees.
As the name implies, a Lifestyle Spending Account (LSA) is a way for a business to help employees pay for lifestyle oriented expenses that are more proactive in nature and promote well-being.
LSA expenses are tax-deductible to the corporation (business expense) and are a taxable benefit to employees (i.e. treated as if it were income from a tax perspective).
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