Lifestyle Spending Accounts offer employees flexible, pre-tax funds that can be used to support a variety of wellness activities. Employers have the ability to tailor both the types of coverage and the spending limits for their staff, allowing them to select from an array of options including fitness, entertainment, personal growth, dining and beyond.
This system empowers employees to decide how to allocate their funds according to their personal preferences and lifestyle. By catering to the unique needs of each individual, LSAs enhance employee satisfaction, boost overall wellbeing and productivity and help alleviate financial stress.
In fact, we offer our employees an LSA, and so we compiled a number of unique ways they use these funds to support them in all modes of their wellbeing.
Starting something new can sometimes mean some upfront cost. Taking up a fiber craft? Yarn isn’t cheap. Want to try pickleball? There will be a league sign-up fee, not to mention equipment. Recently, one employee shared they bought a violin with their account so they could pick it back up after a long hiatus.
While it may be common to buy sneakers or a new treadmill to support your fitness, one of our teammates used their account to pay for race entry fees so they had fun milestones to mark their journey as a runner. Using their LSA meant they were more comfortable signing up for more races and that pushed them along the track to meet their goals faster!
This summer was hotter than normal in a number of regions of the world. Another colleague found herself noticing the heat during the day more than was usual, but was reluctant to buy an air conditioner that only would be necessary part of the year. But using the LSA, their bank account didn’t feel the pinch, so they were able to be more comfortable and more productive during those really hot days.
Finding time to shop and having the right recipes to keep your family healthy can be a tall (and expensive) order – especially in busy families. You could use your LSA to fund meal kit subscriptions so you get the right ingredients, new recipe ideas and a fun project for the whole family delivered right to your door. Even if you don’t love every meal, the change up in menu makes for a great discussion topic for all.
The traditional week-long summer vacation can be as stressful to plan as it is expensive. Recently a colleague discovered that taking a series of day trips were the perfect thing to keep their family having fun all summer long (and required much less planning). A trip to the Baseball Hall of Fame one weekend, and maybe a day boating on a lake the next. With a series of smaller trips, it is more likely you can find something that works for every member of the family! And then everyone gets to sleep in their own bed at night.
Have you gotten into rut with friends or family? How about using your LSA to buy a few new games and some snacks! Have friends and family over to try out the games and give your usually hang out a new twist. One of our offices has a cupboard of games to help to keep our lunch times more interesting, as well.
Whether your company has a Lifestyle Spending Account or a wellbeing stipend of some kind, consider talking about how your employees are actually using these benefits during meetings or in team chats. It is a great way to remind people of the resources they have available, but also to give people ideas that bring them more joy that just funding that new pair of sneakers.