Crafting a lifestyle spending account benefit

April 16, 2024
a person sits at a computer with a graphic of a check box next to them

When you’re seeking ways to attract and retain top-tier talent, look toward a lifestyle spending account, or LSA. An LSA is a versatile account that allows you to craft a benefit that reflects the culture of your business and acknowledges the uniqueness of your employees as individuals. This post-tax, fully customizable benefit is designed to allow employees to choose how they wish to spend their dollars, which creates a meaningful connection between you and your employees. You are recognizing their individual needs, and every dollar counts.

 In addition to supporting your employees’ overall wellness, you can also support local businesses in your area. You can create your list of eligible LSA benefits however you choose and include products and services from local businesses and vendors. This helps to boost the economy in your local community all while boosting morale, wellness, and loyalty within your own organization.

 The beauty of crafting an LSA is that it’s an easy, time-saving, personalized benefit. You may choose what you want to include and accept as an eligible spend. There is a wide range of LSA dollars spent nationally, but in here in the Midwest, the average amount is $550. Click here to learn more about LSAs by the numbers. Additionally, an LSA takes the internal burden off your Human Resources team. Our Omnify Customer Care team handles all of the claims processing following your personalized LSA guidelines. It’s truly as simple as that!

An Omnify lifestyle spending account rounds out your total employee benefits package, allowing you to attract new hires and retain your valued employees. If you’re already working with Omnify, reach out to your Relationship Manager today to set up a short call to craft your LSA benefit. And if you’re looking for a new benefits partner to help you execute on a benefits strategy that includes LSAs, give Omnify a call and we’ll be happy to help!

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