A Lifestyle Reimbursement Account is a flexible benefit plan that packs a lot of perks into one plan no matter what your goals are. Are you looking to enhance your company’s benefit options? Or maybe you want to help improve your employees’ health overall? A Lifestyle plan may be the solution you need. Let’s dive into what a Lifestyle Reimbursement Account is and see how this plan can help your company reach different goals.
What is a Lifestyle Reimbursement Account?
A Lifestyle Reimbursement Account is an employer-funded benefit that can reimburse physical, emotional and financial well-being expenses. Unlike other benefits, Lifestyle Accounts are very customizable and can be designed to reimburse specific expenses defined by the employer.
Sample eligible expenses include:
- Exercise equipment
- Financial seminars/classes
- Fitness Classes
- Gym memberships
- Healthy meal delivery
- Massage services
Additionally, you can also determine how the plan is funded, such as making contributions available up front, or funding the plan as employees complete certain tasks, like taking a health assessment. Regardless of how you design the plan, Lifestyle accounts can improve employees’ well-being and positively impact different areas of their lives.
Pro Tip: A Health Reimbursement Arrangement or HRA is another flexible benefit option to consider adding to your benefits package.
Accomplish Your Organization’s Goals with a Lifestyle Reimbursement Account
Lifestyle plans are significantly valuable to employers and can help different areas of your organizational ecosystem, from HR to Operations. By implementing a Lifestyle account, employers can reach some of their goals like:
- Increasing the value of your benefits portfolio – help attract and retain employees in a competitive market
- Showing employees your appreciation – invest in your employees’ health and show that you care about their physical, mental and emotional well-being
- Encouraging workplace wellness and promoting a healthy, overall lifestyle – increasing employees’ health can lead to lower healthcare costs and higher productivity rates
Because Lifestyle plans reimburse specific well-being expenses, they help encourage employees to make healthy choices. For instance, let’s say that you offer a Lifestyle plan that reimburses the cost of gym memberships. Employees who already pay for a gym membership will be excited to get reimbursed for an existing expense. After all, who doesn’t like having one less expense? For employees who don’t have the budget for a gym membership or avoid gyms altogether, this type of plan might help incentivize them to join one. When you offer a Lifestyle benefit, you can make healthy practices more accessible for your workforce. And, a healthy workforce means an overall savings on healthcare costs for your company, plus the benefits of a healthy workforce.
Next Steps: Contact a P&A Benefits Consultant
Are you interested in learning more about how a Lifestyle Reimbursement Account can be integrated into your benefits plan? Fill out this short form and a P&A Benefit Consultant will contact you directly to discuss your options.