Are you using all your Lifestyle Spending Account (LSA) can do? You’d be amazed at how many people aren’t fully aware of the extensive list of eligible expenses that Edenred LSA plans cover. This guide is here to change that. We’re going to unlock the full potential of your LSA, ensuring you’re not missing out on any benefits. From wellness to personal development, we’re going to explore all the ways your LSA can contribute to a better work-life balance, financial well-being, and more.
Things to Know
Before we talk specifics, let’s understand some important things about LSAs:
- LSAs are benefits after taxes, not before. They’re also subject to payroll tax.
- LSAs cover a wide range of eligible expenses, providing you the flexibility to use your funds in a way that best suits your lifestyle.
- LSAs are not limited to health-related expenses. They can cover various costs, from groceries to home improvement.
Now that we’ve got the basics down, let’s explore the exciting part!
Read more: What can Lifestyle Spending Accounts do for you?
What are LSA eligible expenses?
Well, there are endless possibilities. Here are some eligible expenses you may be able to pay with LSA:
Restaurants and groceries
LSA is for foodies and home cooks alike. It covers eligible expenses at wholesalers, caterers, dairy stores, bakeries, and liquor stores. This lets employees control their expenses and improve their food and shopping experience.
Active lifestyle
If you’re the outdoorsy type, your LSA is your best friend. Your services include home garden, sports, and music apparel. You also have boat rentals.
Entertainment
Lifestyle spending account is your golden ticket to a world of fun. LSA covers attractions like movie theaters and tourist attractions, so you can enjoy them without spending a lot of money.
Transportation and mobility
You can always be on the move with LSA’s travel coverage that covers bus tickets, bicycle maintenance, bicycle equipment, gas station tickets and more.
Family and personal needs
LSA helps you and your family, no matter what life brings. Eligible expenses include legal services, family counseling, school and child-care services, and more, to take care of your furry friends and your pet store needs. It’s a one-stop-shop for everything you and your family need.
For the home
LSA is also a partner in making your home a comfortable place to live. You can buy high-quality apparel, shoes, furniture, and home office supplies, which lets you create a unique space with a unique aesthetic and feel.
Home improvement
Use a lifestyle spending account for construction services, contracted services, and appliance repairs. From electrical and plumbing equipment to carpentry and insulation contractors, LSA has you covered.
Travel
Finally, LSA is a travel buddy. From airline tickets and car rentals to miscellaneous travel expenses like cruise lines and RV rentals, LSA ensures you’re always ready for your next adventure.
What an LSA can do for you
Employers and employees love Edenred LSA for lots of reasons, like:
Improved employee satisfaction
To keep employees happy and engaged, offering them LSAs is a strategic move. This action demonstrates that their appreciation for flexibility and convenience is recognized and valued. With a wide array of eligible expenses, LSAs cater to their diverse needs, leading to higher job satisfaction.This action shows that if they appreciate flexibility and convenience, providing them with it is important for you.
Talent retention
A 2021 study by Gartner found that 74% of HR leaders plan to offer more flexible options to employees. Offering LSAs shows employers’ commitment to employee well-being and security. It’s like saying, “We care about your financial health, and we’re here to support you”.
Greater flexibility
A Glassdoor survey found that 94% of employees want benefits that meaningfully impact their quality of life, health, and well-being. And, unlike traditional benefit programs, LSAs can cover a lot of expenses. With an LSA, your company can tailor your benefits to your unique needs and lifestyle. It’s like having a benefits plan made just for you.
Reduced stress
With a Lifestyle Spending Account, you can relax and live more. It covers expenses for relaxing, such as travel and entertainment, mobility, and stress management activities like fitness classes, yoga, and meditation. It also has nutritive supplements. It makes life easier!
Better work-life balance
Covering lifestyle expenses helps employees have a better work-life balance. According to a survey, 72% of employees say a good work-life balance is very important to them. With an LSA, you can enjoy the things you love without worrying about the cost. It’s like having a personal assistant that takes care of your expenses, so you can focus on living your life.
Increased productivity
When employees are less stressed, they can work more effectively, increasing productivity. Taking care of one aspect of your life, like your health through eligible expenses, can have a positive impact on another aspect of your life, like your relationships with family and friends.
Read more: Edenred’s lifestyle spending accounts boost
Maximizing Corporate Benefits: A Guide for Employers
- Prioritize Expenses: Identify the most significant eligible expenses that your employees incur and tailor your LSA funds to cover these costs first. This strategic allocation can enhance employee satisfaction and retention.
- Leverage Available Resources: Utilize the resources provided by Edenred, such as our FAQs and blog posts, to understand how to maximize the wellness benefits for your employees. Knowledge is power, and in this case, it can lead to a healthier, happier workforce.
- Optimize All Benefits: Ensure you’re providing a comprehensive benefits package that fully utilizes the potential of LSAs. An underutilized benefits package can be as ineffective as a lackluster one.
- Stay Ahead of Deadlines: Keep track of any deadlines related to your benefits package. Timely utilization of benefits can prevent last-minute rushes and ensure seamless benefits administration.
- Understand the Restrictions: While LSAs offer flexibility, there may be some restrictions on what expenses can be covered. Familiarize yourself with these restrictions to manage expectations and avoid any surprises.
For more information on how to fully leverage your corporate benefits package, consider consulting with one of our experts. They can help you strategize and optimize your benefits to ensure you’re getting the most out of your investment.
