Lively, Inc., the top-rated benefit solutions provider known for providing the modern Health Savings Account (HSA), today announces four new Lifestyle Spending Accounts (LSAs) to augment its five current LSA offerings. This expansion empowers organizations to meet their employees’ ever-evolving needs by offering easily customizable spending accounts. As a forward-thinking innovator in the benefits industry, Lively’s new group of LSAs furthers the company’s commitment to delivering benefit solutions that employers and employees love.
“84 percent of employers are adding benefits to attract and retain employees, and innovative LSAs give employers choices in how they support their employees and ultimately build a diverse, inclusive company,” said Jessica Pfisterer, VP of People at Lively. “We’re proud to offer LSAs that help our customers create robust benefits packages that delight, retain, and holistically support their people.”
First emerging in the benefits space around 2017, LSAs are employer-funded accounts that provide a taxable cash benefit to employees to pay for every day, non-medical, lifestyle and wellness expenses. Employees pay out-of-pocket for eligible expenses, then submit for reimbursement through their LSA, paying taxes on only what they get reimbursed. More than ever, employees are rethinking their goals and expectations for employer-sponsored benefits. LSAs enable employers to provide a benefit that supports the whole employee beyond health alone. With Lively LSAs, employers can flexibly meet real employee needs, enhance their workplace culture, and attract and retain employees.
Lively’s new LSA offerings cover a full range of lifestyle expenses, including:
- Lively ‘New Chapter’ LSA for family planning, fertility, surrogacy and adoption expenses
- Lively ‘Experiences’ LSA for entertainment and travel, such as concert and sports tickets, airline travel and hotels
- Lively ‘Team Boost’ LSA for team building activities, such as group and team events, milestone celebrations and travel expenses
- Lively ‘Reconnect’ LSA for return to work expenses, such as transportation and meal reimbursement
Lively’s ‘New Chapter’ LSA will be available in October, and the rest will debut by the end of the year.
These new LSAs join Lively’s existing suite, which include:
- Lively ‘Best Self’ LSA for fitness and wellness expenses like gym memberships, sleep tracking and at-home workout equipment
- Lively ‘Momentum’ LSA for work-from-home related expenses like ergonomic set-ups, computers and internet access
- Lively ‘Best Friends’ LSA for pet care expenses, including pet insurance, food, toys, grooming, walking/daycare and veterinary fees
- Lively ‘Level Up’ LSA for continuing education and learning expenses like classes, workshops and training courses
- Lively ‘Healthy Wallet’ LSA for financial planning, student loan consulting and retirement planning-related expenses
Lively’s suite of LSAs is simple to administer, easy to use, and offers the industry-leading features that have distinguished Lively as a top-rated HSA provider with its proprietary technology; transparent and competitive pricing; effortlessly customizable accounts; and responsive, expert support and proactive employee education to reduce the burden of adoption and administration for HR teams.
“In a crowded benefits marketplace, LSAs are increasingly seen as a must-have benefit by savvy employer groups,” said Tracey Best, Partner of Employee Benefits at C3 Risk and Insurance Services. “As employers seek modern benefits to help retain top talent, LSAs provide a competitive edge with flexible, meaningful, and culturally-relevant components.”
“We are obsessed with our customers and are always innovating to surpass their needs,” said Amit Ahluwalia, Chief Revenue Officer of Lively. “These new LSA offerings enable the benefits brokers and employers who work with Lively to stay ahead of the curve in their benefits offering and allow them to meet real employee needs while balancing business needs and culture goals.”
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