Lifestyle Spending Account

Lifestyle Spending Account

The ability to deliver financial assistance and perks that more closely align with what employees want and need.

 

What is a Difference Card Lifestyle Spending Account?

Not every employee has the same lifestyle needs. The Difference Card Lifestyle Spending Account gives employers the flexibility to allow employees to spend benefit dollars on the things that matter most to them.

From physical and mental health needs, to professional and educational development, to medical travel and entertainment, employers have complete freedom to determine how their employees are able to spend their lifestyle spending account dollars.

Key benefits of lifestyle spending accounts

  • Funding flexibility. Employers can fund participant accounts to predefined amounts per employee, and set limits for specific types of services. Should employees’ needs change, they can easily add more dollars to the account.
  • Easy to manage. Lifestyle spending accounts decrease the administrative burden placed on HR teams to manually administer perk programs and employers can rest easy knowing their program will always be IRS compliant.
  • Preservation of unused funds. Unlike cash or gift cards, employers only pay for what employees use. Any account funds not spent will be returned to them at the end of the plan year.

Complete Customization with a Difference Card Lifestyle Spending Account

One way to use a Lifestyle Spending Account is to create a Medical Expense Travel Plan that would allow employers to fund travel expenses for a variety of medical needs.

Sample Client Medical Expense Travel Plan:

  • $4,000 per year limit on eligible expenses for employee and dependents
  • Reimbursement structured for travel and lodging expense related to healthcare treatments conducted more than 100 miles from the employee’s home
  • Eligible expenses include fuel, parking, tolls, lodging, meals, telephone charges, plane, train, and ride sharing services
  • Travel related to health care treatments including cancer, organ transplants at centers of excellence, reproductive healthcare, abortion, and mental health hospital admissions.

This is simply an example of how an employer could design a Medical Travel Expense Plan. The perks of a Lifestyle Spending Account is that the employer can design it any manner that suits their employees and company culture.

Ready to get started?

To get started, Employers identify their total budget for the program, determine how much they’d like to spend per employee, select the desired spending categories, and communicate the benefit to their employees. It’s that easy!

Contact us today to learn how The Difference Card Lifestyle Spending Account can help you provide a more attractive and unique benefits package.

Interested in learning more about a Difference Card Lifestyle Spending Account?

Request a proposal today and a Difference Card Representative will reach out shortly!

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