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November 10, 2023 Published by Elevate
In today's competitive employment landscape, lifestyle sping accounts LSAs are emerging as a powerful tool employer values while providing employees with personalized benefits. Only about 10 of surveyed employers currently offer LSAs; however, 70 are considering integrating them into their benefit offerings to cater to the needs and preferences of their workforce.
LSAs, also known as lifestyle accounts or life benefits, empower both employers and employees by providing a flexible platform for paying health and wellness expenses not covered by standard group plans. Employers define eligibility criteria while employees have autonomy in deciding how to allocate these funds across various categories such as adoptions, fertility care, pet costs, family care, student loan assistance, professional development, fitness wellness initiatives, among others.
For Employers:
Control and Customization: LSAs provide employers with the flexibility to tlor benefits according to their company values and budget constrnts.
Enhanced Employee Retention: By offering personalized sping accounts that align closely with employees' needs, companies can boost retention rates. A recent Nationwide study revealed that one-third of pet owners would consider staying longer at an employer who provided pet benefits.
For Employees:
Personalized Benefits: The ability to choose how their benefits are spent fosters a sense of ownership and satisfaction, making LSAs highly appealing.
Attractive Perk: Offering lifestyle sping accounts is perceived as a significant employment perk that can influence hiring decisions. 72 of U.S. workers view employee benefits as a key factor in staying with their current employer The Hartford’s Future of Benefits Study.
Simplifying Administration:
Lifestyle sping accounts are resource-intensive to manage, with a need for significant labor in setup and processing clms. Elevate offers an automated framework that simplifies the creation and management of these accounts, reducing costs while ensuring compliance.
Predefined Plan Templates: Our system includes comprehensive templates covering various benefit options, providing employers a solid foundation to build customized plans quickly.
Customizable at the Employeer Level: While templates ensure consistency, they are easily modifiable to fit specific employer needs without requiring costly custom development.
Keeping Up with Industry Trs:
Elevate stays ahead of industry trs by continuously updating our plan design templates. This ensures that your offerings remn relevant and competitive as new benefits emerge.
APIs for Seamless Integration: Our APIs enable integration directly into your company’s systems, ensuring a seamless experience with one site and one brand representing you.
Branded Portals Apps: For those not yet ready for full API integration, branded portals and apps are avlable. These also reflect your company's branding.
Lifestyle sping accounts meet the current needs of employers looking to provide personalized benefits that align closely with employee values. By leveraging Elevate’s innovative platform, you can simplify administration, enhance efficiency, streamline consistency across services, and increase satisfaction levels among employees. Start today to gn a competitive edge in today's dynamic employment market.
For more insights on how Elevate simplifies plan design, view our video demonstration: link to video.
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