Lifestyle spending account (LSA) software allows businesses to create a customizable wellness-focused marketplace for employees to purchase professional health services from select providers. Employers provide a monthly budget for usage strictly in this tailored marketplace. Employees have various activities and services to select from, that would benefit their mental and physical well-being. For example, dance courses, tennis lessons, a spa day, etc. Using this platform, businesses will be able to customize the inclusivity of which services are considered to be health-related. These platforms benefit businesses by improving employee morale, lowering of stress, reducing healthcare costs, building team cohesion, and maintaining worker productivity.
LSA software is similar to corporate wellness software, but approaches employee wellness by allowing employees to customize their benefits to their unique needs. These solutions often integrate with employee engagement software to track company culture and employee satisfaction scores and with benefits administration software to track funds usage and the types of services or products that are being purchased for the purpose of employee wellness.
To qualify for inclusion in the Lifestyle Spending Account category, a product must:
Allow employers to create a wellness marketplace with a variety of activities and services to benefit employee wellbeing
Allow employer to set funds for employee usage
Record and track fund usage on service types for analysis of employee usage patterns
Include the ability to permit or reject funds for non-wellness activities or services