Investing in your employees with a Lifestyle Planning Account

06.10.22

Promoting overall well-being for your employees does not stop with traditional group health plans and pre-tax savings qualified plans. As competition for the best talent increases, employers are looking for new and exciting ways to invest in their employees while also promoting healthy habits. Embracing new employer-benefits can leave some employees feeling excluded if the programs don’t align with their lifestyle or stage. To meet ALL employee interests, employers can establish customizable, post-tax lifestyle planning accounts (LPAs) that holistically provide benefits that represent all lifecycles.

 

Why a Lifestyle Planning Account?

Your employees are diverse. They have varied goals and are at different stages in their personal and family development. You can give your employees a choice in how they can maximize your investment in them by providing a lifestyle planning account that is flexible and easy to use.

 

What is a Lifestyle Planning Account?

A lifestyle planning account is an employer-funded, post-tax planning account. The eligible expenses and plan details are customized by the employer and are developed with a focus on the overall well-being – physically, financially, and emotionally, of the employees and their families.

 

What can a Lifestyle Planning Account cover?

You can build an LPA that works for your goals as an organization and the interests of your employees. This includes the categories you’d like to cover and the specific expenses. You can also customize substantiation requirements and reimbursement deadlines. Some examples of eligible categories and expenses include:

 

  • Physical
    • Athletic + exercise equipment
    • Gym, health club, spa, and fitness studio memberships
    • Fitness classes and lessons
    • Personal trainer and fitness trackers
    • Entry fees (i.e., marathon) and passes
    • Weight loss memberships

 

  • Financial
    • Student loan reimbursement (potential for pre-tax treatment)
    • Home purchase expense reimbursement
    • Financial advisor and planning services
    • Financial seminars and classes
    • Pet insurance premiums
    • Home down payment
    • Vehicle down payment

 

  • Emotional / Other
    • Non-medical counseling services
    • Retreats (i.e., leadership, spiritual)
    • Camping supplies
    • Meditation and personal development classes (i.e., art, cooking)
    • Annual park passes and hunting/fishing licenses
    • Overnight camps for children
    • Adoption assistance (potential for pre-tax treatment)

 

Let’s get started…

You can get started today by partnering with Baker Tilly Vantagen, a leading benefits administration provider of pre-tax and post-tax planning accounts. We will work closely with you to develop your expense list, plan rules, employee communications and procedures. Combining our powerful administrative platform combined with our high-touch service experience, you and your employees will have:

 

  • Access to real-time balance information
  • Online and mobile app claim filing
  • Direct deposit, check, and debit card reimbursement
  • Robust plan communications
  • Direct Account Specialist support
  • In-house, experienced Claims Analyst support
  • Toll-free number (1-800-307-0230) and email support
  • Dedicated implementation transition support

 

Contact Nicole Olszyk to start designing your Lifestyle Planning Account today:

Nicole Olszyk, Senior Manager
Baker Tilly Vantagen, LLC
T: +1 (570) 319 3780
1200 Abington Executive Park, Clarks Summit, PA, 18411
nicole.olszyk@bakertilly.com | bakertillyvantagen.com


The information provided here is of a general nature and is not intended to address the specific circumstances of any individual or entity. In specific circumstances, the services of a professional should be sought. Tax information, if any, contained in this communication was not intended or written to be used by any person for the purpose of avoiding penalties, nor should such information be construed as an opinion upon which any person may rely. The intended recipients of this communication and any attachments are not subject to any limitation on the disclosure of the tax treatment or tax structure of any transaction or matter that is the subject of this communication and any attachments.