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Lifestyle Spending Accounts Explained

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Lifestyle benefits benchmarks

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1. Forma - Best overall LSA provider

Forma is a leading Lifestyle Spending Account provider that helps businesses offer flexible and customizable benefits at scale. With our powerful benefits software, companies can consolidate perks and spending accounts into a single, easy-to-use platform that enhances employee satisfaction while reducing administrative complexity.

Employees benefit from the ability to spend their allowances on the products and services that matter most to them, creating a more personalized and engaging benefits experience. At the same time, HR teams gain access to a streamlined web dashboard that simplifies benefits management, reduces overhead costs, and saves significant time.

Ease of use

Forma’s platform is designed to reduce friction for both HR administrators and employees. It features an intuitive interface with guided onboarding, a streamlined dashboard for managing multiple accounts, and automated tax compliance tools.

Employees can easily access their benefits through the Forma Visa card, reimbursement portal, or online store; without the need for training or manual processes. HR teams benefit from simplified workflows and reduced time spent on vendor coordination and employee questions.

Cost-efficiency and improved utilization rates

Managing employee benefits can be expensive, but Forma helps businesses maximize cost efficiency while increasing benefit utilization. Traditional benefits programs often suffer from low engagement and wasted budget due to rigid structures that fail to meet employees' diverse needs. Forma solves this by offering customizable spending accounts that allow employees to allocate funds toward the benefits they actually use — ensuring every dollar is effectively spent.

Organizations using Forma have reported significant cost savings, such as $500,000 in just six months, by replacing outdated expense management systems. Additionally, Forma’s LSAs have achieved a 97% participation rate, proving that employees are more likely to engage when given flexible options. By allowing businesses to tailor benefits to employee preferences, Forma not only reduces wasted spending but also improves workforce satisfaction and retention.

Simplified administration

Managing multiple benefits programs across a diverse workforce can be a complex, time-consuming process for HR teams. Forma eliminates administrative burdens by centralizing all employee benefits within a single, easy-to-use platform.

Global reach

For companies operating across multiple countries, managing benefits at a global scale presents unique challenges, including compliance with local regulations. Forma simplifies global benefits management by providing a fully customizable and compliant solution that supports 111 countries worldwide.

Multiple ways to claim benefits

Traditional benefits programs often create friction in the reimbursement process, leading to lower employee participation. Forma addresses this by offering three seamless ways for employees to access and utilize their benefits:

• Forma Visa Card: A preloaded benefits card that employees can use for direct purchases.
• Reimbursement Process: A quick and easy claims system that ensures fast reimbursements.
• Forma Store: A curated marketplace where employees can purchase discounted wellness, fitness, and professional development services.

Enterprise-grade security

Handling sensitive employee data requires robust security measures to ensure compliance and protect against cyber threats. Forma prioritizes data protection with enterprise-grade security, making it a trusted benefits platform for some of the world’s most security-conscious companies.

2. Wellable

Wellable provides corporate wellness solutions designed to support employee health and well-being through a mix of digital and in-person offerings. Their platform includes a wellness hub with fitness challenges, mental health resources, and educational content aimed at promoting holistic well-being. They offer on-demand health classes, coaching services, and an integrated rewards wallet to incentivize participation.

Features

• Customizable wellness programs: Employers can design wellness initiatives that align with employee needs, including fitness, nutrition, and mental health support.
• LSA integration: Wellable supports Lifestyle Spending Accounts, enabling employees to use their benefits on activities and services that improve their well-being.

3. Benepass

Benepass is a flexible benefits platform designed to help companies offer personalized compensation options to employees. It provides LSAs, HRAs, FSAs, and commuter benefits, allowing employees to allocate funds based on their needs.

Features

• Flexible spending options: Employers can set up LSAs with customizable categories.
• Prepaid card and digital wallet: Employees can use Benepass’ Visa card to make purchases directly from their benefits balance.

Choosing the best LSA provider for your organization

Selecting the best Lifestyle Spending Account (LSA) provider for your organization requires careful consideration of several key factors to ensure it aligns with your company’s goals and enhances employee satisfaction. Here are the most important criteria to evaluate when choosing an LSA provider.

Flexibility

A great LSA provider should offer customizable spending categories that cater to the diverse needs of employees.

User experience and accessibility

A seamless, intuitive platform ensures that employees can easily access and use their benefits without friction.

Global availability

For companies with international teams, choosing a provider that supports employees across multiple countries is essential.

Payment and reimbursement options

An effective LSA provider should support multiple payment methods.

Administrative efficiency

Managing LSAs should be simple for HR teams. The best providers automate key processes.

Customer support and compliance

Reliable customer support ensures that both employees and HR teams receive timely assistance.