A LifeStyle HRA is a flexible benefit option that packs a lot of perks into one plan no matter what your goals are. Are you looking to add to your company’s benefit offerings? Or maybe you want to help improve your employees’ health overall? A LifeStyle HRA may be the solution you need. Here are some ways this benefit can help your company meet its goals.
A LifeStyle HRA reimburses healthy lifestyle expenses, like gym memberships and wellness subscriptions. When you offer this benefit, you have the option for reimbursement to be integrated with your insurance coverage. For example, you can offer a LifeStyle HRA for employees who enroll in a certain type of health coverage. Conversely, you can design the HRA so that its completely independent from your insurance. Depending on what your goals are, this plan can be designed to guide your employees’ benefit decisions.
Additionally, employers can also determine how the HRA is funded, such as making contributions available up front, or funding the HRA as employees complete certain tasks, like taking a health assessment.
LifeStyle HRA = Health Benefits
Because this type of HRA reimburses specific “healthy” expenses, by its design it helps encourage employees to make healthy choices. For instance, let’s say that you offer a LifeStyle plan that reimburses the cost of gym memberships. Employees who already pay for a gym membership will be excited to get reimbursed for an existing expense – who doesn’t like having one less expense? For employees who maybe don’t have the budget for a gym membership or just avoid gyms altogether, this type of HRA might help incentivize them to start using one.
When you offer a LifeStyle HRA, you can make healthy practices more accessible for your workforce. And, a healthy workforce means an overall savings on healthcare costs for your company, plus all the benefits of having healthy employees.
Are you interested in learning more about how a LifeStyle HRA can work with your benefits plan? Fill out this short form and one of our benefit consultants will get back to you to discuss your options.