Benafica Adds Lifestyle Spending Accounts (LSAs) to Benefit Ecosystem
For Immediate Release
Employers can reward employees for healthy life-work habits.
St. Paul, MN. October 2021. Benafica, LLC, is building a better employee benefit ecosystem with the expansion of their employee benefit product portfolio to include Lifestyle Spending Accounts (LSAs).
LSAs allow employers to reimburse employees for a variety of well-intended achievements, such as continuing education/student loan reimbursements, wellness initiatives and ergonomic work-from-home furniture.
“As people re-evaluate their workplace options in the midst of a healthcare pandemic, employers need creative ways to attract and retain employees in a manner that directly supports various lifestyle priorities,” said David Cornell, Director of Employer Services at Benafica. “Our clients were asking for this option, and we have delivered it.”
Funded by the employer, LSAs are highly flexible and allow for highly valued benefit dollars to be used by employees for wellness, financial, educational and even charitable purposes. Contributions are taxable to the employee as part of normal payroll, typically at the time of reimbursement to the employee for their eligible expenses. Employers have discretion over the list of eligible expenses.
LSAs are the newest addition to Benafica’s Benefit Ecosystem, which includes Health Reimbursement Arrangements (HRAs), Medical and Dependent Care Flexible Spending Accounts (FSAs), and Section 125 POP Plans. With HRAs, Benafica has been an early champion of Individual Contribution HRAs (ICHRAs) and Qualified Small Employer HRAs (QSEHRAs) consulting and administration.
Technology Driven Growth
Benafica’s proprietary software platform called Benngi makes benefit account administration easy for everyone involved. Employees can log into their BenngiHealth account and have access to their benefit account information. What makes Benngi different is its “medical vault” feature where employees can securely store key healthcare information privately and safely in one place.
Headquartered in Woodbury, MN, Benafica is a privately held broker-administrator and provides both benefit account administration and white label association management and insurance services. Benafica is a licensed third-party administrator and operates throughout the United States.