Nova Launches Innovations Lifestyle Benefits
New product offers flexibility in covering health and wellness expenses
Achieving a work-life balance can be a challenge. Nova’s new Innovations Lifestyle Benefits can help employers expand their company culture and promote employees’ mental and physical well-being.
Lifestyle benefits, also referred to as Lifestyle Spending Account (LSA), are provided in addition to a traditional health plan, allowing employees the option to spend funds on eligible products and services to best meet their needs. Employers can choose the products, services, and activities they want to cover. Adding a benefit to help defray the cost of health and wellness expenses is an investment in employee time outside of work. Outside of greater financial contribution from their employer (42%), employees cite more benefits and resources to help with their financial well-being (33%) and more options and benefits to choose from (33%) as the most valuable improvements to their current benefits package, according to the 2022 EBRI and Greenwald Research Workplace Wellness Survey.
“Lifestyle benefits help employees invest in their physical and mental health,” said Jerame DellaPenta, Nova’s director of service delivery and engagement. “For employers, it’s a new way to engage employees, promote healthy workplaces and support unique employee circumstances. Well-rounded benefits packages can be deciding factors for employees searching for a new role or questioning whether to stay with their current company. These extra perks can have a positive impact on recruitment and retention.”
Employers can determine their level of contribution, style of plan build, and which expenses are covered. This includes our “off the shelf” or customized network options. Nova’s Lifestyle Benefits network uses predefined merchant categories so employers can choose to customize their plan based on their employees’ needs and interests – examples range from gyms and recreation centers to hobby shops or car washes.
Through employer contributions, employees receive a debit card to use toward a variety of recreation, fitness, health and wellness goods and services. Employers determine the unique benefit structure that fits their population. To simplify your plan, an FSA, HRA or HSA can all be offered through one debit card, along with a Lifestyle Benefit.