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Blog posts

Budgeting

Holistic care

How do we differ from an LSA (Lifestyle Spending Account)?

Rachel Caplin

February 12, 2024

1 min

Lifestyle Savings Accounts (LSAs) have emerged as a unique way for employers to provide benefits beyond the traditional medical, dental, and vision coverage.

An LSA is an employer-sponsored benefit that allows employers to set aside money for employees to use discretionary funds. LSAs often cover expenses related to wellness programs, transportation, home office equipment, and other discretionary spending categories.

However, the administration of LSAs can be cumbersome, as employers are typically responsible for handling reimbursements for these expenses.

How does Fijoya compare to an LSA or LSA-style solutions?

The Fijoya platform transforms how employers approach employee benefits. Unlike traditional LSAs, Fijoya offers a comprehensive solution that goes beyond reimbursements. By partnering with Fijoya, employers gain access to a wide range of point solutions tailored to their employees' health and wellness needs.

Fijoya extends beyond discretionary spend, governed by an AI recommendation engine to medical, health and wellness options. With Fijoya, you can pay for a low-cost wellness app and a high-cost medical procedure.

For employers, working with Fijoya means streamlined administration and optimized budgets. Fijoya's platform allows employers to offer a variety of benefits while simplifying the process of managing them. This shift from a per-employee-per-month (PEPM) basis to a pay-per-use model can lead to significant cost savings## and improved employee satisfaction.

Fijoya offers a solution that eliminates the complexities associated with LSA reimbursements, support inquiries, contracting, and PEPM budgeting. This approach contrasts with traditional LSAs by focusing on enhancing employees' health and wellness rather than solely providing reimbursements for everyday expenses.

Why is this flexibility important?

This product not only offers flexibility but also promotes health equity by allowing employees to select from a variety of point solutions that may not be readily available through standard employer offerings, thus meeting their specific needs more effectively.

Employees have the flexibility to choose from a variety of point solutions that address their specific health and wellness needs.

By tailoring benefits to individual preferences, Fijoya can reduce disengagement with care and elevate user expectations, leading to increased utilization and, ultimately, improved care outcomes.

Blog posts

Budgeting

Holistic care

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One pay-per-use contract for thousands of health and wellness benefits.

  • You choose the budget

  • We handle the administration

  • Unspent funds return to your budget

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