What is a lifestyle spending account?
Lifestyle Spending Accounts are funds set aside for you by your employer to help pay for items you need for everyday life. Your employer determines where you can spend these funds.
What types of purchases can be made with a lifestyle spending account?
Your employer determines how you can spend these funds. For example, one employer may choose to allow employees to spend these funds on gas and groceries. Another employer may choose to allow employees to spend funds on utility bills and home repairs. Your employer will provide you with details of how your Lifestyle Spending Account funds can be used.
Where is the debit card accepted?
The Lifestyle Spending Account debit card can be used anywhere Mastercard is accepted if the merchant category codes align with the spending parameters established by your employer.
How does a lifestyle spending account work?
Your employer contributes funds to your Lifestyle Spending Account on a yearly, monthly, or per pay period basis. Your employer chooses the amount they will contribute to your account and determines if there are any limits to the amount that can be spent on specific services. You can then access the funds in the form of a convenient debit card. You may request to be reimbursed for purchases through direct deposit to your checking or savings account.
How do I access these funds?
You will be issued a Healthy Dollars, Inc. debit card for your account. If you participate in other Healthy Dollars, Inc. benefit accounts, your current card will access these funds and coordinate with your other accounts.
Can I submit a claim for manual reimbursement?
While a debit card is the most convenient way to access Lifestyle Spending Account funds, you may use personal funds for qualified expenses and submit claims for manual reimbursement.
Do these accounts represent taxable income for me?
Lifestyle Spending Accounts do not currently have any tax advantages. They are funded by your employer, on a post-tax basis, and are considered taxable income for you.