What impact can a wellness spending account (WSA) have on a person’s wellness? To start with let’s define what wellness means – according to the Merriam-Webster dictionary wellness is the quality of being in good health especially as an actively sought goal. Dictionary.com defines wellness as the quality or state of being healthy in body and mind, especially as the result of deliberate effort.
Good health can mean many things and how a person defines good health or how they want to achieve it can also vary greatly from individual to individual. For example, one person might want to quit smoking to improve their health while another person might want to join a yoga studio to improve their wellness.
A wellness spending account provides employees with the opportunity to take care of their wellness and achieve the goals they set out. A wellness spending account is a taxable benefit that allows employees to spend on wellness-related activities and products, any wellness expenses paid for by the employer will be added to the employee’s taxable income at the end of each year.
The list of activities and products that can be covered is typically determined by the employer; employers can limit the account to specific items like gym memberships or yoga classes, or they can allow their employees to basically expense almost any item.
Now back to the question at hand, what impact can wellness spending accounts have on a person’s wellness. The answer to that is simple, it can have a massive impact; and the impact to an employer also has the potential to be large. By providing employees with a WSA you are providing them with the opportunity to take care of their wellness and by providing them with the wellness opportunity can lead to positive results for your business.
Provide your employees with a wellness spending account and see the impact on their wellness and your business.