In the world of employee benefits, the term "Wellness Spending Aaccount" may seem straightforward. Many employers often view it as an additional monetary perk – a small pot of money they can tap into for various expenses. However, it's time to shed light on the fact that Wellness Spending Accounts are often misunderstood; they are not just about the dollar amount but the services and experiences they enable.
What is a Wellness Spending Account?
A Wellness Spending Account (WSA) is typically part of an employee benefit package, allowing individuals to use a specific amount of money for eligible health and wellness expenses. These expenses may include gym memberships, fitness classes, wellness retreats, spa treatments, nutrition consultations, yoga sessions and anything else that the employer chooses to make an eligible expense. WSAs aim to encourage and support employees in making choices that enhance their overall well-being, both physically and mentally.
The Misconception: It's All About the Money
One of the most common misconceptions about WSAs is that they are merely a bonus, a small financial boost for employees. While it's true that WSAs provide a designated amount of money, their true value goes far beyond the dollar signs. The core purpose of WSAs is to empower individuals to invest in their health, engage in self-care, and foster well-being.
It's About the Services and Experiences
A WSA is essentially a key to unlocking various services and experiences that promote a healthier and more balanced lifestyle. Rather than viewing it as "extra cash," think of it as a gateway to self-improvement. Here are a few ways to look at it based on expenses we frequently see on myWSAs:
Investing in Health: WSAs offer opportunities to invest in activities that contribute to physical fitness, such as gym memberships or personal training. They also cover expenses related to mental well-being, like therapy sessions or mindfulness retreats.
Self-Care: Think of your Wellness Spending Account as your passport to relaxation. You can use it for spa treatments, massages, or that wellness weekend getaway you've been dreaming of.
Exploring New Interests: WSAs can fund those activities or hobbies you've always wanted to try, from painting classes to dance lessons.
Stress Relief: A WSA can be your escape from the daily grind. Utilize them for activities that help you de-stress and recharge, such as meditation workshops or nature excursions. It can even be used for monetary relief for unexpected expenses, such as veterinary bills, even grocery bills.
Family: Wellness accounts can help with daycare costs, kids' sports fees, tutoring, trips, and more.
Changing the Perspective
To truly appreciate the value of wellness spending accounts, it's essential to shift our perspective. They aren't just numbers on a balance sheet; they are a pathway to a healthier, happier, and more fulfilling life.
The next time you think about your Wellness Spending Account, consider the possibilities it offers. It's not about the dollars; it's about the services and experiences you can access to improve your well-being. WSA eligible items are completely custom for each individual employer and can be as broad or as specific as the employer wishes.
In conclusion, WSAs are misunderstood gems waiting to be discovered. They're not about the money; they're about the services, experiences, and investments in your health and happiness.
Allison Gigliotti
Head of Growth
myHSA