Ohio State University (OSU) is committed to fostering the health and well-being of its faculty and staff. A testament to this commitment is the Lifestyle Spending Account (LSA), a benefit designed to support various aspects of an employee’s wellness journey. This article delves into the intricacies of the OSU Lifestyle Spending Account, highlighting its features, eligibility criteria, and the myriad of expenses it covers.
What is the OSU Lifestyle Spending Account?
The Lifestyle Spending Account (LSA) is a university-funded program that reimburses eligible employees up to $125 per quarter, totaling $500 annually, for personal expenses related to health, fitness, family, emotional, and social wellness. Unlike a Health Savings Account (HSA) or Flexible Spending Account (FSA), which focus primarily on medical expenses, the LSA provides flexibility for a wide range of wellness-related costs.
This initiative underscores OSU’s dedication to promoting a holistic approach to employee well-being, recognizing that wellness extends beyond just healthcare.
Eligibility Criteria
To benefit from the LSA, individuals must be employed by OSU in a full-time or part-time (at least 50% Full-Time Equivalent) capacity within regular, term, or seasonal positions. The LSA is an exclusive benefit for OSU employees, and the following groups are not eligible:
- Temporary employees
- Graduate students
- Individuals employed by external entities such as Nationwide Children’s Hospital or Central Ohio Technical College
If an employee’s status changes during the year (e.g., transitioning from a temporary to a permanent role), they should consult OSU Human Resources to determine their eligibility.
Enrollment and Fund Allocation
Automatic Enrollment
One of the key advantages of the OSU Lifestyle Spending Account is that no separate enrollment is required. Eligible employees are automatically enrolled and receive $125 at the beginning of each quarter:
- January 1
- April 1
- July 1
- October 1
Use-It-or-Lose-It Policy
Unlike some other benefit programs, unused LSA funds do not carry over to subsequent quarters or years. This means employees must utilize their allocated funds within the given time frame. To maximize benefits, employees should plan ahead and track their spending.
Additionally, there is a 15-day window after each quarter ends for employees to submit reimbursement claims for expenses incurred during that period.
How to Submit Reimbursement Claims
Submitting reimbursement claims is a straightforward process through Workday:
- Log into Workday and navigate to the Benefits and Pay Hub.
- Select “My FSA/HRA/LSA” from the available options.
- Follow the provided instructions to upload receipts and enter relevant details.
- Submit the claim before the quarterly deadline.
Required Documentation
To ensure smooth processing, employees should provide clear documentation, including:
- Receipts with dates, amounts, and vendor details
- Proof of payment (credit card statements, bank statements, or invoices)
- Descriptions of services or items purchased
Reimbursements are processed through payroll and appear in employees’ paychecks, subject to taxation.
Eligible Expenses
The LSA covers a diverse range of wellness-related expenses, supporting different aspects of an employee’s personal and professional life. Below are some key categories:
Physical Health & Fitness
- Gym memberships and fitness classes
- Home exercise equipment (e.g., treadmills, weights, yoga mats)
- Personal training sessions
- Adaptive sports equipment for individuals with disabilities
- Virtual fitness subscriptions (e.g., Peloton, Apple Fitness+)
Mental and Emotional Well-being
- Meditation and mindfulness apps (e.g., Headspace, Calm)
- Stress management courses
- Wellness retreats and workshops
- Art therapy sessions
Financial Wellness
- Budget-tracking software (e.g., YNAB, Mint)
- Financial planning or coaching services
- Investment education programs
Family & Social Support
- Backup child care services
- Elder caregiving assistance
- Parenting or relationship counseling programs
- Social activity fees (e.g., club memberships, group fitness activities)
Education & Personal Growth
- Books, eBooks, and audiobooks
- Online courses or professional development programs
- Cooking, art, or hobby classes
A detailed list of eligible expenses is available on the OSU Human Resources website. Employees should review it before making purchases to ensure eligibility.
Tax Implications
A key distinction of the LSA is that reimbursements are considered taxable income. Unlike pre-tax benefits such as HSAs or FSAs, LSA funds are subject to payroll taxes. This means that reimbursement amounts are reported as taxable earnings in employees’ paychecks.
For employees looking to understand the specific tax implications, consulting with a tax professional is advisable.
Maximizing the Benefits of the OSU Lifestyle Spending Account
To make the most of the LSA, employees should:
1. Stay Informed
- Regularly check OSU’s HR website for updates on eligible expenses.
- Stay aware of policy changes and new benefit offerings.
2. Plan Ahead
- Identify upcoming expenses that fit within the LSA categories.
- Budget for fitness, education, or mental health programs in advance.
3. Track Spending and Meet Deadlines
- Use personal finance apps to track LSA fund usage.
- Submit reimbursement claims promptly to avoid missing deadlines.
4. Keep Documentation Organized
- Maintain digital copies of receipts.
- Store invoices and payment proofs in a dedicated folder for easy access.
Conclusion
The OSU Lifestyle Spending Account is a valuable resource designed to enhance the overall well-being of faculty and staff. By covering expenses related to physical fitness, mental health, financial stability, and personal growth, OSU demonstrates a strong commitment to employee wellness.
By understanding the program’s nuances and strategically utilizing available funds, OSU employees can take full advantage of this benefit, improving their quality of life both professionally and personally.
For more important information please visit my website: fixhq
