Fitness & Wellness Spending Account eligibility standards
Understand what a Fitness & Wellness Spending Account is, how it works, what to include categorically, and the top items to cover - plus compliance protips!
In this piece
Support workforce health and well-being with a Fitness & Wellness Spending Account
A Fitness & Wellness Spending Account is an employer-sponsored benefit that employees can use to pay for various wellness-related expenses. This customizable spending account is employer-funded with endless options to support employee wellness.
Note: Funds are treated as taxable income.
How a Fitness & Wellness Spending Account works
The Fitness & Wellness Spending Account can be designed based on specific business goals or initiatives, engagement survey results, and whatever matters most to your workforce’s well-being.
- Employers select fitness & wellness options to define program eligibility.
- Employees spend funds on lifestyle and health items meaningful to them.
Why a Fitness & Wellness Spending Account is important
Businesses can enhance employees' health and well-being by providing funds for workers to invest in activities that personally matter to them. According to a Global Wellness Institute study, a 100% increase in workplace wellness spending per capita ($10) corresponds to a 4.7% increase in happiness level. Because the program supports broad needs at scale, it is a critical driver for employers and employees that can drive employee satisfaction, health and wellness, and talent retention/attraction.
As a leader in the flexible benefits space, we have the industry's first eligibility standards for customizable spending accounts. You can download a copy of the standards set for a Fitness and Wellness Spending Account here or by clicking the below image.
You can access a preview of what you'll find in the Fitness & Wellness Spending Account eligibility standards below.
Get help building a custom Fitness & Wellness Spending Account
As a leader in the flexible benefits space, we have the industry's first eligibility standards. The Forma team can offer guidance - backed by data - as you explore your options. For more information or support, <span class="text-style-link text-color-blue" fs-mirrorclick-element="trigger" role="button">schedule a consultation</span> with one of our experts. We’d be happy to help!