An Employer with LyfeBank

LyfeBank is your health management headache pain killer. You set a monthly healthcare budget and LyfeBank distributes the funds to your employee individual health accounts. It is that simple.

With LyfeBank you can predict your health benefit costs year after year. If your staff hours decline, so can your costs. There are no group plan premium obligations. You can effectively cover full-time, part-time, and seasonal employees; even provide benefits to foreign national workers.

It is great for your employees too! Individual policies almost always cost less than group policies for equivalent coverage, often with savings of twenty to fifty percent. For the same amount of money you are paying now, your employees can buy similar coverage for less money and save the rest to use for other healthcare expenses.

Find out more about Lyfebank for Employees.

The LyfeBank Employer Process

You sign an agreement with LyfeBank to establish an account.
You agree to an amount of money to be paid to all eligible employees (contribution amounts can be based on hours worked or a set amount per month and can vary depending on employee benefit class).
Every pay period you submit a report to LyfeBank with the amount of contribution assigned to each employee.
We electronically collect contributions from your authorized bank account and allocate the funds to each employee.
That's it! You are done until the next contribution period.

Note 1: The LyfeBank method is similar to an HSA but is much more flexible. For example, an HSA can't be used to pay insurance premiums.

Note 2: LyfeBank funds can only be spent on healthcare. No exceptions. Our program guarantees employers their contributions will only be spent on healthcare to assure healthy employees.

IRS Tax Note 1: Funds received by a worker and then spent on qualified healthcare expense as defined by IRS 213(D) regulations are pre-tax money to an employee.

IRS Tax Note 2: Funds contributed by an employer to an employee's LyfeBank account are fully tax deductible to the employer.

An Employer with LyfeBank

The LyfeBank Employer Process

Take Control!