Plans
Level provides a diverse range of plans to cater to different employee needs. Here's a breakdown of the available plans:
- Lifestyle Spending Accounts (LSA): These plans support various employee interests and well-being. Popular options include fitness, food, lifestyle, wellbeing and team-events.
- Health Flexible Spending Accounts: A pre-tax account for eligible medical expenses, like prescriptions, doctor visits, and medical equipment.
- Dependent Care Flexible Spending Account (DCFSA): A pre-tax account used for eligible childcare or eldercare expenses.
- Commuter Benefits: Pre-tax funds to cover public transportation, parking, and other commuting-related expenses.
Additional plans
- Business Spending Accounts: Accounts help cover work-related expenses such as office set up and professional development.
- Limited Purpose Flexible Spending Account (LPFSA): A pre-tax account for eligible dental and vision expenses, available to those with a Health Savings Account (HSA).
- Dependent Care Flexible Spending Account (DCFSA): A pre-tax account used for eligible childcare or eldercare expenses.
- Commuter Benefits: Pre-tax funds to cover public transportation, parking, and other commuting-related expenses.
- Gender Affirmation Benefits: Coverage for services and support related to gender identity, such as counseling, hormone therapy, and surgeries.
- Family Planning Benefits: Support for reproductive health services, including fertility treatments, adoption, and surrogacy assistance.
- Mental Health Employee Assistance Program (EAP): Free and confidential counseling services for mental health, substance abuse, and personal challenges.
- Health Reimbursement Arrangements (HRAs): Employer-funded accounts that reimburse employees for eligible medical expenses.
- Medical Travel Benefits: Coverage for necessary travel expenses for medical treatment not available locally.
- Dental Plans: Coverage for preventative, basic, and major dental services, including cleanings, fillings, and orthodontics.
- Vision Plans: Coverage for eye exams, glasses, contact lenses, and sometimes corrective surgery.
Plan types
Understanding different types of funds Level offers is crucial for creating a beneficial plan for your employees. Level offers:
- Pre-tax plans: Contributions are deducted from employee paychecks before taxes, providing immediate tax savings.
- Tax-advantaged plans: These funds offer benefits that reduce taxable income in various ways.
- Taxed plans: Contributions are made with after-tax dollars, but they may provide different types of benefits.
Creating your unique benefit suite
At Level, our goal is to administer benefits that meet your employees where they are and reinforce your company’s values. Here’s how to create a unique benefit suite:
- Collaborative approach: Work with Level to identify your specific benefits needs. We are committed to partnering with employers to create new and unique benefit suites tailored to your workforce.
- Combine fund and plan types: You have the flexibility to mix and match different fund types and plan types. This allows you to create a benefits suite that is attractive to your current employees and appealing to new talent.
- Employee value: By aligning your benefits offerings with employee needs and company culture, you’ll foster a workplace environment that values and supports your team.
Configuring / Customizing your plans
Taxable plans:
Taxable plans, such as Lifestyle Spending Accounts, are widely customizable based on your organization’s mission and values. Coverage may be altered to provide more restrictive or flexible as preferred. See below for some configurable options:
- Benefit type
- Coverage
- Claim submission periods
- Receipt requirements
- Eligibility
- Reset schedule (monthly, quarterly, annual, lifetime)
- Maximum balance
- Level card availability
- Waiting periods
Tax-advantaged plans:
Tax-advantaged plans, such as BSAs and HRAs, are slightly less customizable than taxed plans, but can still be customized in a few ways:
- Benefit type
- Maximum balance
- Reset schedule (monthly, quarterly, annual, lifetime)
- Claim submission periods
- Eligibility
- Level card availability
- Waiting periods
Pre-tax plans
Pre-tax plans, such as FSAs and Commuter plans, allow employees to use payroll deductions taken before taxes for eligible expenses. These plans are regulated and may only be customizable in the following ways:
- Level card availability
- Employer contribution amounts
- Claim submission periods
- Grace periods or run-out periods
- Waiting periods
Merchants and item category coverage
Covered merchants
- Definition: Covered merchants are those that exclusively sell items or services eligible under the specific benefit plan. Since these merchants only provide eligible items, transactions with them are typically approved without requiring further documentation.
- Employee experience: Employees usually do not need to upload receipts when purchasing from covered merchants, making the process seamless and convenient.
Conditionally covered merchants
- Definition: Conditionally covered merchants sell a wide range of items, some of which may not be eligible under the plan. For example, larger stores like Walmart or Amazon will most likely always offer both covered and non-covered items. During the plan design process, employers are able to select which types of merchants can be conditionally covered.
- Employee experience: Purchases from conditionally covered merchants require a receipt upload. This allows Level to verify that the purchased items are eligible for coverage under the employee’s plan.
- Best practices: Encourage employees to keep receipts when shopping at superstores and any conditionally covered merchant to streamline the verification process.
Items
Level plans distinguish between covered items and excluded items. This clear distinction helps employees understand what’s eligible without the need for conditional coverage.
Covered items
- Definition: Covered items are those that are always eligible for reimbursement or payment under the plan. Since these items are predefined as eligible, purchases typically do not require a receipt to confirm eligibility.
- Employee experience: Employees can confidently purchase covered items without needing to submit additional documentation, ensuring a smooth user experience.
Excluded Items
- Definition: Excluded items are simply ineligible for coverage under the plan. Level’s plans are designed with a straightforward approach—items are either covered or excluded, with no conditionally covered items.