Lifestyle Accounts

What are Lifestyle Accounts?

Lifestyle accounts can take on several roles in your benefits package, depending on what your employer offers. Some employers offer an IRS-regulated account for adoption costs and tuition assistance to help you with growing your family and going to school. Others might offer fitness and health accounts to help you pay for your gym memberships and make healthy choices. Finally, you might have access to a goal account, that will help you earmark your own payroll funds for any savings goal you’d like to achieve. Whatever you have access to, learn more about what it is and how to use it here. MyChoice Accounts can help you achieve your lifestyle goals with your lifestyle accounts.

Your employer may offer any of several “lifestyle” accounts

Adoption Reimbursement

Adoption assistance programs help you cover the costs associated with growing your family. You elect a defined amount from your pre-tax income to exclude from your pay. The IRS defines eligible expenses, such as legal fees, court costs and travel costs.

Tuition Reimbursement

Tuition assistance programs help you cover the costs associated with higher education and continuing education. Your employer funds the account and defines eligible expenses and reimbursement eligibility. Eligible expenses are typically tuition, books and fees related to credits and coursework.

Employer-Defined Lifestyle Accounts

A lifestyle account is an umbrella term that covers any number of employer-funded programs. Lifestyle accounts may be provided for fitness, wellness, continuing education, financial planning, student loan assistance, college prep, travel and more. Your employer will outline what’s eligible and what’s not, and whether you have to submit documentation for your expenses.

Goal Accounts

Goal accounts help you save for specific upcoming expenses, such as a vacation or a new car. Goal accounts automatically deduct a set amount from each paycheck to keep your budget on track. Individuals can opt to participate in this post-tax savings account to save their pennies for big-ticket items or upcoming expenses.

How to Use your Lifestyle Benefits

Adoption
Tuition
Lifestyle Accounts
Goal Accounts

How to Submit Documentation

At MyChoice Accounts, we’ve made it easy to submit documentation. If your plan requires documentation to show how you spent your funds, follow these instructions to provide that to MyChoice Accounts.

If you have a smart phone, you may use the MyChoice Mobile App and take a photo of your documentation and attach it to the claim. You may also use a photo or scan an upload directly to your benefits portal online. Finally, we accept mailed or faxed copies and can add to your records.
 

  1. Log in to your account online or on the MyChoice Mobile App (iOS or Android)
  2. Select “request reimbursement” and fill in the required fields.
  3. If you’re online, you may upload a scanned documentation file. Be sure all parts of the document are legible.
  4. If you’re on the MyChoice Mobile App, you may attach a photo, give consent for the app to use your phone’s camera and snap a picture of the documentation, making sure all information is legible.
  5. If you’d like to submit via fax or mail, you may get a form from the reference center of your online benefits portal and send it to the address or fax number noted on the form.

Employers and Brokers

Are you looking for lifestyle or goal account plan administration?

Learn more