SAN MATEO, Calif., May 18 /PRNewswire/ -- WageWorks(R), a leading provider of consumer-friendly health and dependent care spending accounts, today announced enhancements to its flexible spending account (FSA) program. Already the industry’s only administrator that owns and operates its own card solution, WageWorks has added new features such as automated card purchase verification and clear, detailed monthly account statements designed to provide the best overall consumer experience.
“WageWorks recognizes that consumers need to be able to spend and manage money in health care accounts in the same way they manage the rest of their finances,” said Scott Halstead, WageWorks’ Chief Executive Officer. “The WageWorks health care account is designed as a complete card and claims solution to provide the best user and employer experience.”
WageWorks Health Care Account System
Unlike paper claims-based systems used by most legacy benefits administrators, WageWorks built its FSA system around its embedded card feature to enable real-time visibility and management of all payments and reimbursements in a single system. WageWorks provides employees convenient ways to pay for eligible health care expenses, including the WageWorks Health Care Card, a debit card that enables employees to purchase FSA eligible products and services with ease, and Pay My Provider, which enables employees to send payments directly from their accounts to their health and dependent care providers.
For the 2004 plan year, WageWorks introduced a number of enhancements to the WageWorks Health Care Account program to further enhance the consumer experience which include:
-- Best-in-class card experience: Over seventy percent of eligible WageWorks Health Care Card purchases are automatically verified, eliminating the need for employees to submit receipts for these transactions. The Health Care Card is accepted at all retail locations where employees are likely to spend their health care dollars, such as doctors’ and dentists’ offices, pharmacies and supermarkets. Transactions are verified using data from WageWorks’ comprehensive network of retail pharmacies, Pharmacy Benefit Managers, point-of-purchase data, co-pay tables and other transaction data. -- Enhanced, consumer-friendly account management: The monthly WageWorks Health Care Account Statement builds upon the card’s consumer-friendly features and provides a concise, detailed view of all payments made from the consumer’s Health Care Account. Similar to a credit card statement, the easy-to-read statement provides clear information on account activity, including date of transaction, retail location, amount of purchase and FSA eligibility status.
Through the WageWorks Employee Site employees have access to market-leading online calculators, which help them determine their election amounts and estimate their tax savings. The site also features a concise list of eligible expenses, which takes the guesswork out of determining qualified expenses. Many of these features are also available to the public through the “For Your Financial Health” link on http://www.wageworks.com/.
Business Growth and Increased Participation
For 2004 open enrollment activities, WageWorks more than doubled the size of its health care account business and renewed one hundred percent of its clients. In the first quarter of 2004, ninety-five percent of all WageWorks Health Care Account claims were processed through the Health Care Card.
WageWorks’ data has shown that replacing a legacy FSA program with the WageWorks Health Care Account program on average doubles employee participation, and at the same time, doubles employee elections.
“WageWorks allows us to provide our employees a convenient and easy-to-use program that is far superior to the FSA program we offered previously,” said Jim McInerney, senior vice president corporate benefits, of ABN AMRO. “Our employees tell us that they enjoy the convenience of the WageWorks Health Care Card and they are very happy with the program, which shows in the participation numbers. When we introduced WageWorks, FSA participation increased significantly, and we expect to increase participation again next year.”
ABOUT WAGEWORKS
WageWorks is the number one provider of commuter tax benefits and the fastest growing provider of consumer-friendly flexible spending accounts for health that save up to 40 percent of out-of-pocket costs for health care, dependent care, transit and parking services. WageWorks delivers a complete solution for employers, reducing their involvement in plan administration and lowering costs, while improving plan participation and value for employees.
Clients include ABN AMRO, Ernst & Young LLP, FleetBoston Financial, Nordstrom, Pitney Bowes, State of Illinois and the Smithsonian Institution, among many others. WageWorks is headquartered in San Mateo, California, with offices in New York, Washington D.C., Chicago and Dallas. For more information, please visit the web site at http://www.wageworks.com/, email WageWorks at info@wageworks.com, or call 866-602-3887.
NOTE: WageWorks is a registered trademark of WageWorks, Inc. WageWorks Passport is a trademark of WageWorks, Inc. All other names and marks are owned by their respective companies.
WageWorks, Inc.
CONTACT: Jenna Yoon, +1-415-486-3235, or jenna.yoon@edelman.com, orDewey Hammond, +1-415-486-3211, or dewey.hammond@edelman.com, both of Edelman,for WageWorks
Web site: http://www.wageworks.com/
