WageWorks HSA — Empowering Employees and Driving Costs Out of Rising Healthcare

As the cost of health insurance continues its upward spiral, employers are looking for more affordable health care options. One such option that is growing in popularity is the Health Savings Account (HSA). The  HSA, like a 401(k) plan, allows employees, and their employers, to deposit funds (pre-tax) into an employee-owned banking or investment account. But, unlike the funds in a 401(k), which can only be withdrawn without penalty after retirement, the money in an HSA can be used at anytime by the account holder to pay for eligible medical expenses.

The addition of an HSA to your benefits drives savings in two important ways:  First, because HSA-empowered consumers lower total health care costs, insurance carriers can pass along lower premiums to you. And secondly, like FSAs, employer contributions to HSAs help reduce payroll tax expense.

Industry expertise, comprehensive end-to-end management
The WageWorks Health Savings Account solution is a simple and efficient tax-advantaged spending account that brings together competitive interest rates, low fees, investment options, a fully-integrated Health Care Card.

The WageWorks HSA advantage
WageWorks delivers a completely integrated spending account solution on a single platform.  Now benefits departments and participants can see their HSA account activity, their investment growth and their vision-and dental-FSA all in a single location.

Reduced administrative costs
Employees self-administer their own account and WageWorks manages all the data.  With integrated debit cards and convenient account management tools such as electronic bill pay and cash reimbursement, WageWorks HSA is a solution that is sure to satisfy both participants and benefits professionals.

Focus on choice benefits both employers and participants
The possibility of combining tax-savings with investment income has the potential to make the HSA enormously popular with employees. But, like many financial vehicles, the HSA works best when the consumer (or in this case the employee) has a variety of investment options from which to choose. WageWorks understands the value choice has for employers and participants. Its platform and success is predicated on providing both with a multiplicity of options, starting at the top with plan design on down to how individual participants pay and are reimbursed for eligible expenses. With multiple and flexible investment options and partners, WageWorks HSA offering is no exception.