How You Save With Us
Increased Participation Plus Funding Yield Very Big Savings
While tax-advantaged benefits represent a great savings opportunity for workers, the potential financial benefit for employers is even greater. By transferring a portion of the employee’s compensation from the paycheck to a tax-based account you could lower the payroll tax for each employee by as much as 7.65 %.
That means for every dollar you pay into a tax-based benefit account, you would be potentially saving seven cents or more on your payroll taxes.
Multiply that times hundreds or thousands of employees and you can see how the savings could really add up.
Savings, in Three Simple Steps
WageWorks is unique to the industry in that it takes a phased approach to building better benefits programs. In the first phase, WageWorks engages with your employees to overcome objections to participation. While many providers stop here, we take the next step, and use our powerful mix of user-friendly accounts and superior service to gain employees confidence and get them to embrace your tax-advantaged programs. In the third and final phase, we empower your employees with the tools and knowledge they need to become better and more active benefits consumers. By phase three, a fully empowered workforce, actively managing its health care through a WageWorks HSA, could save your company as much as 20% on your benefits costs.
