SAN MATEO, Calif. (Wednesday, October 19, 2011)
/PRNewswire-USNewswire/ -- WageWorks, Inc., a leading on-demand provider of tax-advantaged programs for consumer-directed health and other employee spending account benefits, has contracted with FSAStore.com to give its nearly 1.8 million users a simple and direct way to purchase Health Savings Account (HSA) and Flexible Spending Account (FSA)-eligible items.
"There are many places where our participants can purchase FSA-eligible products but FSAStore.com offers a level of convenience and simplicity not found anywhere else," said Joe Jackson, CEO of WageWorks. "We are pleased to offer our participants a place where they can use their HSAs and their FSAs with confidence knowing that everything at FSAStore.com is FSA-eligible."
The new relationship will give WageWorks' participants direct access to FSAStore.com, and its hundreds of FSA-eligible items, through a customized shopping portal. It also will eliminate much of the paper and guesswork involved with participation in a pretax health benefit. Services like FSAStore.com simplify the shopping experience by making it easy for FSA participants to distinguish between what is eligible with or without a prescription. If an item does require a prescription, FSA participants must submit proper documentation prior to the sale, which will eliminate the after-transaction verification process.
"WageWorks' leadership was quick to see the unique value of our service and was eager to offer it to their FSA and HSA accountholders," said Jeremy Miller, FSAStore.com founder and president. "We are excited to partner with WageWorks, and to roll out new site enhancements that continue to make it simple and convenient for participants to use their FSA/HSA."
The 2011 law that requires a prescription for the reimbursement of Over-the-Counter (OTC) drugs from a pretax benefits account makes the unique services offered by FSAStore.com even more valuable to participants. With its ability to obtain OTC prescriptions directly from participants' physicians, FSAStore.com removes one of the most common barriers created by this new regulation and offers a simple and direct path to purchase.
FSAStore.com is the only e-commerce site exclusively stocked with FSA eligible products and services so there are no guessing games about what is and isn't reimbursable by an FSA. In addition to more than four thousand FSA eligible products, the site offers a national provider database of FSA eligible services and an FSA Learning Center. FSAStore.com accepts all FSA debit and major credit cards, offers 24/7 customer service, one-to-two-day turnaround and free shipping on orders $50+, and there is no need to submit receipts when using an FSA debit card at FSAStore.com.
WageWorks (NYSE: WAGE) is a leader in administering Consumer-Directed Benefits (CDBs), which empower employees to save money on taxes while also providing corporate tax advantages for employers. WageWorks is solely dedicated to administering CDBs, including pre-tax spending accounts, such as Health Savings Accounts (HSAs), health and dependent care Flexible Spending Accounts (FSAs), Health Reimbursement Arrangements (HRAs), as well as Commuter Benefit Services, including transit and parking programs, wellness programs, COBRA, and other employee benefits. WageWorks makes it easier to understand and take advantage of Consumer-Directed Benefits for 58,000 employers and approximately 4.5 million people. WageWorks is headquartered in San Mateo, California, with offices in major locations throughout the United States. For more information, visit www.wageworks.com.