NEW YORK & SAN MATEO, Calif.--(BUSINESS WIRE) (Monday, July 08, 2013)
Towers Watson (NYSE, NASDAQ: TW), a global professional services company and WageWorks, Inc. (NYSE: WAGE), a leading provider of Consumer-Directed Benefits (CDBs), today announced an agreement for WageWorks to administer health savings accounts (HSAs) and health reimbursement arrangements (HRAs) on OneExchange Active, Towers Watson’s new private health insurance exchange.
Under the agreement, WageWorks will be the exclusive administrator of HSAs and HRAs for OneExchange Active – Towers Watson’s offering for active full-time employees.
“We are pleased to be a part of Towers Watson’s private exchange. Together, we will provide a powerful combination of health care strategy and solutions expertise for active employees,” says WageWorks CEO, Joe Jackson.
“WageWorks’ industry-leading CDB services are a perfect fit with our OneExchange Active solution,” said Pat Amendola, North America leader of Technology and Administration Solutions at Towers Watson. “This addition of WageWorks further strengthens our commitment to offer high-performance health plans, strong value and an outstanding employee experience to our private exchange clients.”
“WageWorks has a long-standing relationship with Towers Watson. Our proven platform has delivered dedicated service and support for Towers Watson clients for years, and will now include private exchange participants,” says Melanie Hallenbeck, WageWorks Exchange Partnership Team Leader.
WageWorks will become the administrator effective immediately. OneExchange Active will enroll participants this fall for January 1, 2014, health plan start dates.
About Towers Watson
Towers Watson (NYSE, NASDAQ: TW) is a leading global professional services company that helps organizations improve performance through effective people, risk and financial management. The company offers solutions in the areas of benefits, talent management, rewards, and risk and capital management. Towers Watson has 14,000 associates around the world and is located on the web at towerswatson.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.