New features help participants maximize the value of HSAs and enable employers to drive adoption and usage
WageWorks, Inc., a leader in administering Health Savings Accounts (HSAs) and other Consumer-Directed Benefits, announced a series of HSA product enhancements that offer a streamlined participant experience and resources to support smarter spending and saving decisions.
“WageWorks continues driving innovation and advancing our platform to harness the power of HSAs for employers and their employees,” said President and CEO Edgar Montes. “These critical HSA product enhancements demonstrate our continued commitment to helping employees and their families use pre-tax savings to pay for their healthcare.”
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The new HSA capabilities enable employers to drive education, adoption and usage by their employees, and include the following key enhancements:
- HSA Hub enables employees to view their election amounts, total account balances, investment balances, cash balances, and earnings history in a comprehensive dashboard.
- Maximize Your HSA provides comparison tools and multimedia educational resources to help employees get the most out of their HSAs.
- Hold My HSA Receipts is a way for employees to electronically store and access HSA receipts for future claims, taxes and audits.
- HSA OnCall will allow employers a simple way to offer employees access to future HSA contributions for eligible expenses before their own tax-free contributions have accumulated in their account.
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Industry data indicates more companies are offering Consumer-Directed Health Plans (CDHPs) as a way to help their workforce combat rising healthcare costs. HSAs coupled with CDHPs can significantly assist employees in covering their healthcare costs now and in the future.
“Our affordable, easy-to-administer and use HSA program addresses the growing market demand for a comprehensive solution from an industry leader,” said Edgar. “We take great pride in offering our clients and partners a full suite of products and turnkey benefit solutions for their employees.”
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