Is WageWorks A Flexible Spending Account

WageWorks is a provider of employee benefits programs. One of the benefits they offer is a Flexible Spending Account (FSA), which allows employees to set aside money on a pretax basis to pay for eligible out-of-pocket healthcare and dependent care expenses.

There are many advantages to using an FSA, including the ability to save on taxes and the flexibility to use the account for a wide range of expenses.

However, there are also some drawbacks to using an FSA, including the fact that the money in the account must be used within a certain time frame or it will be forfeited.

In this blog post, we will take a closer look at WageWorks and FSAs to see if they are a good option for you.

A WageWorks® Healthcare Flexible Spending Account (FSA) is a pre-tax benefit account that may be used to pay for qualified medical, dental, and eye care expenditures that aren’t covered by your insurance plan.

These expenses include copayments, deductibles, and coinsurance.

When did this take place exactly? On August 30, 2019, HealthEquity and WageWorks formally merged into a single corporation. Even though the transaction has been finalized, there will be no interruptions or other modifications made to your service in the foreseeable future.

We are now doing an analysis of our services as well as the technological platforms that we use in order to provide you with the very best experience we can.

How to Access Your WageWorks Account

  • Go to the WageWorks home page.
  • At the top right of the page, click Login/Register and then click Employee Login.
  • Under the Login button, click Forgot Username or Password.
  • Enter your identifying information and follow the prompts to change your password.

The WageWorks Healthcare Card functions similarly to a debit card in your possession. Your bank account will be debited by the amount specified.

If you have more than one WageWorks account, this smart card is able to choose which account to take money from first, regardless of how many accounts you have.

Be sure to keep your receipts for any and all transactions with the WageWorks Healthcare Card, just as you would with any other form of payment.

What can I use my flex spending on?

You are able to use FSA funds to pay for copayments and deductibles, but not for the cost of the insurance itself.

You can use your FSA dollars to purchase both prescription drugs and over-the-counter medicines with a prescription from your primary care physician.

There is no requirement for a prescription in order to get reimbursement for insulin.

Employees who are qualified can enroll in the plan at any time, including outside of the open season, as long as they do so within sixty days following a qualifying life event (QLE), such as getting married or having a child.

However, they have till the 30th of September to complete the task. Newly qualified QLE employees who were unable to enroll in the program by the deadline of September 30 can do so during Open Season.

Can You Take Money Out of WageWorks?

Your health savings account (HSA) does, in fact, let you take money out at any time.

WageWorks is unable to give customers refunds for their purchased items. In the event that you need to make modifications to elections that are currently in progress, please log in to your account and make any required revisions.

No action is required on your part, and vouchers can be redeemed for up to twelve (12) months from the end of the benefit month for which they were given.

How do I get my money from WageWorks?

You may file a claim for Pay Me Back by logging into your WageWorks account. It is possible to make arrangements for a cheque to be mailed to you.

You also have the option, which is considerably quicker and easier, of having the money put straight into your bank account.

Check the current balance of your WageWorks account by using the WageWorks EZ Receipts mobile app to log into your WageWorks account.

Dial 1-877-924-3967 to speak with a WageWorks customer service representative. To obtain your account and card balances, you will need to provide the last four digits of your WageWorks Commuter card number as well as the zip code where you live.

Using Your WageWorks Card

You may pay for healthcare items and services, such as doctor’s appointments or co-pays, prescriptions, eyeglasses, and contact lenses, using your prepaid WageWorks Healthcare Card.

How do I use the card that you gave me? It is possible to use your card for either debit or credit transactions in order to pay for parking or eligible transport expenditures.

Customers can make purchases by selecting “Credit or Debit” as their payment method throughout the checkout process. You are not permitted to make withdrawals of cash or get cash advances with your card.

How does WageWorks pay back?

I purchased My Pass. After entering your WageWorks account, you will have the option to pick your vanpool pass or voucher.

WageWorks will then deliver your pass or voucher straight to your place of business or residence. Pay it. Back to Me To repay you for qualified expenses that you have already paid, you have the option of either having the money put immediately into your bank account or having a cheque addressed to you.

Your spouse and your dependents are all eligible to use the money in your WageWorks® Healthcare Flexible Spending Account (FSA) to pay for a wide variety of medical, dental, and eye care goods and services.

These benefits can be used for you, your spouse, and your dependents. The Internal Revenue Service (IRS) decides whether costs are eligible to be reimbursed.

Withdrawing Money from Your WageWorks Commuter Card

How do I use the card that you gave me? It is possible to use your card for either debit or credit transactions in order to pay for parking or eligible transport expenditures.

Customers can make purchases by selecting “Credit or Debit” as their payment method throughout the checkout process. You are not permitted to make withdrawals of cash or get cash advances with your card.

To use your WageWorks Commuter Card, all you need to do is swipe it like you would a debit card and then leave.

You may use it at ticket vending machines, ticket windows, and online ordering websites that are operated by transportation agencies.

How do I get my money from WageWorks?

You may file a claim for Pay Me Back by logging into your WageWorks account. It is possible to make arrangements for a cheque to be mailed to you.

You also have the option, which is considerably quicker and easier, of having the money put straight into your bank account.

The conclusion

The formal combination of HealthEquity and WageWorks into a single company took place on the 30th of August, 2019. Copayments and deductibles are eligible expenses for reimbursement from FSA money but not the premiums for the underlying insurance policy.

FSA money can be used to pay for either prescription drugs or over-the-counter medicines, whichever option is more convenient for you.

WageWorks is unable to provide consumers with refunds for products that they have already purchased. After the conclusion of the benefit month, vouchers can be redeemed up to a maximum of twelve (12) months later.

In order to pay for parking or other qualified transportation expenses using your card, you have the option of either making a debit or credit purchase using the card.

The WageWorks Commuter card can be put toward a wide range of medical, dental, and optical care products and services.

The Internal Revenue Service is responsible for determining whether or not certain expenses can be repaid. Customers have the ability to make purchases by selecting “Credit or Debit” as their preferred form of payment.

Citations

https://www.brandeis.edu/human-resources/employee-benefits/flex.html
https://www.wageworks.com/employees/support-center/support-and-faq/my-wageworks-account/my-wageworks-account
https://www.wageworks.com/albertsons-healthaccounts/hcfsa
https://oer.ny.gov/fsa

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