WageWorks is a company that administers healthcare benefit accounts for its customers. They also offer monthly passes for parking and public transit. Unfortunately, WageWorks has a high error rate and their employees are not well trained. As a result, there are many issues with their technology and customer service.
WageWorks is a company of wage works health equity
WageWorks is a California-based company that manages employee benefits and provides a number of commuter benefit services. The company recently faced a number of problems, including erroneous earnings figures. It has since restated its financial results and has apologized for the errors. The company is led by Edgar Montes, who joined the company from American Express Co. in 2006.
A joint venture between HealthEquity and WageWorks is expected to result in a larger administrator of employee benefit and consumer health plans. However, such a deal may not close and is subject to certain risks. HealthEquity and WageWorks have not announced a closing date for the transaction.
The WageWorks Healthcare Card allows participants to pay for eligible healthcare costs. Like a debit card, the card can be used to pay for doctor’s appointments, prescriptions, eyeglasses, and contact lenses. The card also comes with preloaded debit funds. The program requires cardholders to keep receipts of all transactions.
It administers healthcare benefit accounts
HealthEquity, the nation’s largest administrator of health savings accounts, has made an offer to acquire WageWorks, a healthcare benefit account provider headquartered in San Mateo, California. The deal would create a larger healthcare benefit administrator for employee and consumer-directed health plans. WageWorks CEO Edgar Montes joined the company in 2006 from American Express Co.
It offers a monthly pass for public transit and parking
The WageWorks HealthEquity Commuter account is a pre-tax benefit account that can be used to purchase public transit and parking passes. It makes commuting easier and more affordable. The plan is flexible; users can set a maximum monthly contribution and pause or cancel their contributions at any time. WageWorks also offers parking and vanpooling vouchers.
To purchase a monthly parking and transit pass, customers can call WageWorks to order. The company provides information on all options for both parking and transit. It is also possible to use the same monthly pass for several different transit systems. When requesting a monthly pass, be sure to verify that your employer accepts multiple payment methods and that your address is accurate. Once you have ordered your monthly pass, you will receive a Commuter Card in the mail. The card will be reloaded each month on the 20th day of the month preceding your benefit month.
WageWorks offers parking and transit plans for its employees on a pre-tax basis. If you live in the U.S. and plan to commute to work from home, you can use your WageWorks Commuter account to pay for your commuting costs. The program covers public transit and eligible vanpool. However, this program is not available to those who already pay a monthly parking pass on a pre-tax basis.
WageWorks has not disclosed the number of participants in its TransitChek program. However, the benefits were expanded to non-governmental businesses after a city law passed in 2016. The number of participants has increased from one million to over 1.45 million. The program is administered by WageWorks, a subsidiary of publicly-traded HealthEquity.
It has high error rates in processing information
The technology that is used by WageWorks to process claims appears to have high error rates. For example, a representative at WageWorks states that the system attaches an EOB to a different transaction than the one that was submitted. In addition, the system generates error messages and emails without the ability to detect errors. Ultimately, this results in customers having to repeatedly submit the same information.
It has been under new management since last year
WageWorks, a leader in consumer-directed health benefits, has merged with HealthEquity. With the combination, HealthEquity will offer complementary benefits, including flexible spending accounts, health reimbursement arrangements, COBRA and commuter benefits. The company also aims to improve data security and simplify administration.
Recently, the company’s stock has dropped by 50% following a series of issues. First, the company’s board opened an investigation into the issues. It also said it would revise its results for relevant years. After this news broke, WageWorks’ stock fell by 50% within three to four months. As a result, HealthEquity began buying WageWorks shares, accumulating about 1.6 million shares in the process.
WageWorks is headquartered in San Mateo, California. It provides commuter benefit services and pre-tax spending accounts. The company is undergoing a transformation process that will affect the way it provides benefits to current and future employees. The company also plans to rebrand itself and its products. However, it expects to incur one-time expenses of approximately $80-100 million over the next two-to-three years. These expenses will include IT integration costs to unify the brand, as well as severance and retention costs.
