WageWorks Inc Stock Company Profile

Description

WageWorks, Inc. provides consumer-directed benefits (CDBs) for employees to save money on taxes in the United States. It offers flexible spending accounts (FSAs) that are employer-sponsored CDBs, which enable employees to set aside pre-tax dollars to pay for eligible healthcare expenses, such as co-pays, deductibles, and over-the-counter medical products, as well as for vision expenses, orthodontia, medical devices, and autism treatments. The company also provides FSA programs for dependent care plans that allow employees to set aside pre-tax dollars to pay for eligible dependent care expenses, which include child, day, adult, and elder care expenses. In addition, it offers employer-funded health reimbursement arrangements (HRAs) in which employers provide their employees with a specified amount of reimbursement funds that are available to help employees defray their out-of-pocket healthcare expenses comprising deductibles, co-insurance, and co-payments; and administers health savings accounts for employers that allow employee participants to invest funds to be used for qualified healthcare expenses at any time without federal tax liability or penalty. Further, the company administers pre-tax commuter benefit programs consisting of parking, transit passes, vanpooling, and bicycle commuting reimbursement. Additionally, it offers Consolidated Omnibus Budget Reconciliation Act (COBRA) continuation services to employer clients to meet the employer’s obligation to make available continuation of coverage for participants that are no longer eligible for the employer’s COBRA covered benefits, including medical, dental, vision, HRAs, and other healthcare FSAs. The company was incorporated in 2000 and is headquartered in San Mateo, California.