Benefitfocus vs. WEX Benefits

It is well suited for a small company of maybe 300-400. It is less appropriate for companies in areas where a transit and parking benefit is a must.

Incentivized

It is well suited to help us see exactly which employee and which company the employee is with and how much they employee spent. I really like the reports that it generates and the detail it gives. However I would like to see more details. It would be nice to see the exact date the funds were withdrawn and where the funds were spent. I think this could help us determine that the employee is spending the funds at correct locations and help us when we do our reconciliations of these accounts.

Incentivized

• Enrollment Reports
• Customer Service
• File Feed Setup

Incentivized

• In my opinion, poor application of IRS rules
• In my experience, frequent denial of coverage to be later reversed
• In my experience, poor complain processing rules
• need PAPER checks to be sent if you need to reimburse them. PAPER! They don't accept credit cards. A credit card processing company that doesn't accept credit cards.

• Great at selling their product but not keeping their promises.
• Too many glitches and they always advise it will be updated/corrected on their next "quarterly update".
• They can't administer QTB plans (parking and transit) which is an essential benefit plan offered to companies. They didn't officially come out with this news until after we had implemented and launched the program. During implementation, they made it appear like it would work.

Incentivized

• In my experience, WEX has an inability to connect with other entities on the supply chain (bswift, internal benefits department).
• Slow support request turnaround (3-5 business days).
• Makes FSA substantiation unnecessarily difficult.
• Even when there’s a single itemized receipt for all charges, every charge must be substantiated with a separate upload.
• Even though doing so would satisfy IRS guidelines, WEX won’t accept third party explanations of services as FSA substantiation.

Incentivized

Did not research any, as we were using Benefitfocus for our Allstate benefits for years prior to implementing it with all benefits.

Incentivized

We formerly used TASC and it was a nightmare. We were not at all confident in their administration or compliance of FSAs, HSAs, or COBRA. When we were looking for a new third party administrator to replace TASC, we were immediately drawn to WEX Health. They offered an easy-to-use website, and it was clear that they were serious about compliance and proper administration of benefits.

Incentivized

• It was a negative impact because we launched the program during open enrollment only to revert back to the old platform, BeneTrac, 3 months later.
• Bad impression on the benefits team to implement a program that didn't deliver.

Incentivized

• It's great to have all of our HSA, FSA and COBRA on one software
• One software helps reduce redundancy
• One software helps reduce errors

Incentivized