BenefitWallet vs. WEX Benefits

While the user interface is relatively easy to use and offers nice functionality, from out experience, we had an issue that their fraud security was weak. One of our cards was somehow used out of state, at a pharmacy that it had never been used at before, with 3 transactions for exactly $100 each every day. One would think that some type of software AI would have flagged that as suspicious activity, but no. It was caught when the member tried to use the card and it was declined, and the last $100 transaction was processing, draining the account to zero. We called customer service, and they said paperwork was coming out - one document for each transaction, which was a huge amount of paperwork - via next day air to file the fraud claims. They were also supposed to put a freeze on the account immediately. After a week, NO paperwork had arrived, and when I called in to track it down I also found that the CSR had NOT shut the account down and the fraudsters were attempting further withdrawals of transactions for

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 It would be nice to see the exact date the funds were withdrawn and where the funds were spent.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

• 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.

• 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

BenefitWallet was recommended to us by our Health Insurance Broker, so we did not explore other options. However, BenefitWallet is nice in that you don't need to keep receipts and transactions are generally accepted and not declined as happens with other providers.

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'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