Forma Life Benefits Platform vs. WEX Benefits

I think Forma is pretty clear on the intention of using the funds to either positively contribute to your health or getting out with your friends and family. It takes some sting out of extracurricular activities that can, otherwise, be expensive. I think some people have tried to use it for stuff other than what it is intended for. This goes back to people not knowing which businesses will be considered acceptable to use Forma at.

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 It would be nice to see the exact date the funds were withdrawn and where the funds were spent.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

• Has amazing products
• Makes purchasing products and services easy
• Has great product/service descriptions and photos
• Easy to navigate site
• Easy to purchase products

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.

• Clarification on what places accept Forma
• Not sure if there's an app, but if not, that would be helpful for checking balances

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

Easy to use

Incentivized

I have not used anything similar to Forma in the past.

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

• Allows employees access to wellness products
• Works in tandem with our other health-related programs
• Provides a great incentive for our teams to strive for better health

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