#1 most frequent
United States of America
92.9%13 installations of 14
What is WEX Benefits?
WEX Benefits is a suite of benefits administration solutions, positioned to help employers provide healthcare benefit management for their employees.
Categories & Use Cases
Who Buys & Uses WEX Benefits
#2 most frequent
Sweden
7.1%1 installation of 14
WEX should not be used.
Use Cases and Deployment Scope
Wex was ok at first but later they closed my HSA account and deleted (stole) the money I had there. And I was told there was nothing I could do so I lost over $600. Wonder how many more people lost their money this way? Dont trust WEX. Class action lawsuit could be soon.
Pros
- Savings from each paycheck.
- use of credit card for payments.
- But finding out they steal your money by closing it.
Cons
- Keeping your money there to use and not closing the account for now reason
- They did not let me know before closing my account so I would withdraw it.
Return on Investment
- positive impact was paying for meds or ERs,
- Positive they do steal your money by closing it and not letting you know before hand.
Usability
WEX will not leave your employees out on a limb at audit time
Use Cases and Deployment Scope
We used WEX to administer our flexible and dependent care spending programs. Their platform is what helped us make the choice to go with them originally. We considered using them for other product offerings but chose to stay with the spending accounts only until we had a better feel for the real capability of the company.
Pros
- Their platform is very user friendly
- The reporting capabilities on the business side is robust
- The substantiation process is thorough.
Cons
- While the substantiation process is thorough, they might take it too far at times.
- Employees complain that they are asked to submit receipts for the same medication every month and that the system doesn't learn what has been approved in the past.
Return on Investment
- We were with a previous carrier and their lack of substantiation of claims caused an issue with an employee that was going through a tax audit. We chose WEX because their model would prevent this in the future.
- WEX was on the opposite end of the spectrum in substantiation from our previous carrier. This caused issues with the employee base as they were very frustrated with the level of requests that WEX sent to them for their process.
Usability
In my opinion, Do Not use WEX Benefits under any circumstance
Use Cases and Deployment Scope
WEX Benefits is the COBRA provider for my employer. We started paying for COBRA benefits through WEX Benefits once my employment contract ended.
Pros
- Send lots of documents through the postal mail encouraging COBRA signup
Cons
- Canceled COBRA coverage with no advance notice - no communications to us whatsoever
- Took over $5500 of our family cash for two months of coverage and then canceled
- In my experience, zero communication regarding billing other than small, generic email confirmation of payments
Usability
Wex Benefits is a terrible company
Use Cases and Deployment Scope
Wex is the FSA administrator. The entire process is cumbersome, confusing and difficult. There is little to no support for actual employees. It seem intentionally difficult to use in order to frustrate people into not utilizing their rightful benefits. For example, I received an undated letter as follows:
"The indicated documentation or check has not been processed due to the following reason(s):
One or more of the plan options were either not indicated or were unclear on your form.
If your election paperwork or payment was sent after the designated grace period ended, your election was denied or your coverage terminated."
No date. No explanation of what was missing. No instructions on what to do to fix the unknown problem. This is a perfect example of how crappy Wex Health is. I would never, ever recommend them to anyone.
"The indicated documentation or check has not been processed due to the following reason(s):
One or more of the plan options were either not indicated or were unclear on your form.
If your election paperwork or payment was sent after the designated grace period ended, your election was denied or your coverage terminated."
No date. No explanation of what was missing. No instructions on what to do to fix the unknown problem. This is a perfect example of how crappy Wex Health is. I would never, ever recommend them to anyone.
Cons
- Improve the website. It is absolutely horrible to navigate with no support
- Improve communication, provide clear and proper instruction on what is necessary to file claims, reviews and other requests
- Switch your entire company's focus from HR/administrators to actual company employees.
Return on Investment
- Wex has frustrated me and reduced my quality of life
- Wex has cost me thousands of out of pocket dollars
- I have wasted countless hours on trying to use the Wex Benefits package
Simple Service Underdelivers
Use Cases and Deployment Scope
WEX Benefits helps (alongside bswift and internal departments) administer commuter and FSA benefits, including a debit card and customer support.
Pros
- Single card for commuter and health
- Online customer service
- Most necessary information available online
Cons
- 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.
Most Important Features
- FSA administration
- Commuter benefits administration
- Debit card
Return on Investment
- Provides the services it promised
- However, does so in a suboptimal manner
- Overall, a negative impact
Alternatives Considered
Gusto