TrustRadius Insights
WEX Health is a platform that offers users a convenient way to sign up for and manage their HSA and FSA accounts. With the software, users …
Overview
What is WEX Benefits?
WEX Benefits is a suite of benefits administration solutions, positioned to help employers provide healthcare benefit management for their employees.
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What is WEX Benefits?
WEX Benefits is a suite of benefits administration solutions, positioned to help employers provide healthcare benefit management for their employees.
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- Free/Freemium Version
- Premium Consulting/Integration Services
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What is WEX Benefits?
WEX Benefits Technical Details
| Operating Systems | Unspecified |
|---|---|
| Mobile Application | No |
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(12)
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TrustRadius Insights are summaries of user sentiment data from TrustRadius reviews and, when necessary, 3rd-party data sources. Have feedback on this content? Let us know!
- Business Problems Solved
- Recommendations
WEX Health is a platform that offers users a convenient way to sign up for and manage their HSA and FSA accounts. With the software, users can easily track the billing of COBRA for former employees, allowing them to run reports and monitor individual account spending. This helps ensure compliance with government regulations and facilitates necessary communications. Additionally, WEX Health accurately manages funding for FSAs and HSAs, enabling employees to take control of their own accounts. Users appreciate the platform's ability to handle various employee benefits, including Health Savings Accounts and commuter benefit accounts. They can set up accounts online, activate debit cards, view statements, and make investment decisions.
Despite occasional claim denials, WEX Health has been praised for frequently reversing them after substantial effort and evidence is provided. Users have also expressed satisfaction with the professionalism and empathy of WEX staff, particularly the Cobra team. The WEX Flex benefit phone app is highly regarded by users in the industry. However, some users have found the FSA benefits processing to be cumbersome and express dissatisfaction with the interpretation of IRS regulations. They have also voiced disappointment when their FSA setup prevents them from accessing reasonably priced healthcare options, as difficulties in reversing the setup may result in loss of funds taken from earnings. Overall, WEX Health serves as a valuable tool for managing health and commuter benefits, with users experiencing both positive outcomes and areas for improvement in their interactions with the platform.
Users highly recommend considering WEX as an FSA or COBRA vendor due to its ability to cover all the bases and provide comprehensive solutions. They suggest sitting down with WEX for an assessment to explore the full range of offerings available. Users also appreciate the personable and responsive nature of WEX, as they promptly resolve any issues that may arise. Moreover, users find value in requesting a demo to gain a firsthand experience of what WEX has to offer.
Attribute Ratings
Reviews
(1-5 of 5)Companies can't remove reviews or game the system. Here's why
November 16, 2023
Simple Service Underdelivers
WEX Benefits helps (alongside bswift and internal departments) administer commuter and FSA benefits, including a debit card and customer support.
- Single card for commuter and health
- Online customer service
- Most necessary information available online
- 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.
- FSA administration
- Commuter benefits administration
- Debit card
- Provides the services it promised
- However, does so in a suboptimal manner
- Overall, a negative impact
May 22, 2023
Gamification of my wages
Score 1 out of 10
Vetted Review
Verified User
In my experience, it was disappointing. My company HR is equally to blame as they had me sign up for FSA while thinking I could get reasonably priced healthcare through them. My wife’s benefits turned out to be cheaper and I was locked into FSA with difficulty finding a way to now use these funds. WEX tells me too late to reverse this setup. Will likely lose the money taken from my earnings.
- Nothing I can see
- Inflexible administration
- New user at high risk
- None
- Lost wages
Funds rollover.
May 13, 2022
WEX Health - So helpful!
We use WEX Health for our FSA, HSA, and COBRA administration. WEX Health helps us accurately manage funding for FSAs and HSAs, and allows our employees to manage their own accounts. WEX Health also helps us manage all the necessary communications for COBRA administration while keeping us compliant with government rules and regulations.
- Compliance
- Self-Service for Employees
- Ease of Administration
- The employee's options to upload receipts seem difficult for some.
- HSA and FSA Administration
- COBRA Administration
- Educational webinars for administrators
- WEX Health has made administration of FSA, HSA, and COBRA so much easier
- I feel confident that WEX Health is compliant, as a company, and that they keep us compliant
- We are always able to call and talk to a knowledgeable representative when we have questions
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.
May 12, 2022
WEX is a cut above the rest
WEX Health (formerly Evolution1) provided the organization with Flex benefit management and Cobra. For employees the WEX Flex benefit phone app was one of the best I have seen for this industry. I personally have been on the phone with their staff and was thoroughly impressed with their professionalism and empathy. The Cobra team at WEX is also easy to work with and professional.
- Great technology phone app for members.
- Great professional staff for the Flex benefits
- Very good interface for Cobra.
- Communication between Flex and Cobra team could use a little improvement
- Initial roll out of member cards could be delivered earlier.
- Reliability
- Customer attention
- Ease of use
- The ease of submitting receipts is a positive impact (happy employees)
I remember the frustrations experienced by employees submitting receipts with other providers. WEX beats them all.
May 12, 2022
WEX Health
We use WEX Health for our employees HSA, FSA and COBRA accounts and tracking. It is a great tool for our employees to easily sign up and manage their HSA and FSA accounts. We also use it to track the billing of COBRA for our former employees. We run report off of it and it helps us track how much employees have spent out of their own individual accounts.
- HSA account tracking for individuals
- FSA account tracking for individuals
- COBRA account tracking for individuals
- I would like to see where exactly the employees spent their HSA funds. I think this could help us determine that the employee is correctly using the funds at the correct locations.
- I would like to see where exactly the employees spent their FSA funds. I think this could help us determine that the employee is correctly using the funds at the correct locations.
- I would like notifications that there are new reports out on WEX's website for those who have used their HSA and FSA accounts.
- Tracking HSA accounts
- Tracking FSA accounts
- Generating reports
- 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
We never really had one place for all of our HSA, FSA and COBRA needs. We used multiple vendors and our employees a variety of vendors and banks they could set up their accounts with. WEX really help simplify and uniforms the whole process and help streamline all HSA, FSA and COBRA processes.