Benefits of a WageWorks health care card include flexible spending accounts, health care savings and health care reimbursement, depending on the program that is selected. Some WageWorks programs also require employer sponsorship.
WageWorks flexible spending accounts offer participants a way to save money for health care expenses. The primary benefit of a flexible spending account is that the money saved to it is treated as pre-tax income, which makes it possible to make money stretch further. Also, the full amount of the annual commitment to the card is available from the beginning of the year, so participants don't have to worry about waiting until they have saved enough in order to make critical health-related purchases.
Those participants whose employers offer health savings account plans can opt for a special FSA program offered by WageWorks. WageWorks' healthcare savings account allows participants to save money toward health care expenses. It is designed to work in tandem with employer-sponsored health care plans. The primary benefit of a health care savings account is that it insures participants have money to put toward health care expenses that may not be covered by employer-sponsored plans. The WageWorks reimbursement plan is only available to those with participating employers. It is a debit card type system through which participants are fully or partially reimbursed for health care expenses by their employer.