SAN MATEO, Calif., Oct. 13, 2016 (GLOBE NEWSWIRE) -- WageWorks, Inc. (NYSE: WAGE), a leader in administering Consumer-Directed Benefits (CDBs), announced today the availability of a new Open Enrollment Resource Center designed to help employees make informed decisions and select the right benefits for the coming year.
Open Enrollment is a once-a-year opportunity for employees to assess the benefits offered by their employer and find the options that best serve their individual and family needs. Surprisingly, 90 percent of employees opt to re-enroll in the same plans, more often than not spending less than 15 minutes on researching plan differences.
Approximately 42 percent of employees estimate they waste up to $750 annually because of mistakes made during Open Enrollment —money most people can’t afford to lose. With 62 percent of Americans living paycheck-to-paycheck, being better prepared for Open Enrollment and making informed decisions can help employees save money on every day expenses, such as healthcare, dependent care and commuting costs.
As part of its commitment to providing consumers with information to make more informed decisions and navigate Open Enrollment with confidence, WageWorks has developed the following new resources:
- An online Open Enrollment Resource Center: Featuring information on how Open Enrollment works, a glossary of terms, common mistakes to avoid, as well as best practices for choosing the right mix of Consumer-Directed Benefits.
- Online savings calculators: Easy-to-use tools help employees estimate upcoming expenses and see how much they can save with a Health Savings Account (HSA), a Healthcare Flexible Spending Account (FSA), a Dependent Care FSA and Commuter Benefits.
- An Updated Glossary of Eligible Expenses: A clear explanation of how to use pre-tax dollars toward the wide variety of eligible services and other qualifying expenses. For example, employees might not know that a Dependent Care FSA can be used to pay for summer day camp or to care for elderly dependents, while employees work or look for work.
- Consumer-Directed Benefits in action: Brief, two-minute videos that demonstrate how pre-tax benefit accounts work and how employees save. View the Healthcare FSA or Commuter Benefits videos to learn more.
“Open Enrollment is a critically important time of year, and we want to encourage employees to take their time, do their homework and enroll in the programs that will best support their financial and physical wellbeing,” said Jody Dietel, chief compliance officer at WageWorks. “WageWorks is here to help individuals and families be better prepared and more aware during Open Enrollment, resisting the temptation to simply re-enroll.”
About WageWorks
WageWorks (NYSE: WAGE) is a leader in administering Consumer-Directed Benefits (CDBs), which empower employees to save money on taxes while also providing corporate tax advantages for employers. WageWorks is solely dedicated to administering CDBs, including pre-tax spending accounts, such as Health Savings Accounts (HSAs), health and dependent care Flexible Spending Accounts (FSAs), Health Reimbursement Arrangements (HRAs), as well as Commuter Benefit Services, including transit and parking programs, wellness programs, COBRA, and other employee benefits. WageWorks makes it easier to understand and take advantage of Consumer-Directed Benefits for approximately 58,000 employers and over 4.5 million people. WageWorks is headquartered in San Mateo, California, with offices in major locations throughout the United States. For more information, visit www.wageworks.com.