A news release from WageWorks said its Health Care Choice Account product allows companies to offer flexible spending accounts (FSAs), health savings accounts (HSAs) and health reimbursement accounts (HRAs). The accounts are maintained on a single platform giving employers the choice in health plans and investment options, the company said.
According to the announcement, the integrated account provides:
- online tools to help employees decide which account or combination of accounts is right for their individual situation based on their health plan enrollment
- account management tools and reporting mechanisms that are similar to banking services.
“Rising health care costs are a top issue for executive management,” said Scott Halstead, CEO of WageWorks. “Employers need to implement consumer-driven health care to help contain these expenses, yet the majority of employers and employees are still trying to make sense of how spending accounts can help enable this new direction in health care spending management.”
The company said it gives employers the choice to select from any available spending account and specify plan rules based on their plan design, work with any health plan as well as out-of-plan expenditures, enable expanded choice and flexibility to offer medical plans and investment options.