WageWorks, Inc. (WAGE)
Last closing price (Oct 29 4:00 EDT):
54.54 (-0.75%) ?
WageWorks, Inc. operates as an on-demand provider of tax-advantaged programs for consumer-directed health, and commuter and other employee spending account benefits (CDBs) in the United States. It offers healthcare flexible spending accounts (FSAs), which are employer-sponsored CDBs that enable employees to set aside pre-tax dollars to pay for eligible healthcare expenses, including co-pays, deductibles, and over-the-counter medical products, as well as vision expenses, orthodontia, medical devices, and autism treatments; and dependent care flexible spending accounts that allow employees to set aside pre-tax dollars to pay for eligible dependent care expenses, such as child care or day care expenses. The company also provides health reimbursement arrangements (HRAs) in which employers provide their employees with a specified amount of reimbursement funds that are available to help employees defray their out-of-pocket healthcare expenses comprising deductibles, co-insurance, and co-payments. In addition, it administers health savings accounts for employers that allow employee participants to invest funds to be used for qualified healthcare expenses at any time without federal tax liability or penalty. Further, the company offers commuter benefit plans consisting of qualified parking, transit passes, transportation in a commuter highway vehicle or vanpooling, and reimbursement of certain bicycle commuting expenses. Additionally, it provides Consolidated Omnibus Budget Reconciliation Act (COBRA) continuation services to employer clients to meet the employers obligation to make available continuation of coverage for participants who are no longer eligible for the employers COBRA covered benefits, which include medical, dental, vision, HRAs, and certain healthcare FSAs. The company was founded in 2000 and is headquartered in San Mateo, California.
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