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WageWorks Launches Nationwide Campaign to Educate Consumers on Flexible Spending Accounts

Thursday, August 26, 2010 Education News J E 4
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SAN MATEO, Calif., Aug. 26 /PRNewswire-USNewswire/ -- WageWorks Inc., the country's largest independent provider of consumer-directed benefits solutions, today announced the launch of the nationwide consumer education campaign -- Save Smart, Spend Healthy (www.SaveSmartSpendHealthy.com).  The campaign will educate Americans about the money-saving benefits that can be achieved with a flexible spending account ("FSA").

"While FSAs are widely available to those working for large employers, only 20 percent of employees actually sign up for the benefit," said WageWorks' CEO Joe Jackson.  "This statistic demonstrates a lack of understanding and a clear need for additional education on the advantages of the program."

The Save Smart, Spend Healthy campaign will focus on using the media to inform consumers about the ability to save up to 40 percent on qualified medical purchases when they use an FSA.  In addition, a campaign website, www.SaveSmartSpendHealthy.com, will serve as a resource for those who want to learn more about FSAs.  Featured on the site is advice from personal finance expert Manisha Thakor who will also serve as the campaign's spokesperson.

"As health care costs continue to rise, consumers should be taking advantage of money-saving benefits offered by their employers.  Through this educational campaign we hope to inform consumers about the value of FSAs and encourage them to sign up so that they can immediately start saving money," said Jackson.  "Additionally, we hope the benefits industry and employers will use this campaign as a resource for educating prospective FSA participants about the value of the benefit."  

The launch of the Save Smart, Spend Healthy campaign corresponds with the beginning of the open enrollment period, when individuals have a chance to renew or make changes to their benefits package.  According to Jackson, "open enrollment provides the perfect opportunity to reeducate employees about their health care benefits, especially now as the changes passed during health care reform are beginning to be implemented."

Thakor gave her input on the value of FSAs given the current economic climate of recession saying, "As consumers' out-of-pocket health costs continue to creep upward, a flexible spending account is one of the best ways to reduce the impact of these high costs on your family's budget.  The bottom line is that an FSA will help you to keep more of your hard-earned money during these difficult financial times, and that's why it's the perfect time to get educated about them."

About Save, Smart, Spend Healthy

Save Smart, Spend Healthy provides resources and tips on the advantages and proper uses of flexible spending accounts (FSAs).

The campaign is sponsored by WageWorks, Inc., the nation's largest independent provider of consumer-directed benefits solutions including tax-advantaged health, wellness, child care, commuting, and education benefits. For more information on WageWorks, please visit www.wageworks.com.

About WageWorks

WageWorks, Inc. is the nation's largest independent provider of consumer-directed benefits solutions. Products include: flexible spending accounts (FSA), health reimbursement accounts (HRA), health savings accounts (HSA), COBRA and commuter products and services. WageWorks is the only company to deliver a completely integrated spending account solution. It offers products on a single platform with built-in debit cards for health care and convenient account management tools such as electronic-bill payment, cash reimbursement and transit-pass home-delivery services. This reduces the cost of plan administration, while maximizing plan participation and value for employees.

WageWorks is headquartered in San Mateo, California, with offices in major locations throughout the United States. For more information, please visit the Web site at www.wageworks.com.

SOURCE WageWorks, Inc.

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