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WEX Health, formerly Benefitexpress, Is Betting Big on Electric Vehicles

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WEX (formerly Benefitexpress) makes managing benefits straightforward with one online account and mobile app. Swipe your card, and IRS guidelines reimburse eligible expenses.

WEX can assist employers in recruiting and retaining top talent through its vast database that contains millions of HSAs and other accounts.

Access to the latest benefits and trends

As a human resources hero, you’re dedicated to supporting and empowering your team – which makes offering innovative benefits essential for recruiting top talent and keeping them.

Benefits trends and employee usage habits are ever-changing. WEX is an invaluable source for keeping up with these changes through its extensive data pool of millions of HSAs, FSAs, HRAs, and qualified transportation accounts.

Recent trends, including the steady increase in health savings account (HSA) and high-deductible health plan (HDHP) participation, are something we closely track. At our partners and their participants’ request, we help educate them on the value of these accounts so they continue to play an integral part in employees’ financial futures.

As part of an increasing emphasis on employee wellness and its contribution through benefits, more employers are turning to benefits packages to assist employees in managing everyday expenses like health-related and childcare expenses. Furthermore, more employers are considering ways their benefits offerings could help their staff members plan for retirement.

WEX provides its clients with premium sales, marketing, and operational support through Partner Central; in addition, WEX Health Cloud is an industry payments solution tailored to benefit industry payments that help consumers, employees, and administrators navigate consumer-directed healthcare by managing reimbursement and savings accounts such as HSAs, HRAs, FSAs, VEBAs COBRA defined contribution transit wellness plans, etc. WEX may receive compensation from merchants listed here but does not endorse them.

Streamlined administration

WEX Health is committed to making healthcare administration simple every day. With an end-to-end experience that puts consumers first and minimizes IT requirements, transaction fees, and manual work for administrators. WEX offers tailored solutions for each partner – third-party administrators, exchange partners, financial institutions, insurance providers, payroll companies, and HR service providers – so they can focus on business growth strategies while providing excellent consumer experiences and creating long-term efficiencies and savings.

WEX offers an adaptable account management platform designed to meet the individual needs of Partners and consumers alike. WEX’s secure online portal and mobile app make it easy for people to pay out-of-pocket healthcare expenses from anywhere at any time using either the WEX Health Cloud Mobile App or Benny prepaid benefits cards, conveniently paying a provider directly, submitting claims for reimbursement, checking balances or paying directly via direct deposit from one convenient location.

WEX’s COBRA solution was designed to make it simple for employees and their dependents to maintain health care FSA or HRA participation after qualifying events like reduced hours, termination of employment, or marriage/divorce. Participants and eligible dependents will receive information via mail on how to elect Continued Coverage and provide them with a convenient means to manage their accounts.

WEX provides an effortless billing and payment experience for employers and their employees. WEX Health Cloud, our industry-leading healthcare financial management platform, simplifies account management for both parties. Used by 225,000 employers and 24 million consumers for HSAs, HRAs, FSAs, VEBAs, and PRAs premium billing public-private health exchanges defined contributions wellness plans and transit plans.

Invest in your employees’ futures.

Wex, an initial provider of gas card processing services, is now betting big on electric vehicles. They’ve established Wex Venture Capital to allocate up to $100 million over two years to early stage startups focused on fleet electrification, EV charging infrastructure development, and energy management technologies – something seemingly out-of-character for a company formerly focused on processing gas cards! While their investment might seem out of step with Wex’s roots as a gas card processor, Wex CEO Melissa Smith says it makes perfect sense in light of today’s shift towards electric car adoption.

Wex’s new division will invest in technology that will assist customers and employers in making the switch to electric vehicles easier, from providing employees with tools for tracking mileage and battery charge status to offering range management tools to conserve vehicle range. They will also provide services for businesses facilitating the purchase or lease of EVs.

WEX believes the acquisition of DBI will accelerate its growth rate, improve the value proposition for partners and customers, and expand WEX’s robust benefits account platform with consumer-directed accounts. They anticipate it being insignificant to year one adjusted net income while yielding approximately $15 million annually run-rate synergies within 24 months post-close of the transaction.

WEX Health provides cloud-based solutions that manage HRAs, FSAs, commuter benefits, 401(k)/403(b) contributions, defined contribution plans, COBRA insurance, transit benefits, and cancellation. Customers include Fifth Third Bancorp, Paychex, HSA Bank, and Discovery Benefits – its myHealth&Wealth tool provides information and options for employees making healthcare, emergency savings, and retirement savings decisions while not acting in an advisory capacity with these decisions.

Investors must evaluate all factors affecting Wex’s future profitability and valuation, including market volatility, growth potential, financial leverage, and efficiency. Considering all these aspects, investors can assess how well Wex is currently performing and whether it will maintain its growth over time.

Partner with us

WEX Health’s white-label solutions are tailored to work seamlessly with your existing brand and technology while providing immediate and long-term efficiencies, savings, and an enjoyable customer experience. WEX Health will be your partner as they help expand your business with innovative products that reduce transaction times for your customers.

Our unified platform assists participants with saving on out-of-pocket expenses by allowing them to set aside pre-tax dollars to make healthcare, childcare, and commuter costs more manageable. Utilizing just a single debit card, our system automatically pulls funds from the correct account at an appropriate percentage based on your participant’s purchase – while intelligent carryover and grace periods help streamline administration for you and your participants.

WEX Health partners with exchanges, third-party administrators, financial institutions, payroll providers, and benefit solution providers to provide electronic payment services for benefit accounts such as HSAs, FSAs, HRAs, and COBRA Administration. WEX Health’s Benny benefits card also offers transportation and wellness accounts and funds an employer’s flexible spending or health reimbursement account. WEX Health’s team of talented individuals strives to foster an environment that encourages all employees to reach their full potential and reach personal excellence in every endeavor they undertake.