Segment & Geographic Data
Quant-Grade Normalized (live API)
API & CSV Delivery
Wageworks Inc's Business Segments
Wageworks Inc's reported revenue by business segment and by geographic region, quarterly and annual, normalized against the consolidated income statement. Free below: the top 3 rows per table, this quarter and this fiscal year. Subscriber access adds the full segment history and operating income by segment.
Segment Data As of FY
Reportable Segments
-
Largest Segment
-
Total Revenue
$ 109
Regions Reported
-
Wageworks Inc does not report a distinct business-segment axis in its filings - its disaggregated revenue is disclosed by product and service category instead. See the Product & Service breakdown below.
Revenue by Product & Service Category - FY
- Benefit Administration Service and Cobra80.8%
- Health Care60%
- Cobra18.7%
- Commuter18%
- Interchange12.2%
- Other Revenue7%
- Other Productsand Services3.3%
Revenue by Product & Service Category - FY
| Category | Revenue (Millions) | % of Total |
|---|---|---|
| Benefit Administration Service and Cobra | $ 88 | 80.8% |
| Health Care | $ 65 | 60% |
| Cobra | $ 20 | 18.7% |
Product and service categories are a supplemental disclosure and are not required to sum to consolidated revenue or to the reportable segments above.
4 more categories available
Sign in to unlock the full Wageworks Inc dataset.
Description of Wageworks Inc
Wageworks Inc is an American company that specializes in providing consumer-directed benefits for employee, such as Health Savings Accounts (HSAs), Flexible Spending Accounts (FSAs) and other tax-advantaged benefits. The company is headquartered in San Mateo, California and has multiple offices throughout the United States.
Wageworks Inc was founded in 2002 by Joe Jackson, who served as the CEO until 2019. The company has since become a leading provider of consumer-directed benefits, serving over 100,000 employers and 12 million enrollees across the United States. The company has over 2,000 employees and generated over $500 million in revenue in 2019.
Wageworks Inc offers a variety of tax-advantaged benefits, such as HSAs, FSAs, Health Reimbursement Arrangements (HRAs), Commuter Benefits, COBRA and Retiree Benefits. These benefits are designed to help employees save money on healthcare expenses, transportation costs, and other eligible expenses. The company also offers a number of online tools and resources to help employees manage their benefits, including a mobile app and an online portal.
One unique feature of Wageworks Inc is their focus on compliance and regulatory requirements. The company has a team of experts dedicated to ensuring that their clients' benefits are compliant with federal and state laws and regulations. This expertise helps employers mitigate their compliance risk and avoid costly penalties.
In addition to their consumer-directed benefits, Wageworks Inc also partners with other companies to offer a variety of wellness and lifestyle programs. These partnerships aim to promote healthy habits and wellness among employees, such as discounted gym memberships or nutrition counseling.
Overall, Wageworks Inc is a leading provider of consumer-directed benefits in the United States, offering a range of tax-advantaged benefits and compliance expertise to employers and their employees. The company's focus on innovation, compliance and employee wellness makes them a valuable partner for organizations looking to improve their benefits offerings.
Wageworks Inc was founded in 2002 by Joe Jackson, who served as the CEO until 2019. The company has since become a leading provider of consumer-directed benefits, serving over 100,000 employers and 12 million enrollees across the United States. The company has over 2,000 employees and generated over $500 million in revenue in 2019.
Wageworks Inc offers a variety of tax-advantaged benefits, such as HSAs, FSAs, Health Reimbursement Arrangements (HRAs), Commuter Benefits, COBRA and Retiree Benefits. These benefits are designed to help employees save money on healthcare expenses, transportation costs, and other eligible expenses. The company also offers a number of online tools and resources to help employees manage their benefits, including a mobile app and an online portal.
One unique feature of Wageworks Inc is their focus on compliance and regulatory requirements. The company has a team of experts dedicated to ensuring that their clients' benefits are compliant with federal and state laws and regulations. This expertise helps employers mitigate their compliance risk and avoid costly penalties.
In addition to their consumer-directed benefits, Wageworks Inc also partners with other companies to offer a variety of wellness and lifestyle programs. These partnerships aim to promote healthy habits and wellness among employees, such as discounted gym memberships or nutrition counseling.
Overall, Wageworks Inc is a leading provider of consumer-directed benefits in the United States, offering a range of tax-advantaged benefits and compliance expertise to employers and their employees. The company's focus on innovation, compliance and employee wellness makes them a valuable partner for organizations looking to improve their benefits offerings.
WageWorks, Inc. is a prominent provider of Consumer-Directed Benefits (CDBs), offering a comprehensive portfolio of services aimed at assisting employees in managing their healthcare, commuting, and dependent care expenses. With a client base exceeding 100,000 employers and serving over two million consumers across the United States, WageWorks plays a crucial role in promoting financial wellness through its structured benefit programs. The company operates through three main segments: Health, Commuter, and Other Benefits. Below, we delve into the details of each segment, highlighting the array of products and services that WageWorks provides.
1. Health Benefits
WageWorks Health Benefits segment is designed to help employees effectively manage and save on healthcare costs. It includes several key offerings:
a) Health Savings Accounts (HSA)
HSAs are tax-advantaged savings accounts that allow employees to set aside money for qualified medical expenses. WageWorks collaborates with banks to provide HSA accounts, allowing employees to benefit from tax-free contributions and withdrawals for eligible expenses. Each employee is issued a debit card for straightforward transaction processing.
b) Flexible Spending Accounts (FSA)
Flexible Spending Accounts are employer-sponsored benefit plans that enable employees to allocate pre-tax dollars for out-of-pocket healthcare expenses not covered by insurance. Eligible expenses include co-pays, deductibles, prescription drugs, and various medical procedures. WageWorks offers tools to manage these accounts, including web portals for tracking expenses and submitting claims.
c) Health Reimbursement Arrangements (HRA)
HRAs are employer-funded arrangements that reimburse employees for eligible healthcare costs. With this program, employers determine the contribution limit, and employees can submit claims for reimbursement of various medical expenses. This arrangement incentivizes employees to engage in cost-effective healthcare consumption.
d) COBRA Services
WageWorks effectively manages COBRA administration for employers, ensuring compliance with federal regulations. This includes communication with eligible employees and their families about their rights to continue health coverage after leaving employment, processing COBRA applications, and handling premium collections.
Commuter Benefits
The Commuter Benefits segment assists employees in reducing transportation costs associated with their daily commute. This segment encompasses several offerings:
a) Transit and Parking Benefits
WageWorks provides a monthly pretax deduction plan for qualified transit and parking expenses. Employees can use these deductions for costs incurred from public transit (e.g. subway, bus) as well as for parking expenses at work or along their commute. This program helps employees maximize their income by reducing taxable earnings.
b) Bike Commuter Benefit
This benefit supports employees who use bicycles as a part of their commuting routine. Employees can exclude up to $20 monthly from taxable income for eligible costs related to bike commuting, promoting eco-friendly transportation options while providing tax relief.
c) Lyft Commute
With the integration of Lyft, WageWorks offers a commuter program that streamlines transportation for employees utilizing ride-sharing services. Employers can set specific budgets and customize transportation policies to align with their workplace needs, creating an efficient commuting experience for their staff.
Other Benefits
In addition to Health and Commuter Benefits, WageWorks also offers an array of services in the Other Benefits segment, which includes:
a) Dependent Care Assistance Plans (DCAP)
DCAP allows employees to set aside pretax dollars for eligible dependent care expenses. This program provides substantial tax savings for employees having childcare or care for other qualifying dependents, such as elderly parents, thus assisting families in managing their caregiving costs.
b) Adoption Assistance Program
WageWorks offers an Adoption Assistance Program that provides employees with tax-free reimbursement for eligible expenses incurred during the adoption process. This benefit supports families expanding through adoption by alleviating some of the financial burdens associated with the adoption journey.
c) Premium Only Plan (POP)
The Premium Only Plan allows employees to pay their contributions for health and welfare premiums using pre-tax payroll deductions. This reduces an employees taxable income, resulting in potential savings on federal, state, and payroll taxes.
Summary
WageWorks, Inc. provides a diverse range of Consumer-Directed Benefits across its three primary segments—Health, Commuter, and Other Benefits. These programs are crucial for helping employees save on healthcare, commuting, and dependent care expenses, ultimately leading to enhanced financial wellness for workers. By delivering these comprehensive benefits solutions, WageWorks has established itself as a leader in the emerging market of employee benefits that prioritize consumer choice and cost savings.
1. Health Benefits
WageWorks Health Benefits segment is designed to help employees effectively manage and save on healthcare costs. It includes several key offerings:
a) Health Savings Accounts (HSA)
HSAs are tax-advantaged savings accounts that allow employees to set aside money for qualified medical expenses. WageWorks collaborates with banks to provide HSA accounts, allowing employees to benefit from tax-free contributions and withdrawals for eligible expenses. Each employee is issued a debit card for straightforward transaction processing.
b) Flexible Spending Accounts (FSA)
Flexible Spending Accounts are employer-sponsored benefit plans that enable employees to allocate pre-tax dollars for out-of-pocket healthcare expenses not covered by insurance. Eligible expenses include co-pays, deductibles, prescription drugs, and various medical procedures. WageWorks offers tools to manage these accounts, including web portals for tracking expenses and submitting claims.
c) Health Reimbursement Arrangements (HRA)
HRAs are employer-funded arrangements that reimburse employees for eligible healthcare costs. With this program, employers determine the contribution limit, and employees can submit claims for reimbursement of various medical expenses. This arrangement incentivizes employees to engage in cost-effective healthcare consumption.
d) COBRA Services
WageWorks effectively manages COBRA administration for employers, ensuring compliance with federal regulations. This includes communication with eligible employees and their families about their rights to continue health coverage after leaving employment, processing COBRA applications, and handling premium collections.
Commuter Benefits
The Commuter Benefits segment assists employees in reducing transportation costs associated with their daily commute. This segment encompasses several offerings:
a) Transit and Parking Benefits
WageWorks provides a monthly pretax deduction plan for qualified transit and parking expenses. Employees can use these deductions for costs incurred from public transit (e.g. subway, bus) as well as for parking expenses at work or along their commute. This program helps employees maximize their income by reducing taxable earnings.
b) Bike Commuter Benefit
This benefit supports employees who use bicycles as a part of their commuting routine. Employees can exclude up to $20 monthly from taxable income for eligible costs related to bike commuting, promoting eco-friendly transportation options while providing tax relief.
c) Lyft Commute
With the integration of Lyft, WageWorks offers a commuter program that streamlines transportation for employees utilizing ride-sharing services. Employers can set specific budgets and customize transportation policies to align with their workplace needs, creating an efficient commuting experience for their staff.
Other Benefits
In addition to Health and Commuter Benefits, WageWorks also offers an array of services in the Other Benefits segment, which includes:
a) Dependent Care Assistance Plans (DCAP)
DCAP allows employees to set aside pretax dollars for eligible dependent care expenses. This program provides substantial tax savings for employees having childcare or care for other qualifying dependents, such as elderly parents, thus assisting families in managing their caregiving costs.
b) Adoption Assistance Program
WageWorks offers an Adoption Assistance Program that provides employees with tax-free reimbursement for eligible expenses incurred during the adoption process. This benefit supports families expanding through adoption by alleviating some of the financial burdens associated with the adoption journey.
c) Premium Only Plan (POP)
The Premium Only Plan allows employees to pay their contributions for health and welfare premiums using pre-tax payroll deductions. This reduces an employees taxable income, resulting in potential savings on federal, state, and payroll taxes.
Summary
WageWorks, Inc. provides a diverse range of Consumer-Directed Benefits across its three primary segments—Health, Commuter, and Other Benefits. These programs are crucial for helping employees save on healthcare, commuting, and dependent care expenses, ultimately leading to enhanced financial wellness for workers. By delivering these comprehensive benefits solutions, WageWorks has established itself as a leader in the emerging market of employee benefits that prioritize consumer choice and cost savings.