by WEX Health
For some employers, that phrase brings to mind images of the nightmare that is paper pass fulfillment. Because, for those employers, it reminds them of the constant hassle of having to manage, track, and fulfill the benefit for their employees AND how they have to become the expert on the millions of different ways employees can use their benefit to get to work.
But here’s a little secret …
With WEX, commuter benefits don’t have to be a hassle. With WEX, commuter benefits, are the *exact opposite* of a hassle.
Let me introduce you to commuter benefits from WEX, where you get simplified payment and administration of commuter benefits no matter how employees get to work, with minimal hassle (and less paper) on your end.
With commuter benefits from WEX, you get:
- Paperless, streamlined payment solutions. Our solutions mean less work for partners and employers while providing enhanced, high-tech payment options for your employees (that cover all methods of transit).
- Minimal hassle for employers. Employers can easily manage their commuter benefits through their online account. And, with paper pass fulfillment a thing of the past, employers simply have to track and manage payroll deductions. Please note: While we love our paperless solutions, if your employees prefer paper passes, we can support that too!
- ONE platform for employees to access both their commuter and health benefits. With our solution, employees can quickly access their commuter (and health) benefits account from ONE platform. This means less confusion and more utilization. Plus, when they are on-the-go, they can quickly access their account using our mobile app.
Paperless, Streamlined Payment Solutions
With WEX, your employees get three seamless payment methods. Let’s walk through them:
Pre-Paid Debit Card
An IRS-compliant payment method for transit and parking plans that is accepted at any U.S. terminal. Employees can use their pre-paid debit card for transit, ridesharing, parking, and vanpooling.
Employees can easily submit for reimbursement of their commuter expenses through the online account or mobile app. Cash reimbursement is allowed for parking plans, vanpool expenses and any post-tax expenses related to an employee’s commute.
Employees can use a smart card (or similar account-based technology provided by the transit authority) to directly load their commuter benefits funds for specific pass and fare fees. Please note: Smart Commute is only available in Washington, D.C, San Francisco, and Chicago.
Minimal Hassle for Employers
As mentioned earlier, if employers are still managing paper pass fulfillment to manage their commuter benefits offering, it can be quite the hassle. *While we love our paperless solutions, if your employees prefer paper passes, we can support that too!
But with commuter benefits from WEX, employers can easily manage their commuter benefits through their online account.
Here’s a step-by-step guide to learn how commuter benefits work with WEX:
- Employers offer commuter benefits as part of their benefits package (without the administrative hassle of trying to track and manage the benefit).
- We help educate employees about all their options, and have a best-in-class customer service team who can help with any questions they have.
- Employees enroll and set a monthly contribution amount (using pre-tax dollars) up to the maximum as defined by the IRS. Post tax plans / contributions are available, as well. (The 2020 IRS pre-tax contribution limit is $270/month.)
- Employers track and update the payroll deductions (but that’s it!). No more pass fulfillment. No more having to be the middleman between your employees and transit authorities.
- For every employee that enrolls in commuter benefits, employers save money on FICA taxes (7.65% savings for pre-tax contributions).
- Employees pay for their commute expenses in the way that works best for them by using their benefits debit card, cash reimbursement, and/or Smart Commute. Our options cover almost every scenario your employees face when paying for commuter benefits. And the best part? Employers don’t have to be the middleman as we help employees figure out their best solution. We offer education that we can customize to your specific location, we have best-in-class customer service, and we are here to help.
- Employees can quickly access their commuter (and health) benefits accounts in ONE platform, and an easy-to-use mobile app when they’re on the go.
Curious about the educational materials referenced above? Check out our commuter benefits page, where we have ready-to-go materials broken down by city for employers AND employees.
ONE Platform for Employees to Access Both Their Commuter and Health Benefits
When it comes to benefits, we’re all about simplifying. We know that employees need to easily access any-and-all of their benefits at all times – whether they’re at the office, navigating their benefits from home, or on-the-go. If the goal is to get employees to actually use their benefits, access is crucial.
With our commuter benefits solution, employees can quickly access their commuter (and health) benefits account from ONE platform. Which means no more jumping from screen to screen – just less confusion and more utilization.
Plus, when employees are on-the-go, they can quickly access their account using our mobile app. It only makes sense that when your employee is commuting, that they can access their commuter benefits, right?
So when you’re ready to lean into the future of commuter benefits with WEX, contact us to get started.