WEX is the global commerce platform that simplifies the business of running a business. WEX has created a powerful ecosystem that offers seamlessly embedded, personalized solutions for its customers around the world. Through its rich data and specialized expertise in simplifying benefits, reimagining mobility, and paying and getting paid, WEX aims to make it easy for companies to overcome complexity and reach their full potential.
Health Savings Account (HSA)
The Health Savings Account (HSA) is a financial account that is owned by an individual and associated with a Consumer Directed Health Plan (CDHP). Contributions, up to the IRS maximum allowed amount annually, can be made by an employee, employer, or both to the account to pay for eligible medical expenses. With the HSA there is no “use it or lose it”, unused funds will rollover. The money in your HSA will earn interest tax-free and investment options are provided for account balances over $1,000.
For more HSA information visit the WEX website.
Voluntary Employee Beneficiary Association (VEBA)The VEBA is a tax-free health care savings plan funded by an employer while enrolled in an employer-sponsored medical health plan. This plan is offered through participating Minnesota Service Cooperatives and Medica. It gives you a way to reduce your health care costs while allowing employees more control and choice in their health care usage. The interest-earning account is employer-funded and can be used to pay for qualified medical expenses until the deductible has been satisfied. Since the funds in the account are not taxed, your health care dollar goes further. Also, the funds in the account will carry over from year to year.For more VEBA information visit the WEX website.