Towers Watson has appointed US-based provider of Consumer-Directed Benefits (CDBs), WageWorks, to manage health savings accounts (HSAs) and health reimbursement arrangements (HRAs) on OneExchange Active.
Based on the terms of the agreement, WageWorks will act as the exclusive administrator of HSAs and HRAs for OneExchange Active, which is Towers Watson’s new private health insurance exchange for active full-time employees.
Commenting on the agreement, WageWorks CEO Joe Jackson said, "Together, we will provide a powerful combination of health care strategy and solutions expertise for active employees."
Towers Watson North America technology and administration solutions leader Pat Amendola commented, "This addition of WageWorks further strengthens our commitment to offer high-performance health plans, strong value and an outstanding employee experience to our private exchange clients."
WageWorks will become the administrator with immediate effect, while OneExchange Active will start enrolling participants this fall from 1 January 2014, health plan start dates.
Towers Watson introduced OneExchange to provide exchange-based health insurance options for private and public full- and part-time workers, and for all retirees on a single platform.
OneExchange enables employers to manage the coverage, quality and cost of private and public health plan choices for all workforce and retiree populations.
WageWorks manages and operates an array of CDBs, including pre-tax spending accounts, such as health and dependent care flexible spending accounts (FSAs), as well as transit and parking programs, health savings accounts (HSAs), health reimbursement arrangements (HRAs).