Commuter Benefit Accounts
Voya’s Commuter Benefit Accounts allow employees to deposit pre-tax dollars into a special account that can be used to pay for eligible expenses all year long. These tax-advantaged accounts are available in two different types:
- Transit Account. A transit account can help pay for qualified out-of-pocket expenses like buses, subways, vanpools and more.
- Parking Account. A parking account can help reduce the cost of parking contracts/parking lot fees by using pre-tax dollars.
Funds for parking and transit are kept separate. If both account options are made available, employees can choose to have both, but funds cannot be transferred from one to the other. Were employees not able to spend all their funds? No problem — the funds will roll over at the end of the year.
Commuter Benefit Accounts have access to the following benefits:
Easier to Save
From the first time they log into the Voya Health Savings and Spending Accounts Portal to every time they return, employees are welcomed with customized messaging about their specific type of account and the opportunities it provides. An app allows employees to capture receipts, get reimbursed for out-of-pocket expenses, view account balances, complete transactions and more. A secure consumer portal lets employees file claims and manage their account.
Easier to Spend
Employees spend tax-free dollars on eligible health, dependent care and/or commuter expenses using just one card. Smart card technology is coded into the card, so it can automatically pull funds from the proper account.
Easier to Manage
An employer’s dedicated account representative manages all aspects of their account with industry-leading account administration. Voya offers competitive fees based on our ownership of the value chain, designed to incent savings.
Ready to take the next step? Talk to a Voya Employee Benefits representative to start designing your plan today.
Commuter Benefits offered by Voya Benefits Company, LLC (in New York, doing business as Voya BC, LLC). Administration services provided by WEX Health, Inc., and Benefit Strategies, LLC.
This highlights some of the benefits of a Commuter Benefit account. If there is a discrepancy between this material and the plan documents, the plan documents will govern. WEX Health, Inc. reserves the right to amend or modify the services at any time.
The amount saved in taxes will vary depending on the amount set aside in the account, annual earnings, whether or not Social Security taxes are paid, the number of exemptions and deductions claimed, tax bracket and state and local tax regulations. Check with a tax advisor for information on whether your participation will affect tax savings. None of the information provided should be considered tax or legal advice.