Benefitbay is an end-to-end ICHRA administration platform for brokers and their clients. A full-service technology suite for simplified employee benefits.
Benefitbay leverages an all-new benefit option called ICHRA, which allows employers to reimburse employees for individual health plans while maintaining the tax advantages of a group insurance policy.
Benefitbay gives employees the purchasing power to buy the best benefits to meet their own specific needs. We’ve zeroed in on the key features of ICHRA and built a platform focused on simplicity, compliance, smooth deployment, savings, and support.
Our Fulcrum tool enables brokers to help clients
preview how their company
and employees may benefit
from an ICHRA plan
in minutes.
Arrange employees into
approved classes like
location, salaried vs. hourly,
and age. Set your budget
and assign a strategic contribution for
each class.
Employees are guided
through simple shopping &
enrollment. They can select any individual plan
available to them in their
location, on or off
exchange.
Advanced Reimbursement
Accounts (ARC) are funded
for automatic monthly
premium payments. Pre-tax
payroll deductions are set up
for off-exchange plans & all
plan documents are created.
ICHRA (pronounced IK-RAH) is a new benefit product stemming from legislation passed in 2019. ICHRAs have quickly become the fastest growing form of employer health benefits in the US. They mark the beginning of the "Personalized Benefits" movement, which experts predict will soon overtake group benefits in much the same way pensions were replaced by the 401K. With ICHRAs, employees can enroll in an individual health plan that meets their own, highly specific needs, with the same financial support from their employer they enjoyed with a group plan. For employers, not only do ICHRAs remove the pressure of trying to select a group plan that works for everyone, but they also provide employers with a fixed, predictable, and often lower cost of providing health benefits for their team.
Ready to bring ICHRA powered by Benefitbay to your clients?
Get in touch, and we’ll schedule time for a brief introductory call.
info@benefitbay.com
