Benefitbay is a platform for brokers, employers, and employees that enables quick and simple ICHRA deployment for companies of all sizes.
First available in January of 2020, ICHRA (pronounced ICK-RA), stands for Individual Coverage Health Reimbursement Arrangement. With ICHRA, employers can provide an allowance of tax free dollars to their employees who then use those dollars to shop for a health plan that meets their own specific needs. No more one-size-fits-all group package. Employers can provide wonderful health plans for their team, individually tailored to each person’s needs, with a fixed, predictable cost.
Experts anticipate a seismic shift in the benefits industry from group to individual as ICHRA plans will become a critical company feature when recruiting top talent. The best candidates will expect the freedom and portability that ICHRA allows. They will expect to be able to change jobs without having to change doctors. And benefitbay is touted as the solution that will finally set this shift in motion by solving the inefficiencies that have slowed ICHRA adoption thus far.
Benefitbay is the first-of its-kind, end-to-end solution that enables employers to easily model, deploy and oversee their ICHRA plans, in full compliance with regulation and with full confidence that their employees will have tools and support to select and enroll in the plan that’s right for them.
