Benefitbay

Overview
News
Health Benefits Platforms?
Product stageSegments
Go-to-Market
?
Benefits management platforms
?

Benefitbay is a company that provides an end-to-end solution for Individual Coverage Health Reimbursement Arrangements (ICHRAs). It offers a Software-as-a-Service (SaaS) platform designed for brokers to efficiently model ICHRA plans for their employer clients. The platform enables brokers to determine quickly whether ICHRA is the right fit for their clients. Benefitbay's technology facilitates the deployment of ICHRA plans, including modeling, compliance, enrollment, and ongoing administration.

Benefitbay's platform also streamlines the shopping and payment processes for employees. It features a shopping tool that allows employees to compare different health plans, assess how each plan supports their needs, and determine the associated costs per payroll period. This empowers individuals to make informed decisions about their employer-provided health benefits.

The company's ICHRA solution includes an Advanced Reimbursement Checking (ARC) account, which allows employers to fund employees' full monthly premiums in advance and deduct the employee's portion from their payroll. This arrangement replicates the funding mechanism of a group plan.

Benefitbay achieved USD 1 million in annual recurring revenue (ARR) in 2022 and has helped clients like a nursing staffing firm save USD 3.3 million, which was reinvested into employee health benefits, increasing the company's contribution rate to 97%.


Sources

Disclaimer: This company profile has been generated using data obtained through automated web searches and advanced generative AI technology. While we strive to ensure the accuracy and reliability of our sources, auto-generated information could be outdated or inaccurate and should be verified independently.
HQ location:
13750 Millard Ave. Suite 100 Kansas City MO USA
Founded year:
2021
Employees:
11-50
IPO status:
Private
Total funding:
USD 7.5 mn
Last Funding:
USD 1.2 mn (Seed; Apr 2024)
Last valuation:
USD 12.5 mn (Mar 2023)
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