Benefitbay

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%.