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Products October 4, 2017
Benefitfocus Looks to Ease CDHP and COBRA Administration
Employers can manage HDHPs, promote enrollment and satisfy compliance requirements through a single partner.
Reported by Javier Simon
Benefitfocus, a provider of cloud-based benefits management software, has launched Benefitfocus Consumer Directed Healthcare Accounts and Benefitfocus COBRA [Consolidated Omnibus Budget Reconciliation Act] Administration.
In light of rising health care costs, the firm aimed to simplify managing a consumer-directed health plan (CDHP). Benefitfocus consumer-directed health care accounts allow employees to enroll, open and manage accounts via a single platform using one password, eliminating the need for multiple steps. The program is also taking a mobile-ready approach by allowing employees to submit expenses for reimbursement by taking a picture and sending it via a mobile device. These expenses are immediately processed and the account balances are updated instantly, the firm says.
Benefits leaders canmonitor plan participation and employee contribution trends with the reporting capabilities built within the BenefitFocus Marketplace. Changes in employee eligibility within Benefitfocus Marketplace trigger required COBRA communications, eliminating the need for manual data entry into third-party systems. The firm also notes that, because third-party systems typically rely on weekly file transfers, systems can easily become out of sync. Benefitfocus COBRA administration processes files daily, potentially reducing compliance risk for employers.
“By streamlining the experience on the Benefitfocus Platform, we can help employers increase employee participation in critical benefits such as health savings accounts [HSAs] and remove the compliance risk of processes such as COBRA administration,” said Benefitfocus co-founder and CEO Shawn Jenkins. “A common theme from our employer, insurance carrier and broker partners has been a desire to simplify benefits communication, enrollment, administration and services with a single partner. With the addition of these new solutions, we are positioned to help them achieve that goal.”
For more information, visit www.benefitfocus.com.