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Benefitfocus Streamlines Health Savings Accounts and COBRA Administration with New Solutions

Charleston, S.C. – October 4, 2017 – Benefitfocus, Inc. (NASDAQ: BNFT), a leading provider of cloud-based benefits management software, today unveiled Benefitfocus Consumer-Directed Healthcare Accounts and Benefitfocus COBRA Administration. The addition of these new solutions to the Benefitfocus Platform will provide employers, brokers and employees a single partner to support communication, enrollment and administration of these critical benefits. Employers representing more than 31,000 employees spanning the retail, banking, education and manufacturing industries have already signed on to take advantage of the new capabilities.

“By streamlining the experience on the Benefitfocus Platform we can help employers increase employee participation in critical benefits like Health Savings Accounts and better manage the compliance risk of processes like 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.”
Benefitfocus Consumer-Directed Healthcare Accounts
As health care premiums and deductibles have increased for employees, so has the importance of Consumer-Directed Healthcare Accounts, and Health Savings Accounts in particular. Benefitfocus Consumer-Directed Healthcare Accounts improve the experience for participating employers and their employees through:

  • A simplified experience. Employees can now enroll in, open and manage accounts on the same platform with a single password. No additional steps are required to activate new accounts.
  • Mobile by design. Through the Benefitfocus mobile application, submitting an expense for reimbursement is as easy as taking a picture. Expenses are processed immediately and account balances are updated instantly.
  • A single platform. Benefits leaders can monitor plan participation and employee contribution trends with the powerful reporting capabilities built within BENEFITFOCUS® Marketplace.

Benefitfocus COBRA Administration
Benefitfocus COBRA Administration simplifies compliance with the highly-regulated requirements of COBRA, easing the burden of a complicated, time consuming process. As part of Benefitfocus Marketplace, customers benefit from:

  • Process automation. Changes in employee eligibility within Benefitfocus Marketplace trigger required COBRA communications. No manual data entry into third-party systems is necessary.
  • Continuous synchronization. Third-party systems typically rely on weekly file transfers, which can result in systems becoming out of sync. Benefitfocus COBRA Administration processes files daily, reducing compliance risk for employers.

Interested employers, brokers and insurance carriers can learn more about the new solutions here or visit Benefitfocus at booth 1324 at the HR Technology Conference, October 10-13 in Las Vegas, by scheduling a meeting here.