Benefitfocus Streamlines Health Savings Accounts and COBRA Administration with New Solutions
"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
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
Benefitfocusmobile 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
- Process automation. Changes in employee eligibility within
Benefitfocus Marketplacetrigger 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 Administrationprocesses files daily, reducing compliance risk for employers.
Interested employers, brokers and insurance carriers can learn more about the new solutions here or visit
Except for historical information, all of the statements, expectations, and assumptions contained in this press release are forward-looking statements. Actual results might differ materially from those explicit or implicit in the forward-looking statements. Important factors that could cause actual results to differ materially include: the need to innovate and provide useful products and services; changes in government regulations; our ability to compete effectively; the immature and volatile nature of the market for our products and services and other factors that could impact our anticipated growth; management of growth; fluctuations in our financial results; general economic risks; reliance on key personnel; our ability to maintain our culture and recruit and retain qualified personnel; privacy, security and other risks associated with our business; and the other risk factors
set forth from time to time in our
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