If you’ve been following Benafica’s blog, you know that ICHRAs have been experiencing explosive growth. As a modern alternative to traditional group health plans, ICHRAs have emerged as a viable solution to bridge the gap in America’s complicated healthcare benefits landscape. But while ICHRAs can offer major flexibility, employers still face some hurdles.
Some processes of the ICHRA system are still outdated and fragmented. That’s why choosing the right ICHRA administrator can help streamline the entire experience, ensuring smooth onboarding and ongoing administration. Let’s dive into some of the biggest challenges in the ICHRA ecosystem.
Fragmented Technology Solutions
If your ICHRA administrator isn’t using a great technology platform to tie enrollment and ongoing plan administration together, an ICHRA could lead to frustration.
ICHRAs require coordination between multiple stakeholders — employers, employees, insurance carriers, and plan administrators. Without a seamless system in place, this can result in a confusing experience for employees. They could find themselves juggling multiple logins, forms, and deadlines to enroll in coverage.
At Benafica, we solve this with a proven technology platform that brings every part of the ICHRA process together in one easy-to-use space. Employers enjoy a simple interface for onboarding/offboarding, enrollment and reimbursement tracking, payment processing, reporting, and more. Employees can easily shop, compare and then enroll in exchange plans, and manage reimbursements in a breeze.
Insurance Carrier Readiness: A Mixed Bag
Not all insurance carriers are fully equipped to handle the unique demands of ICHRAs. Some still rely on outdated processes, like requiring paper applications to be faxed or mailed outside of open enrollment periods.
That’s where experience matters. Benafica has long-standing relationships with major carriers and a deep understanding of their systems, timelines, and quirks. We know which carriers require what, so nothing falls through the cracks.
Our team handles the back-and-forth with carriers, ensuring your employees’ applications are submitted correctly and on time. You avoid the paperwork headaches — and we make sure it gets done right.
Inconsistent Payment Intake Systems
Insurance carriers vary in how they handle premium payments. Some require online portals, some accept ACH, and others do not. This patchwork of payment systems can create confusion, increase the risk of errors, and only adds to the administrative burden.
With Benafica’s technology, you don’t have to juggle multiple carrier systems — you only interface with one centralized platform. We handle the behind-the-scenes work of payment remittance, making sure payments are properly routed and on time.
Why the Right ICHRA Provider Matters
ICHRA is still a relatively new and evolving option in the world of health benefits, so a few bumps in the road are to be expected. But those bumps don’t need to slow you down.
What should you look for in a provider? The sweet spot is a company that blends smart technology with real, knowledgeable humans behind it — people who know the nuances of the healthcare system and are ready to step in when questions arise.
“At Benafica, we understand the importance of blending human and digital capabilities to deliver a best-in-class experience to employees navigating the ICHRA landscape for the first time. In a time when everyone’s turning to AI, we are equally committed to having a team who understands the nuances of the health insurance landscape and is here to help in real time.”
— Ryan Jewison, CEO of Benafica
With Benafica, you get both: a trusted tech platform to manage your ICHRA with ease, and a responsive team of humans that brings clarity, guidance, and peace of mind to every step of the process.