This is the fourth post in the series “Nexben’s ICHRA Solution.” See below for links to the other installments.
As ICHRAs begin to increase in popularity, it’s more important than ever to deliver a swift, streamlined ICHRA adoption process. Luckily, Nexben’s ICHRA solution rises far above other benefit technology solutions. This all-in-one platform enables health insurance brokers to provide clients with top-notch services; empowers employers as they look for benefit packages to best fit their needs, and enables employees during the coverage selection and enrollment process. From quoting, to enrollment, to billing, and more—Nexben’s ICHRA solution does it all.
This is the final post in the series “Nexben’s ICHRA Solution.” See below for links to the other installments.
Consolidated Billing, Simple Administration
ICHRAs allow employers to contribute to an employee’s individual health insurance policy that the employee purchases on their own. What makes Nexben’s ICHRA solution different is how we help employers coordinate those contributions.
Nexben provides one monthly consolidated premium bill to each group for all their employee policies—and coordinates payments to each carrier for all the policies listed. In other words—Nexben provides an automated billing feature that facilitates the premium payments to insurance carriers based on the individual policy selection made by each employee.
An employee may select an individual health insurance policy that costs more than the employer’s monthly contribution allowance. The amount of premium over the employer contribution (the “remainder”) is the employee’s responsibility. An employer may allow pre-tax payment of this remainder through a cafeteria plan, or they may make arrangements with the employee to pay for the remainder on an after-tax basis (e.g. through after-tax payroll deduction), making it work as a traditional group plan.
The Nexben ICHRA solution also simplifies processes for HR administrators—allowing them to view, pay and track monthly premiums all within the Nexben dashboard.
And, employers can approve carrier payments with a click of a button—so, say goodbye to unnecessary paperwork!
No receipts to collect, no forms to complete, and no reimbursement submissions required or waiting for reimbursement payments. (Yes, it’s that easy!)
Read more on Nexben’s ICHRA solution here.
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