Nexben Platform FAQ
What makes Nexben an end-to-end solution?
The Nexben technology platform drives the Nexben marketplaces. You can research, quote, and propose—and your clients can select a health benefits package, roll seamlessly into enrollment, and manage the carrier payment process—all from the one-stop Nexben platform.
What types of plans are accessible for enrollment on Nexben?
Our platform includes options for medical, dental, vision, disability income and life insurance. This includes our premier ICHRA solution, allowing access to a premier marketplace where you can compare, quote, propose, and enroll in individual plans.
Are the carriers available within Nexben limited?
Simply put: no. There are more than 1 million products and product rates from both national and local carriers available. The easy to navigate side-by-side comparisons allows you to quickly compare multi-carrier plans and choose the best options for clients to consider. The platform is scalable; carriers and products are continually being added to the most robust marketplace.
Can I view and manage client profiles within the platform?
Yes, you can make changes to client profiles in real-time and view which plan and provider their employees are selecting. You can also send your clients notifications and messages from within the platform.
Can an employer view and manage employee profiles within the platform?
Yes, clients can make necessary administrative changes to employee information in real-time. Employees can also update their own profiles, keeping them accurate and up-to-date.
My client wants to switch their employees from a traditional group to an ICHRA plan. Is this possible within the platform?
Yes, employees can move from a traditional group plan to an ICHRA solution without leaving the platform. Nexben’s ICHRA solution is available on the platform and provides the ability to seamlessly compare small group plans to an ICHRA plan.
Nexben’s ICHRA Marketplace FAQ
Is your ICHRA solution available in all geographical markets today?
Yes, our ICHRA solution is available in all markets across the United States.
What employers are able to offer ICHRAs?
ICHRAs have changed the landscape, opening the doors to businesses that were previously unable to offer an HRA. Now, employers of all sizes may offer an ICHRA. Employers with at two or more employees may access our ICHRA solution.
What groups and industries typically use ICHRAs?
ICHRAs are a good fit for the following:
- Small Groups (<50)
- Groups with 50-500 employees with higher claims and/or higher rates
- Groups with participation issues
- Groups with contribution concerns
- Associations, co-ops, franchises, etc.
- Industries such as hospitality, entertainment, seasonal, high-turnover, etc.
Can a company offer an ICHRA to one group of employees and a traditional group plan to other employees?
Yes, they can accomplish this by dividing the employees into classes. There are 11 different classes of employees (e.g. full-time, part-time, geographic, salaried, non-salaried). Employees in the same class can only be offered a traditional group plan or an ICHRA—not both in the same year. When an employer offers an ICHRA, it must be offered on the same terms to all individuals in a class of employees although the amounts may be increased for workers who are older or have dependents.
How does the individual insurance premium reimbursement process work?
Nexben’s Reimbursement Process is Simplified! Gone are the days of gathering receipts and filling out reimbursement forms.
With Nexben’s ICHRA solution the employer defines the monthly contribution allowance that will be available to each employee class. That contribution amount will be applied to the monthly insurance premiums of the policy selected by each individual employee; any remaining premium balance due may be taken care of via employee pre-tax payroll deduction.
Nexben’s ICHRA solution provides a consolidated insurance carrier bill that requires one click of a button by the plan administrator. The uniquely automated premium billing feature facilitates the premium payments to each individual insurance carrier based on the employee’s individual policy selection.
How does the ICHRA Special Enrollment Period work?
Employers may set up an ICHRA any time during the year. In order to participate in an ICHRA, the employee must be covered under an individual health insurance policy.
Generally, individuals enroll in or change their individual health insurance coverage during the annual Open Enrollment for individual health insurance policies which runs from November 1 to December 15.
To purchase a plan outside of Open Enrollment, individuals need a qualifying life event (e.g. marriage, divorce, job change, moving or having a baby) to trigger a Special Enrollment Period. The availability of a new ICHRA, also allows for a Special Enrollment Period.
Now, employers offering an ICHRA will trigger a Special Enrollment Period for employees, providing the employee 60 days to purchase qualified health insurance coverage.
Are there specific participation Notice Requirements that must be sent to employees when offering an ICHRA?
SPECIAL NOTICE for 2021: Employers offering an ICHRA are required to provide written notice to each participant at least 90 calendar days before the beginning of each plan year. Due to Covid-19 and during the national emergency the timeframe to provide the required notice has been adjusted. Under EBSA Disaster Relief Notice 2020-01, the ICHRA notice may be furnished as soon as administratively possible under the circumstances.
Typically, employers offering an ICHRA must provide written notice to each participant at least 90 calendar days before the beginning of each plan year, with two exceptions. There is NOT a 90-day notice requirement for:
- Employees who become eligible during the plan year, or later than 90 days before the start of the plan year (such as newly hired employees). The notice must be given no later than the date on which their coverage under the ICHRA can begin.
- Employers adopting an ICHRA, for the first time, less than 120 days before the beginning of the plan year. The notice must be given no later than the date on which the ICHRA first takes effect for any eligible employee.
How does an ICHRA work for employees living across the country?
Offering an ICHRA opens the doors for employers to meet the needs of employees who live across the country. Insurance rates and coverage typically vary by geographic location. With an ICHRA employers can set classes by insurance rating area, giving employees the opportunity to purchase plans in their local market. In addition, employers can provide different contribution allowances for each state in which their employees live. Employees can keep their local doctor and hospitals and not worry about limited coverage or network issues.
If an employee’s employment is terminated and/or they are no longer eligible for the ICHRA, how do they retain their individual health insurance coverage?
The employee must contact the carrier to change the billing address. The employee will be responsible for paying premiums directly to the carrier. Also, should the employee choose to terminate the coverage, they will need to contact the carrier directly.