The benefitbay® ICHRA contribution modeling solution has been built to drive compliance and flexibility and help you provide great individual benefits to the employees you will be working with. Often, when moving from a group plan, the employer is currently providing additional funding towards medical premiums if an employee elects to cover their dependents. ICHRA funding is based on compliance requirements based on the employee's salary and location. The benefitbay® modeling system will allow you to include additional contributions for spouses and dependents which will be added to the compliant funding established for the employee. Dependent contributions are added at the class level and can vary by class.
An employer can provide greater contributions to employees in a class using two unique strategies. Custom Contribution with a cap or a Traditional Group Contribution strategy.
Each classification of employees can have its own dependent contribution strategy. The benefitbay® modeling system will default to no additional ICHRA funding for dependents.
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