In January 2020, ICHRA (Individual Coverage Health Reimbursement Account) came to the employee benefits market. Since then, it has become one of the fastest-growing models for employee benefits offerings. Agents all across the country are adding the ICHRA model of health insurance to their portfolio of employee benefit offerings. Since the ICHRA model is so cost-effective for both employers and employees, it is ideal for every size of business and it is ALE-compliant as well.
The benefitbay®fees charged to the employer:
There is a benefitbay® $20 per enrolled employee per month (PEPM), with a minimum of $200 monthly administration costs.
Only actively enrolled employees are charged.
There is a benefitbay® $250 annual set-up fee for plan documents, banking, and administrative costs (charged during every open enrollment).
Employers will receive an invoice from QuickBooks around the first of each month. It will need to be paid separately from the funding of the company's ARC Account.
Autopay is available for these monthly invoices.
Agency fees charged to the employer:
The agent can add an additional per enrolled employee per month (PEPM) to each group for a consulting fee.
This amount can be adjusted annually for the next plan year.
All fees are billed by benefitbay® and the agency consulting fee PEPM is paid to the agent the following month.
To set up your employers' PEPM information in benefitbay®, go to the Agent Home. Scroll down to the employer you are searching for and click on the blue "VIEW" button to the right. It will take you to a screen with a checklist, with the first option being Set Dates. As shown below, you can edit your Agent PEPM which is normally asked for when setting up the new group. Enter the information and be sure to click on "SAVE" on the bottom.