CHARLESTON, S.C., Oct. 4, 2017 /PRNewswire/ -- Benefitfocus,
Inc. (NASDAQ: BNFT), a leading provider of cloud-based benefits
management software, today unveiled Benefitfocus Consumer-Directed
Healthcare Accounts and Benefitfocus COBRA Administration. The
addition of these new solutions to the Benefitfocus Platform will
provide employers, brokers and employees a single partner to
support communication, enrollment and administration of these
critical benefits. Employers representing more than 31,000
employees spanning the retail, banking, education and manufacturing
industries have already signed on to take advantage of the new
capabilities.
"By streamlining the experience on the Benefitfocus Platform we
can help employers increase employee participation in critical
benefits like Health Savings Accounts and better manage the
compliance risk of processes like COBRA administration," said
Benefitfocus Co-Founder and CEO Shawn
Jenkins. "A common theme from our employer, insurance
carrier and broker partners has been a desire to simplify benefits
communication, enrollment, administration and services with a
single partner. With the addition of these new solutions we are
positioned to help them achieve that goal."
Benefitfocus Consumer-Directed Healthcare Accounts
As
health care premiums and deductibles have increased for employees,
so has the importance of Consumer-Directed Healthcare Accounts, and
Health Savings Accounts in particular. Benefitfocus
Consumer-Directed Healthcare Accounts improve the experience for
participating employers and their employees through:
- A simplified experience. Employees can now enroll in,
open and manage accounts on the same platform with a single
password. No additional steps are required to activate new
accounts.
- Mobile by design. Through the Benefitfocus mobile
application, submitting an expense for reimbursement is as easy as
taking a picture. Expenses are processed immediately and account
balances are updated instantly.
- A single platform. Benefits leaders can monitor
plan participation and employee contribution trends with the
powerful reporting capabilities built within
BENEFITFOCUS® Marketplace.
Benefitfocus COBRA Administration
Benefitfocus COBRA
Administration simplifies compliance with the highly-regulated
requirements of COBRA, easing the burden of a complicated, time
consuming process. As part of Benefitfocus Marketplace, customers
benefit from:
- Process automation. Changes in employee eligibility
within Benefitfocus Marketplace trigger required COBRA
communications. No manual data entry into third-party systems is
necessary.
- Continuous synchronization. Third-party systems
typically rely on weekly file transfers, which can result in
systems becoming out of sync. Benefitfocus COBRA Administration
processes files daily, reducing compliance risk for employers.
Interested employers, brokers and insurance carriers can learn
more about the new solutions here or visit Benefitfocus at booth
1324 at the HR Technology Conference, October 10-13 in Las
Vegas, by scheduling a meeting here.
About Benefitfocus
Benefitfocus (NASDAQ: BNFT)
provides a leading cloud-based benefits management platform that
simplifies how organizations and individuals shop for, enroll in,
manage and exchange benefits. Every day leading employers,
insurance companies and the consumers they serve rely on our
platform to manage, scale and exchange benefits data seamlessly. In
an increasingly complex benefits landscape, we bring order to chaos
so our clients and their employees have access to better
information, make better decisions and lead better lives. Learn
more
at www.benefitfocus.com, LinkedIn and Twitter.
Except for historical information, all of the statements,
expectations, and assumptions contained in this press release are
forward-looking statements. Actual results might differ materially
from those explicit or implicit in the forward-looking statements.
Important factors that could cause actual results to differ
materially include: the need to innovate and provide useful
products and services; changes in government regulations; our
ability to compete effectively; the immature and volatile nature of
the market for our products and services and other factors that
could impact our anticipated growth; management of growth;
fluctuations in our financial results; general economic risks;
reliance on key personnel; our ability to maintain our culture and
recruit and retain qualified personnel; privacy, security and other
risks associated with our business; and the other risk factors set
forth from time to time in our SEC filings, copies of which are
available free of charge within the Investor Relations section of
the Benefitfocus website at
http://investor.benefitfocus.com/sec.cfm or upon request
from our investor relations department. Benefitfocus assumes no
obligation and does not intend to update these forward-looking
statements, except as required by law.
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SOURCE Benefitfocus, Inc.