CHARLESTON, S.C., Feb. 18, 2014 /PRNewswire/ -- Benefitfocus, Inc. (NASDAQ: BNFT), a leading provider of cloud-based benefits software solutions, today announced the company's wholly owned subsidiary, BenefitStore, Inc. has signed an agreement with the Centers for Medicare & Medicaid Services to confirm its status as a Web-Based Entity (WBE). With this agreement, Benefitfocus creates a channel for employers to facilitate enrollment in Qualified Health Plans (QHPs) for employees who may be eligible for an advanced premium tax credit (APTC) through the Federally Facilitated Marketplace (FFM). Benefitfocus HR INTOUCH® provides employers a comprehensive benefits solution that accounts for all segments of their employee population as the Affordable Care Act (ACA) introduces new healthcare coverage options for individuals.
As a WBE, Benefitfocus can exchange eligibility information directly with the FFM in real-time, providing a convenient enrollment channel for individuals who qualify for federal subsidies as well as variable hour employees who may not be eligible for company-sponsored healthcare coverage. This integration creates a whole workforce solution, allowing employers to offer additional direction and guidance in complying with the individual mandate for coverage stipulated by the ACA while further addressing their own needs related to the employer mandate.
Benefitfocus has previously worked to offer Issuer-Direct Enrollment solutions for health insurance carriers. This solution mirrors the new WBE solution and establishes Benefitfocus as a leader in technology solutions and integrations related to the ACA's evolving sales and subsidy channels.
By offering the option to enroll in subsidized health plans via HR InTouch, the same portal they use to administer enrollment in company-sponsored benefits, employers can provide access to decision support features that encourage their workforce to evaluate the best coverage option based on their individual status. In addition, the portal's suite of reporting tools allows employers to monitor enrollment status, manage ongoing benefits needs and facilitate compliance with ACA requirements.
"Our recognition as a WBE reflects our commitment to providing solutions for the whole workforce in the rapidly evolving benefits landscape," remarked Shawn Jenkins, President and CEO of Benefitfocus. "By extending enrollment options on our Platform, we can offer a whole workforce solution for employers as well as the best consumer experience. This gives our clients an elegant way to address the needs of their entire workforce all in one place."
About Benefitfocus Benefitfocus, Inc. (NASDAQ: BNFT) is a leading provider of cloud-based benefits software solutions for consumers, employers, insurance carriers and brokers. Benefitfocus has served more than 20 million consumers on its platform, that consists of an integrated portfolio of products and services enabling clients to more efficiently shop, enroll, manage and exchange benefits information. With a user-friendly interface and consumer-centric design, the Benefitfocus Platform provides one place for consumers to access all their benefits. Benefitfocus solutions support the administration of all types of benefits including core medical, dental and other voluntary benefits plans as well as wellness programs. For more information, visit www.benefitfocus.com.
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 lack of a long-term public market for Benefitfocus' stock and potential volatility; reliance on key personnel; competition, 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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