Benefitbay
End-to-end ICHRA administration platform for brokers, employers, and employees
Overview
Benefitbay is an ICHRA (Individual Coverage Health Reimbursement Arrangement) administration platform for brokers, employers, and employees in the health benefits market. The platform addresses adoption barriers that emerged after ICHRA was introduced through federal legislation in 2019, enabling employers to offer tax-free health benefit allowances that employees use to select individual health plans rather than traditional group coverage.
The platform is delivered as SaaS and includes employer and employee portals, an agent sales suite, compliance management tools, and carrier integrations. Its proprietary modeling engine, Fulcrum, provides real-time ICHRA plan scenario modeling for brokers and employers. The platform also supports payroll integrations to streamline benefit reimbursement administration.
Benefitbay raised a USD 18 million Series A in May 2026 led by Ten Coves Capital and has reached 40,000 covered lives on the platform. The company employs approximately 60 people and reported 40% year-over-year growth. It serves a national base of brokerages, including large groups with 1,000 or more covered lives.
Products & Services
ICHRA Administration Platform
End-to-end platform for managing Individual Coverage Health Reimbursement Arrangements from employer setup through employee enrollment and ongoing administration.
Key Features
- Employer and employee portal for plan selection, enrollment, and benefit management
- Automated compliance documentation and regulatory adherence
- Carrier integrations for streamlined health plan deployment
- Payroll integrations for reimbursement processing
- Subsidy transparency tools showing reimbursement flows and tax implications
Target Users: Employers, HR administrators, employees
Agent Sales Suite
Tooling for brokers and agents to model and present ICHRA plans to employer clients.
Key Features
- Real-time ICHRA plan scenario modeling via the Fulcrum engine
- Benefit calculation tools for client presentations
- Infrastructure for managing large employer groups (1,000+ covered lives)
Target Users: Insurance brokers, benefits agents
Fulcrum
Proprietary real-time modeling engine for ICHRA plan scenario analysis and forecasting.
Key Features
- Rapid plan modeling across different ICHRA configurations
- Accurate benefit calculations for employer and broker use cases
- Scenario comparison for group benefit decision-making
Target Users: Brokers, benefits consultants, employers
At a Glance
- Founded
- 2021
- Headquarters
- Kansas City, Missouri
- Employees
- 51-200
- Funding
- Series A
Category & Focus
- Category
- Core Administration
- Subcategories
- Benefits Administration ICHRA Platform Compliance Management
- Insurance Verticals
- Health Group Benefits
- Target Customers
- Brokers, Agents/Agencies, Employers
Customers
- National footprint of premier brokerages (not individually named publicly)
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Last updated: 2026-06-15