Paying my health insurance premium
If you decide to take part in your employer’s ICHRA plan, you will receive an Advanced Reimbursement Checking (ARC) account from benefitbay, which will be used to cover your monthly premiums for individual health insurance coverage.
It is crucial during the enrollment and application approval process to ensure that both your first month's premium and all subsequent payments are set to autopay.
Please make sure to utilize the ARC checking and routing number provided by benefitbay®, rather than your personal banking account.
Once your enrollment is finalized, benefitbay® will obtain the necessary information regarding your enrollment and will pre-fund the designated checking account to cover the full monthly premium for your new coverage.
After your plan becomes effective, your share of the monthly premium (calculated as Full Premium minus Employer Contribution) will be automatically deducted from your paycheck according to your regular payroll schedule, similar to what you have experienced with previous employer group insurance plans.
The determination of defined contribution benefits for employees can differ by employer. For specific details regarding how your contribution benefit was calculated, please reach out to your employer directly.
Please review our articles in, What is ICHRA?, to gain more information and understanding.
Should you have further questions, please contact us at support@benefitbay.com.