Benefitfocus is a cloud-based benefits administration platform, now operating as a Voya Financial company following Voya's completed acquisition in January 2023. It is aimed at employers, health plans and brokers who need to manage complex benefits programs across many plan types and carriers.
The platform centralises benefits enrollment, eligibility, billing and compliance (such as ACA and COBRA), and provides employee-facing decision-support tools to help people choose and understand their benefits. It also serves health plans directly, supporting individual and group market administration, and brokers who advise employer clients.
Benefitfocus positions its data management and integration layer as a way to keep employee, payroll and carrier data aligned across systems, connecting to HCM and payroll platforms so that enrollment elections and eligibility changes flow through to payroll deductions without manual re-entry, and connecting to insurance carriers to transmit enrollment and eligibility data.