Benchmark Plan

What is it?

The benchmark plan is what is used to calculate your monthly Wage+. In other words, your Wage+ dollars are based on how much this plan costs you and your family (if applicable) regardless of if you actually choose this plan.

Do employees have to choose the benchmark?

No. Employees do not have to choose the benchmark plan or program, nor do they have to use the funds for insurance at all. The benchmark is only used to help the employer determine how much taxable wages to provide to each employee. The employees are not required to use the wage increase for health insurance.

Benchmark Example

The employer in this situation benchmarked to a Kaiser Bronze 60 HDHP on the individual ACA Marketplace. The benefits are comparable and each employees wage increase will be arrived at by quoting the benchmark plan.