Benistar
Benistar is a U.S. third-party administrator that designs and administers customized group post-65 retiree medical and prescription drug benefit plans for employers, unions, governments, schools, and religious organizations, serving 1,700+ plan sponsors and 105,000 members.
- Company typePrivate
- Founded1998
- HeadquartersStamford, United States
- Headcount101–250
- GTM typeB2B
- OfferingServices
What Benistar does
Benistar Admin Services, Inc. (BASI), operating as Benistar, is a U.S. third-party administrator (TPA) specializing in the design, installation, and ongoing administration of group post-65 retiree medical and prescription drug benefits. Founded circa 1998 and headquartered in Avon, Connecticut, the company serves plan sponsors including publicly and privately held corporations, labor unions, city and county government entities, educational organizations, and religious organizations. As of the most recent disclosure, Benistar serves more than 1,700 plan sponsors and approximately 105,000 retiree members, administering over $300 million in premiums annually through a broker-and-consultant channel model plus direct enterprise sales.
The core platform coordinates customized medical plans across Medicare Advantage, Group Medigap, and Part D coverage, alongside Employer Group Waiver Plan (EGWP) prescription drug plans established under Medicare Part D. Centralized administrative functions include billing, enrollment, eligibility management, compliance, reporting, and renewals, supported by a HIPAA-compliant Information Protection Program with multifactor authentication, endpoint detection, and encryption controls. Member service is delivered through a Medicare-trained customer service center with no time limits on calls. The company holds HITRUST Risk-based 2-year Certification (2024), SOC 2 Type II audit attestation, WBENC Women-Owned Business certification, and a BBB A+ rating (since 2016).
Benistar operates as a privately held, 100% employee-owned company via an Employee Stock Ownership Program (ESOP), with no institutional investors, parent company, or public listing reported. Revenue is generated from third-party administration fees on managed premiums and from consulting and plan design services, priced on a quote basis per plan sponsor. Distribution is nationwide across the United States, supported by offices in Avon, CT; Norwalk, CT; St. Charles, IL; and Bluffton, SC.
Benistar firmographics
Firmographics- Name
- Benistar
- Legal name
- Benistar Admin Services, Inc.
- Website
- https://benistar.com
- Company type
- Private
- Founded year
- 1998
- Operating status
- Operating
- Headcount range
- 101–250 employees
- Short description
- Benistar is a U.S. third-party administrator that designs and administers customized group post-65 retiree medical and prescription drug benefit plans for employers, unions, governments, schools, and religious organizations, serving 1,700+ plan sponsors and 105,000 members.
- Ownership category
- akta.pro rank
Benistar industry classification
Industry- Product category
- Group Retiree Health Benefits Administration
- NAICS
- Pharmacy Benefit Management and Other Third Party Administration of Insurance and Pension Funds (524292), Health and Welfare Funds (525120), Services for the Elderly and Persons with Disabilities (62412)
- SIC
- Hospital & Medical Service Plans (6324), Insurance Agents, Brokers & Service (6411)
- akta.pro primary industry
- Medicare Plan Administration & Third-Party Services (TPA/BPO, Enrollment, Billing) (FSAIAGAI)
- akta.pro secondary industries
- Self-Funded Employer Plan TPA (ASO Administration) (HLAEALAA), Dental & Vision Third-Party Administration (TPA) (FSAIAHAL)
Keywords
Where Benistar is headquartered
LocationHeadquarters
- HQ city
- Stamford
- HQ country
- United States
- HQ region
- North America
Offices4 records
Markets served
Benistar business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Technology or R&D, Marketing or Sales, Others
Revenue model
- Third-Party Administration Fees: BASI earns fees for administering retiree medical and prescription drug benefit plans on behalf of employer groups and insurance carriers. Administers over $300 million in premiums annually.
- Consulting Services: Consulting and plan design services for retiree health benefit plans, working with plan sponsors to determine coverage levels and coordinate with carriers.
Go-to-market motion1 record
Distribution channels2 records
Marketing channels4 records
Benistar product offering
Product offeringCore offering
Benistar is a U.S. Third-Party Administrator (TPA) that designs, installs, and administers customized post-65 group retiree medical and prescription drug benefit plans on behalf of plan sponsors. It works with preferred insurance carriers to deliver Medicare Advantage, Group Medigap, and Medicare Part D EGWP coverage, and provides centralized administration (billing, enrollment, eligibility, compliance, reporting, renewals) along with dedicated retiree member support.
Product overview
Benistar (Benistar Admin Services, Inc.) is a Third-Party Administrator (TPA) providing a unified group retiree health benefits platform. The core offering consists of Custom Medical Plans (covering Medicare Advantage, Group Medigap, and Part D) and Prescription Benefit Plans (EGWP under Medicare Part D), supported by centralized Administrative Services and Retiree Member Support. The product portfolio also includes add-on modules such as Dental, Vision, Life/AD&D, Silver Sneakers, Teladoc telehealth, and HCTC. Together, these components provide plan sponsors with one-stop access to customized medical and prescription benefit packages for their retirees.
Differentiator
Problem solved
Functional benefit
Products and services
- Custom Medical Plans Customized group retiree medical insurance programs that Benistar assembles with preferred carriers across Medicare Advantage, Group Medigap, and Part D coverage to deliver tailored coverage for each plan sponsor's retiree population.
- Prescription Benefit Plans (EGWP) Employer Group Waiver Plans (EGWP) established under Medicare Part D that provide nationwide prescription drug coverage with flat co-pay or coinsurance options, brand-name drug discount plans, and CMS compliance including government subsidies.
- Administrative Services Centralized third-party administration services for group retiree health benefit plans, covering billing, enrollment, eligibility, compliance, reporting, and renewals on a HIPAA-compliant platform.
- Retiree Member Support Dedicated customer service center staffed by Medicare-trained specialists that supports existing retiree members without call-time limits, handling benefit questions and ongoing service needs.
- Optional Benefit Add-Ons (Dental, Vision, Life/AD&D, Silver Sneakers/Fitness, Teladoc Telehealth, HCTC) Optional add-on coverages available alongside Benistar's core retiree medical plans, including Dental, Vision, Life/AD&D insurance, the Silver Sneakers fitness program, Teladoc telehealth, and Health Coverage Tax Credit (HCTC) integration.
Quantifiable outcome
- 1,700+ plan sponsors trust Benistar for their group retiree health benefit needs
- +1 more outcomes
Companies that use Benistar
Customer profileSegments5 records
Ideal customer profiles4 records
Benistar technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature3 records
Benistar partnerships and signals
Strategic signalPartnerships
One partnership is on record.
- Preferred Insurance CarrierscoreBenistar works with preferred, highly rated insurance carriers to provide senior medical insurance programs. They work across Medicare Advantage, Group Medigap, and Part D coverage to determine the best carrier and product type for each individual case. The specific carrier names are not disclosed.
Scale indicators4 records
Recent moves5 records
Expansion highlights5 records
Benistar competitors and assessment
Company assessmentDirect peers
- RetireeFirst: RetireeFirst is a TPA that administers post-65 retiree medical and prescription drug benefits for employer plan sponsors, including EGWP and Medicare Advantage coordination — a near-exact functional overlap with Benistar.
- OneExchange (Willis Towers Watson): OneExchange is a private Medicare exchange operated by WTW that helps retirees select individual Medicare plans, often replacing group retiree medical programs — directly competing with the traditional group-TPA model Benistar operates.
- VIA Benefits (formerly Extend Health): VIA Benefits operates one of the largest private Medicare exchanges and serves group retiree health benefit needs for employers, governmental plans, and unions — overlapping with Benistar's employer sponsor base and retiree medical focus.
- Allsup: Allsup provides Medicare coordination, disability, and employer benefits administration services, including retiree medical and Medicare plan enrollment support that overlaps directly with Benistar's TPA functions for employers and former employees.
- MedicareCompareUSA: MedicareCompareUSA provides Medicare education, enrollment, and advisory services for employer and retiree groups, overlapping with Benistar's retiree education and EGWP support offering for plan sponsors.
- Sequoia Benefits Group: Sequoia Benefits Group is a TPA and benefits consultant focused on union and public-sector retiree health benefit administration, overlapping with Benistar on unions, municipalities, and educational organization customers.
Broad incumbents
- Segal Group: Segal is a major independent benefits consulting and administration firm serving public-sector and multiemployer plan sponsors with retiree health consulting and administration capabilities broader than but clearly competitive with Benistar's niche.
- Mercer (Oliver Wyman / Marsh McLennan): Mercer is a global health and benefits consultancy advising employers on retiree medical strategy and exchanges; it competes with Benistar both as a consultant channel and increasingly as an administrator on larger accounts.
- Aon Retiree Health Solutions: Aon offers retiree health consulting, exchange solutions (via Alight partnership), and TPA-adjacent services for large plan sponsors — a broad incumbent that competes for the same corporate and governmental plan sponsor RFPs Benistar targets.
- Sun Life Financial (U.S. Group Benefits): Sun Life is a major group benefits insurer and administrator in dental, life, disability, and retiree medical stop-loss/coverage; competes with Benistar on add-on lines (dental, vision, life) for retiree benefit plans.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks6 records
Key highlights6 records
Customer concentration
Benistar social profiles
Digital presenceBenistar compliance and trust
Trust signalCompliance4 records
Benistar financial estimates
Financial estimateRevenue estimate
Valuation estimate
Benistar leadership team
Management profileNumber of profiles
Profiles1 record
Benistar funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Benistar M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Benistar
What does Benistar do?
Benistar is a U.S. Third-Party Administrator (TPA) that designs, installs, and administers customized post-65 group retiree medical and prescription drug benefit plans on behalf of plan sponsors. It works with preferred insurance carriers to deliver Medicare Advantage, Group Medigap, and Medicare Part D EGWP coverage, and provides centralized administration (billing, enrollment, eligibility, compliance, reporting, renewals) along with dedicated retiree member support.
Is Benistar a public or private company?
Benistar is a private company. It is classified as management employee owned and is currently operating.
When was Benistar founded?
Benistar was founded in 1998. It employs 101 to 250 people.
Where is Benistar based?
Benistar is headquartered in Stamford, United States, in the North America region.
How does Benistar make money?
Two revenue lines are on record. Third-Party Administration Fees are the primary driver. The others are consulting Services.
Who are Benistar's main competitors?
Direct peers on record are RetireeFirst, OneExchange (Willis Towers Watson), VIA Benefits (formerly Extend Health), Allsup, MedicareCompareUSA and Sequoia Benefits Group. Broad incumbents are Segal Group, Mercer (Oliver Wyman / Marsh McLennan), Aon Retiree Health Solutions and Sun Life Financial (U.S. Group Benefits).
Does Benistar have an API?
No public API is recorded for Benistar.
What industry is Benistar in?
Benistar's product category is Group Retiree Health Benefits Administration. Its primary akta.pro industry code is FSAIAGAI, Medicare Plan Administration & Third-Party Services (TPA/BPO, Enrollment, Billing), with a secondary code of HLAEALAA, Self-Funded Employer Plan TPA (ASO Administration). Its NAICS code is 524292 and its SIC code is 6324.