Embracing a Fiduciary Mindset

Embracing a Fiduciary Mindset

One of the most important lessons I’ve learned over my long career has been the role an advisor can play in helping health plan sponsors embrace a fiduciary mindset. This means employers taking on the widespread lack of transparency and prevalence of conflicts of interest for the benefit of their employees/plan members.

All too often, plan sponsors assume they have little opportunity to control or reduce their healthcare spend. They accept the status quo and do not challenge brokers who are receiving financial incentives to keep them in poorly managed arrangements with specific insurers. (more…)

Health Plans Must Provide Price Comparison Tool for 2023

Beginning in 2023, group health plans and health insurance issuers must make an internet-based price comparison tool available to participants, beneficiaries and enrollees. The purpose of this tool is to provide consumers with real-time estimates of their cost-sharing liability from different providers for covered items and services, including prescription drugs, so they can shop and compare prices before receiving care. Read more…