Donovan Ryckis
Bringing Fiduciary Strategy to Employer Healthcare | Benefits Advisor to Large Employers | Founder & CEO, Ethos Benefits
Founder and CEO of Ethos Benefits, and a former Series 65 investment advisor who brought the fiduciary standard into employer health plans in 2016. He advises employers on renewal strategy, stop-loss and plan governance, speaks at SHRM, BenefitsPRO, ISCEBS and state SHRM conferences, and co-hosts the Business of Benefits podcast.
- 2010founded J Donovan Financial, a registered investment advisory firm
- 2016brought the fiduciary standard into employer health plans
- 2documentaries produced by Ethos Benefits, on healthcare costs and PBMs
- Fiduciary governance
- Renewal strategy
- Stop-loss markets
- ERISA health plan lawsuits
- Employer healthcare strategy
Experience
Founder and CEO
Ethos Benefits
Leads Ethos Benefits and advises employers on health plan strategy, stop-loss and plan governance to a fiduciary standard of care.
Founder and Series 65 investment advisor
J Donovan Financial
Started in 2010 as a registered investment advisory firm focused on retirement and pension planning, where acting as a fiduciary was the job.
About Donovan
Donovan Ryckis is the founder and CEO of Ethos Benefits. He started in 2010 as a Series 65 investment advisor focused on retirement and pension planning, where acting as a fiduciary was the job. In 2016 a client's broker said there was no answer to a 37.5% health insurance renewal. Donovan took the problem apart and came back with a plan 12% below the current rate. That renewal changed his career: he moved from retirement planning into employer health plans and built Ethos on the same standard of care he had practiced as an investment advisor.
Donovan co-hosts the Business of Benefits podcast and produced the documentary "It's Not Personal, It's Just Healthcare." He speaks to employers and HR leaders at SHRM, HR Florida, BenefitsPRO, ISCEBS and state SHRM conferences. He is a member of NABIP, the National Association of Benefits and Insurance Professionals. He runs Ethos with his wife and business partner, Chelsea Ryckis.
Recognition
- 2026 Advisor of the Year, Validation Institute Health Value Awards
- 2026 Most Innovative Healthcare Consultant, YouPowered Symposium
- 2021 Face of Change Award, BenefitsPRO
Donovan on the stage.
Engagements
ASLRRA Conference: Small Steps, Big Rewards, Simple Actions to Improve Your Employee Health Plan
Speaker
SHRM26: Future Proofing Your Health Benefits, Multi-Year Planning and High Performance Program Design
Panelist, with Chelsea Ryckis
Oklahoma SHRM: You Can't Afford to Be Another Salesperson They Don't Trust
Speaker
Chicagoland Health, Safety and Environmental Conference: Understanding Healthcare Strategy in 4 Moves
Speaker
SHRM Arizona State Conference: Understanding Healthcare Strategy in 4 Moves
Speaker
Speaker, with Chelsea Ryckis
YouPowered Symposium, Anaheim: Ballsy Brokers
Speaker
ISCEBS Symposium: Avoid ERISA Health Plan Lawsuits
Speaker, with Chelsea Ryckis
Health Benefits Nation, Nashville: Stop Loss Markets Explained
Speaker
Talks Donovan gives
- Understanding healthcare strategy in 4 moves
- Stop-loss markets explained
- Avoid ERISA health plan lawsuits
- Small steps, big rewards: simple actions to improve your employee health plan
- Advisors then, now and next
To invite Donovan to speak, email service@ethosbenefits.com with your event, the date, the audience and the topic you have in mind.
Watch and listen.
Benefits Dirty Dozen, Part 2
Self-Funded Health Insurance, PBMs and Reference-Based Pricing
A Panel Discussion with 2 Employer Case Studies w/ Jaimie Jarvis & Stephanie Porrino | SHRM26
The Liquid Lunch Project: Your Health Plan Is Probably Screwing You
Built Different: The Ethos Story | Ep. 80 | Chelsea Ryckis & Donovan Ryckis
Press, shows and writing
Insurance Business: The consultant who chose ethics over commission
Press, with Donovan's founder story and quote
Goodbill: The Business of Benefits on hospital claims and 501(r)
Press, recap of a Business of Benefits episode
BIP Magazine: cover story with Chelsea Ryckis
Press, NABIP magazine
HVAC School: What Can Be Done About Healthcare
Podcast guest, with Bryan Orr
ShiftShapers, Ep 487: Fiduciary Responsibility in Healthcare
Podcast guest, on BenefitsPRO
Employee Benefit News: 7 scenarios for applying inversion thinking to healthcare challenges
Writing, opinion column
Entrepreneurs on Fire, with Chelsea Ryckis
Podcast guest
Written or reviewed by Donovan
- Form 1095-A vs. 1095-C.Form 1095-A vs. 1095-C: who sends each form, why only the 1095-A is needed to file a tax return, and how 1095-C codes affect premium tax credits.
- Form 1095-B vs. 1095-C.Form 1095-B vs. 1095-C: who files each ACA form, what each one reports, the deadlines for tax years 2025 and 2026, and how employees receive them.
- The ACA affordability safe harbor.The ACA affordability percentage by year (9.96% for 2026, 10.22% for 2027), how the W-2, rate of pay and FPL safe harbors work, and the 4980H penalties.
- ACA reporting software.What ACA reporting software must do for an applicable large employer, the three ways to buy it, the questions to ask a vendor, and what stays your job.
- Broker of record letter.What a broker of record letter is, who signs it, what goes in it, how the waiting period works, and what employers should check before switching brokers.
- Employee benefits administration.What employee benefits administration covers, from enrollment, eligibility and 834 files to payroll, invoices, life events, COBRA and ACA tracking.
- The employee wellness program.How employee wellness programs work, the HIPAA, ADA and GINA rules on rewards and tobacco surcharges, and what randomized studies found about ROI.
- ERISA bond cost.What drives ERISA fidelity bond cost, how to calculate the required bond amount under ERISA section 412, and when a health plan needs a bond at all.
- ERISA wrap documents.What an ERISA wrap document is, what it must include, how it differs from an SPD, the disclosure deadlines, and the 2026 penalties for missing them.
- What is Form 1095-C?What Form 1095-C is, who gets one, what Parts I, II and III show, what the line 14 and line 16 codes mean, and what employers and employees need to do.
- The Form 5500 deadline and extension.When Form 5500 is due for calendar-year and non-calendar plans, how the Form 5558 extension works, who must file, and what late filing costs.
- The gag clause attestation.What the gag clause attestation is, which employer health plans must file it with CMS by December 31 each year, and how to make sure yours is done.
- The health plan fiduciary committee.How to build a health plan fiduciary committee under ERISA: who belongs on it, what the charter covers, what it reviews each quarter and how to record it.
- How to choose a PBM.How employers choose a good pharmacy benefit manager: the PBM contract terms to check, questions to ask, red flags, and the steps of a PBM RFP.
- Medicare Part D creditable coverage.What Medicare Part D creditable coverage means for employer plans, the new 73 percent test for 2027, the October 15 notice and the CMS disclosure deadline.
- Medical loss ratio rebates.How employers handle a medical loss ratio rebate, including the employee share, the three-month rule, allocation options, taxes and non-ERISA plans.
- PBM spread pricing.What PBM spread pricing is, a worked example, how to spot it in a pharmacy contract, and what the 2026 federal PBM law changes for employer plans.
- Section 105(h) nondiscrimination testing.How Section 105(h) testing works for self-insured health plans, HRAs and health FSAs, who counts as highly compensated, and what happens if a plan fails.
- Self funded vs. fully insured.Self-funded vs. fully insured health plans, plus level funding and reference-based pricing, compared on risk, cash flow, data, state law and filings.
- Stop-loss captives explained.How a captive health insurance plan works: group vs. single-parent stop-loss captives, risk layers, dividends, collateral, exit terms and risks.
- The summary of benefits and coverage.SBC deadlines for employers. When the summary of benefits and coverage is due, who must provide it, the 60-day notice rule, and the penalties for a miss.
- What are voluntary benefits?What voluntary benefits are, the common types, how payroll deductions and taxes work, portability, commissions, and how employers can judge each product.
- The year-end health plan compliance checklist.A year-end compliance checklist for employer health plans: the December 31 attestation, testing, notices, new plan limits, ACA reporting and early-year filings.
- The 2027 maternity billing changes.New CPT maternity codes start January 1, 2027, and Medicare's payment values are still proposed. What changes, what is final, and what employers should do.
- The benefits dirty dozen.Twelve common health plan practices that quietly raise employer costs, from fee basis swaps to PBM spread pricing, with the question to ask about each.
- A CFO's fiduciary playbook.A health plan fiduciary playbook for CFOs. What to measure, what to ask your advisor and vendors, and how a committee and a 3 to 5 year plan fit in.
- Choosing an employee benefits broker.How to choose an employee benefits broker, what to ask about pay and conflicts, and why a fiduciary standard of care matters for your health plan.
- The Consolidated Appropriations Act of 2021.What the Consolidated Appropriations Act of 2021 requires of employer health plans, from broker pay disclosure to gag clause and RxDC filings, and what to ask.
- The Department of Labor audit.What a Department of Labor (EBSA) health plan investigation reviews, what triggers one, what investigators ask for, and how plan sponsors can prepare now.
- Employee benefits trends for 2027.The employee benefits trends that will shape 2027 health plan decisions, from premium growth and GLP-1 costs to PBM reform, parity and price transparency.
- The employer healthcare coalition.What an employer healthcare coalition is, why vendors listen to employers who ask together, and five plays any mid-market employer can run this year.
- ERISA health plan litigation.ERISA health plan lawsuits over drug prices, PBM contracts, tobacco surcharges and voluntary benefits. What each case alleges, where it stands, and what to do.
- Common invoice issues and evidence of insurability.How evidence of insurability (EOI) for life and disability coverage causes invoice errors and denied claims, and how employers can audit and fix the process.
- GLP-1 coverage decisions for 2027.How employers are deciding GLP-1 coverage for 2027, which benchmarks fit your size, the numbers that should drive the decision, and four plan designs.
- Your health insurance renewal increase.What to do when your health insurance renewal comes in with an increase, and how Axiom Healthcare Services turned a 2.6% increase into a 13% decrease.
- Don't make this one mistake when benchmarking your health plan.Withholding claims data when you benchmark or market your health plan leads to weak bids and bigger increases later. Why full disclosure gets better offers.
- Health plan claims data access.S. 2355 would give employer health plans a legal right to their own claims data and audits. Where the bill stands, what it requires and what to do now.
- When a vendor trains AI on claims data.What HIPAA and ERISA require when a health plan vendor wants to train AI on claims data, and five contract questions to ask before you sign or renew.
- How employers can lower healthcare costs.How employers can lower healthcare costs without raising deductibles, from pharmacy and large claims to site of care, and what Kalos Services did.
- How to vet benefits vendors.Four tests employers can run on any benefits vendor before signing, from who carries the liability to whether the fee is reasonable under ERISA 408(b)(2).
- Mark Cuban's call.Mark Cuban says self-funded employers' sickest workers fund their drug rebates. What his Cost Plus Drug Company shows employers about pharmacy pricing.
- The multi-cancer early detection test.An FDA panel backed the Galleri multi-cancer early detection test. What the vote means for employer health plans, cost, coverage and member messaging.
- What OBBBA changed for employer health plans.The One Big Beautiful Bill Act changed HSA rules, the dependent care FSA limit and other benefits. What took effect, when, and what IRS guidance says.
- Transparency in Coverage final rule.The Transparency in Coverage final rule adds a signed attestation to plan pricing files in March 2027. Key dates, what changes and TPA contract fixes to make.
- The downside of vertical integration in healthcare.Insurers own PBMs, PBMs own pharmacies and hospitals buy practices. What vertical integration in healthcare costs employers and how to protect your plan.
- What happens behind the scenes with your health insurance?Where an employer's health plan premium dollar goes, where costs hide in networks, PBMs and claims, and the plan data federal law says you can get.
- Why is health insurance so expensive?Why employer health insurance costs so much, from hidden prices and commissions to closed plans with no data, and what an employer can change this year.
See what your plan is really costing you.
A Strategic Analysis starts with your plan documents and your broker agreement, then shows you what your plan costs, where the risk sits, and what a committee would decide with the full picture.