What Does It Mean to Be a Fiduciary of a Health Plan?
Being a fiduciary of a health plan is a significant responsibility that comes with legal and ethical obligations. Fiduciaries play a critical role in ensuring that employee health plans are managed in the best interests of plan participants and their beneficiaries. But what does that really mean? Let’s break it down. Defining a Fiduciary A […]
8 Ways AI is Impacting Employee Benefits, How AI is Transforming Employee Benefits
Artificial intelligence (AI) is revolutionizing industries, and employee benefits are no exception. By leveraging AI, organizations can create more personalized, efficient, and cost-effective benefits programs. Here’s a closer look at how AI is reshaping the employee benefits landscape and enhancing the experience for both employers and employees. 1. Personalized Benefits Recommendations AI has the ability […]
The Biggest Misconception in Employee Benefits: Timing is Everything
When it comes to employee benefits, one of the most damaging misconceptions is this: you can only work on your healthcare strategy 3-6 months before your renewal. This mindset leads to poor decision-making and perpetuates the dreaded late renewal cycle, leaving HR teams and employers scrambling every year. The Post-Open Enrollment Relief: A False Sense […]
Unlocking The “Magic Trifecta” For Employee Benefits: Your Health, Your Family, Your Peace Of Mind
Have you ever felt that pang of envy when you hear about the amazing benefits your friends or family members enjoy? You’re not alone. According to a recent study, 59% of U.S. workers experience “benefits envy,” a modern-day form of FOMO that leaves us craving better coverage and support for our healthcare needs. But what if […]
Common Invoice Issues & Evidence Of Insurability
I speak with prospective clients who often say that their Open Enrollment went well, but they have these nagging invoice issues. If you notice that benefit amounts are incorrect on your invoices or employee deductions don’t match the carrier invoice, an Evidence of Insurability (EOI) issue might be the cause.
Breaking Down The J&J Lawsuit: What Employers Need To Know
Imagine going to a pharmacy to pick up your prescription and finding out that the same medication costs hundreds or even thousands of dollars more under your employer-sponsored health plan. This scenario is at the heart of a recent class action lawsuit filed against Johnson & Johnson (J&J), shining a spotlight on how employers manage their employees’ healthcare benefits.
The Downside of Vertical Integration in Healthcare: Unraveling the Web of Consolidation
In recent years, the healthcare landscape has witnessed a significant trend – the rise of vertical integration. This phenomenon involves consolidating different stages of the healthcare supply chain, with entities like health insurance companies acquiring pharmacy benefit managers and hospitals absorbing independent medical practices.
President Biden Updates the Nation on His Battle with Pharmacy Benefit Managers
Between the recent Healthcare Super Bowl commercial, Mark Cuban interviews, and celebrity endorsements, Healthcare Transparency remains a hot topic and will continue to be so for the foreseeable future.
Don’t Make This One Mistake When Benchmarking Your Health Plan
In addition to your other CFO or HR responsibilities, you’re now in charge of finding and implementing the employee benefits program for your company. First, congratulations! This is a powerful position to be in where you can truly impact your employees’ financial, physical, and emotional well-being.
Chelsea Ryckis: Most Innovative Healthcare Consultant of the Year for 2024
We are thrilled to announce that Chelsea Ryckis, President of Ethos Benefits, was honored as the Most Innovative Consultant of the Year for 2024 at the Annual +You Awards Banquet on February 6, 2024, in Puerto Rico.
