INTRODUCTION
Health Plan Fiduciary Guides offers the commercial health plan industry’s first and only certification of compliance with ERISA Fiduciary Guidelines as amended by the Consolidation Appropriations Act 2021. This process enables Health Plan Sponsors to verify that the interests of a “Third-Party Vendor to an ERISA Health Plan” do not conflict with the interests of the employer and participants and meets CAA 2021 and ERISA Fiduciary standards of transparency and accountability.
Third Party Service Providers voluntarily invite Fiduciary Assessment and Certification:
Expert and Objective Third-party validation of:
o ERISA Compliance as pertaining to CAA 2021 requirements
o Fully Transparent business partner aligned with Plan Sponsors’ interests.
o Fully Transparent fees, revenue streams and structures, fully auditable.
o No-lock contracts.
- Builds confidence and trust for Employers seeking a prudent partner in a confusing marketplace.
- Vendor prospects save time in their own vendor analysis creating more efficient decision cycles.
- Vendors establish themselves as morally sound and ethical business leaders within the Healthcare industry.
- Differentiate themselves from legacy vendors in healthcare.
Vendors are Scored and Certified on the following criteria:
- EDUCATION – Vendor staff trained and certified on their knowledge of ERISA Fiduciary requirements and HPfid Best Practices.
- TRANSPARENCY IN DOCUMENTS – Contracts certified to be free of Gag Clauses.
- TRANSAPRENCY IN FEES – Clear and transparent fee structure inclusive of all remuneration and revenue streams reflected in customer facing agreements.
- REPORTING to PLAN SPONSORS – Vendors must exhibit responsive, transparent, and thorough financial reporting to Plan Sponsors.
- PLAN SPONSOR FEEDBACK LOOP to HPfid – Vendors must include in all services agreements a link to HPfid’s Health Care Vendor Feedback for independent Plan Sponsor input.
- ANNUAL Re CERTIFICATION – Annual recertification on all topics.
- 1 Employee Retirement Income Security Act.
