Sessions

Signed into law, the Consolidated Appropriations Act, 2021 (CAA) created new requirements for health insurance brokers and consultants to disclose compensation they may receive for arrangements between a plan sponsor (employer) involving a group heath plan, whether fully or self-insured, including dental and vision. Bottom line? Brokers are to inform their clients in detailed writing how much dough they'll be making from your organization! (Serious? Crikey! Holy Schnikes! How much?! Whatcha talkin' 'bout Willis?! Why didn't you tell me this before Secret Agent Man?! Sounds good Tom, but I'd like to take a look at your operation before I commit to sign this Compensation Disclosure Form.) Again, this is now law! In this fast moving and all-too important session, we will cover three important elements: · The Legal: THE NECESSARY BORING We'll discuss the new disclosure requirements, content, timing and fiduciary requirements, in addition to a sample Broker Compensation Disclosure Form. · The Practical: THE HELPFUL NORMAL Peter Drucker says, "What gets measured get MANAGED." There is a practical exchanged of compensation for services rendered. What might this look like and how interested should you be for the sake of your organization's bottom line? · The Ethical: THE MORAL HIGH GROUND Your organization should want to know, and your broker should want to share. This law recognizes a filter of transparency that is touching most of the benefits world already.