In today’s complex benefits landscape, health and welfare plan fiduciaries face increasing scrutiny and responsibility. The Nixon Peabody Employee Benefits & ERISA team explores best practices for fiduciary governance, including oversight of service providers, cybersecurity preparedness, claims management, and compliance strategies to help mitigate risk and ensure plan integrity.
Dive into key topics in our Health & Welfare Fiduciary Governance series:
- Understanding Fiduciary Risks in Health & Welfare Plans: A foundational overview of the key fiduciary responsibilities and emerging risks facing plan sponsors.
- How to Evaluate a Medical TPA: Guidance on selecting and assessing third-party administrators (TPAs) to ensure they align with fiduciary standards.
- Best Practices for Monitoring Medical TPAs and Insurers: Tips for ongoing oversight and auditing to maintain compliance and service quality.
- Choosing the Right Pharmacy Benefit Manager (PBM): A fiduciary-focused approach to evaluating, selecting, and contracting with PBMs.
- Oversight Strategies for PBMs: How to implement effective fiduciary oversight of PBM performance and cost transparency.
- Cybersecurity and HIPAA Compliance for Fiduciaries: Protecting participant data and meeting HIPAA obligations in an evolving digital landscape.
- Managing Participant Claims and Provider Disputes: Practical steps for handling appeals and disputes while maintaining fiduciary compliance.
- Conducting a Fiduciary Compliance Review: A roadmap for reviewing your plan’s fiduciary practices and identifying areas for improvement.
Strong fiduciary governance is essential to protecting the integrity of your health and welfare plans—and the well-being of your participants. By staying informed and proactive, plan sponsors and fiduciaries can navigate complex responsibilities with confidence.