Thread by @DutchRojas

The fiduciary duties of a self-insured employer health plan are enormous.

97% of self-insured employers do not comply with these duties.

Here they are. Once you read them, you’ll have a better idea!

Fiduciary obligations are duties that a person or entity has to act in the best interest of another party. In the context of health plan assets, fiduciaries typically include administrators or other individuals who manage the plan. These obligations can vary depending on specific… twitter.com/i/web/status/1…

2. Duty of Prudence: Fiduciaries are required to act with care, skill, prudence, and diligence when making decisions about the plan's assets. This often means making well-researched, reasoned decisions that a prudent person would make in a similar situation.

3. Duty to Diversify: Fiduciaries often have a duty to diversify the investments of the plan, in order to minimize the risk of large losses.

4. Duty to Follow Plan Documents: Fiduciaries are required to adhere to the plan's governing documents, as long as they are consistent with the law.

5. Duty to Monitor: Fiduciaries should monitor the plan's investments and overall performance on a regular basis, making changes as necessary to ensure the plan's continued success.

6. Duty to Pay Only Reasonable Plan Expenses: Fiduciaries are responsible for ensuring that the plan pays only reasonable expenses for administration, investments, and other services.

Violations of these fiduciary obligations can result in legal liability.

Therefore, it's… twitter.com/i/web/status/1…

Once self-insured employers begin taking the fiduciary duties seriously, the world of healthcare benefits will be forced to change.

#healthcare