What’s your fiduciary role in managing a self-funded plan
Understanding Your Responsibilities
Is your company in the business of healthcare? If you sponsor a self-funded health plan, it is definitely in the healthcare business. When companies self-fund their health plan, they take on the additional role of Plan Administrator, which requires certain actions and specific fiduciary duties. Unfortunately, since most companies’ primary business is not healthcare, they tend to rely too heavily on plan vendors to self-monitor and self-report on performance, both of which are key responsibilities of the Plan Administrator.