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Fee Disclosures Will Soon Be Required for Group Health Plans
Faegre DrinkerLink to more items from this source
[Guidance Overview]
Jan. 28, 2021

"Buried in the year-end Consolidated Appropriations Act (CAA) is a provision that requires group health plan brokers and consultants to make comprehensive fee disclosures ... [These] disclosures ... are limited to brokers and consultants that reasonably expect to receive $1,000 or more in direct or indirect compensation from plan assets for providing services to group health plans. Such services include selecting insurance products, recordkeeping, medical management vendors, benefits administration, stop-loss insurance and pharmacy benefit management services, and consulting on matters such as the development or implementation of plan design, insurance or insurance product selection, and benefits administration selection."

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