Effective in 2021, employee benefit plan fiduciaries will be required to get fee disclosures from service providers…………..this means hidden fees earned by many brokers (especially the large national brokerages) must be disclosed to newly horrified plan sponsors
The Act also prohibits “gag clauses” regarding health care prices…………….this means secretive PPO and other managed care contracts will no longer be secret anymore……………The “I Have The Best Discounts” PPO Disco Game will end
| Stimulus Redux: What the New Law Means for Welfare Benefit Plans |
“[1] Flexible spending arrangements (FSAs) … [2] Surprise billing … [3] Mental health and substance use disorder benefits … [4] Transparency rules … [5] Reporting on pharmacy benefits … [6] Student loan repayments … [7] Disclosure of compensation for service providers … [8] Deductible medical expenses.” 
SOURCE: Seyfarth Shaw LLP
