Leveraging CAA Regulations as Opportunities for Advisors and Plan Sponsors

Did you know? The Consolidated Appropriations Act, passed in December of 2020, designates Health Plan Sponsors as fiduciaries. This legislation establishes comprehensive rules and responsibilities that Plan Sponsors must comply with. It’s critical that plan sponsors act with urgency and establish a Fiduciary procurement process, just like they do with retirement plans!

Through our strategic partners, advisors can dive deep into the available data through price transparency rules for hospitals and payers, empowering them to help employers make informed procurement and plan design decisions that optimize savings, continuous improvement, and drive accountability.

Understanding Your Fiduciary Responsibilities Under A Group Health Plan

How Cheshire, and Strategic Partners, Can Help Employers:

• Educate you and your team about CAA and its implications for your organization

• Dive deep into the available data through price transparency rules for hospitals and payers to make informed procurement and plan design decisions that optimize savings, continuous improvement, and drive accountability.

• Produce the benchmarking & regulatory reporting necessary to comply with CAA

• Provide a Vault solution to store your data and CAA compliance documentation

CAA, an Opportunity for Benefit Advisors

CAA legislation identifies your clients as fiduciaries. By evolving your practices to incorporate CAA, you provide significant value to your client while driving additional growth for your business. Cheshire and its partners have solutions that provide you and your clients the ability to meet the fiduciary process and federal reporting requirements. These include Pharmacy Reporting, Data Vaulting capabilities, Member Matching and Plan Design Benchmarking.