Fiduciary In A Box - 3x3x3 Challenge with Jamie Greenleaf
A user-friendly interface that simplifies the fiduciary process on health care plans into a series of manageable questions & tasks to help to improve benefits, reduce costs, & avoid fines & lawsuits.
Transcription:
What is Fiduciary In A Box?
Well, first, it's important to understand that there was a new law, the CAA, 2021, that stepped up employers' fiduciary duties on their healthcare plan. Now, employers may be familiar with this process since they've been doing the fiduciary process on their retirement program. However, if they don't act in a prudent fiduciary manner on their healthcare plan, they're at risk for fines and lawsuits. Fiduciary In A Box is a user-friendly software platform designed to help employers establish, document, and maintain a fiduciary process. It was designed by subject matter experts. It's been reviewed by ERISA litigators. It's totally unbiased, repeatable, and based upon a well-established best practice. I like to think of Fiduciary In A Box as TurboTax for health benefit compliance.
How is Fiduciary In A Box different?
Fiduciary In A Box, or FIAB as we like to call it, is different in two important ways. First, we are not a simple checklist. A checklist is not gonna get you compliant or reduce your liability. It just actually points out your risk. FIAB walks you through each step of the fiduciary process from establishing a governing committee, through documenting your existing plan, to exploring new strategies to improve plan performance and documenting everything along the way. Second, employers can do it themselves or they can work through the process with the support of a valued partner like their broker or advisor, or TPA.
Who is a good fit for Fiduciary In A Box?
FIAB is great for any employer who offers healthcare benefits and is covered under ERISA, which most companies in the private sector are. Risk keeps most employers up at night. We mitigate it. Think of us as your nightlight. We're also a really good fit for entities that work closely with employers on their healthcare benefits, like brokers, TPAs, ben admin platforms, along with others who might want to reduce their own risk exposures, such as a stop-loss carrier. We were really built as a cost-efficient way to mitigate risk and empower employers to take control of their fiduciary duties in an easy manner. Pricing is based upon the size of the company and can be found on our website at fiduciaryinabox.com.
Transcription:
What is Fiduciary In A Box?
Well, first, it's important to understand that there was a new law, the CAA, 2021, that stepped up employers' fiduciary duties on their healthcare plan. Now, employers may be familiar with this process since they've been doing the fiduciary process on their retirement program. However, if they don't act in a prudent fiduciary manner on their healthcare plan, they're at risk for fines and lawsuits. Fiduciary In A Box is a user-friendly software platform designed to help employers establish, document, and maintain a fiduciary process. It was designed by subject matter experts. It's been reviewed by ERISA litigators. It's totally unbiased, repeatable, and based upon a well-established best practice. I like to think of Fiduciary In A Box as TurboTax for health benefit compliance.
How is Fiduciary In A Box different?
Fiduciary In A Box, or FIAB as we like to call it, is different in two important ways. First, we are not a simple checklist. A checklist is not gonna get you compliant or reduce your liability. It just actually points out your risk. FIAB walks you through each step of the fiduciary process from establishing a governing committee, through documenting your existing plan, to exploring new strategies to improve plan performance and documenting everything along the way. Second, employers can do it themselves or they can work through the process with the support of a valued partner like their broker or advisor, or TPA.
Who is a good fit for Fiduciary In A Box?
FIAB is great for any employer who offers healthcare benefits and is covered under ERISA, which most companies in the private sector are. Risk keeps most employers up at night. We mitigate it. Think of us as your nightlight. We're also a really good fit for entities that work closely with employers on their healthcare benefits, like brokers, TPAs, ben admin platforms, along with others who might want to reduce their own risk exposures, such as a stop-loss carrier. We were really built as a cost-efficient way to mitigate risk and empower employers to take control of their fiduciary duties in an easy manner. Pricing is based upon the size of the company and can be found on our website at fiduciaryinabox.com.