What is one of the main benefits of having a fiduciary manage a health plan?

Having a fiduciary manage a health plan is primarily beneficial because they are obligated to act in the best interests of the plan participants. This role entails a commitment to ensuring legal compliance and ethical management. Fiduciaries must adhere to established regulations and standards, such as those set forth by the Employee Retirement Income Security Act (ERISA), which govern how health plans operate. By prioritizing the well-being of participants and maintaining ethical practices, fiduciaries help protect the rights and benefits of those covered under the health plan. This includes making decisions that are not only compliant with laws but also transparent and accountable, ultimately fostering trust and confidence among participants in the management of their healthcare benefits.