What is the role of a fiduciary in a health plan?

The role of a fiduciary in a health plan is to manage the plan's assets and make decisions on behalf of the participants. This responsibility includes acting in the best interests of the plan members, ensuring that the plan is operated in accordance with applicable laws and regulations, and making prudent financial decisions to maintain the integrity of the plan. Fiduciaries must exercise a high standard of care and loyalty, which is crucial for maintaining trust and effectively serving the interests of the participants.

Additionally, this role extends to overseeing the administration of health benefits, ensuring that benefits are provided fairly, and managing any conflicts of interest that may arise. By engaging in these activities, fiduciaries help safeguard the financial health of the plan and protect participants' rights.