No Surprises Act: A Cost Saving Opportunity for Employer Plan Sponsors

Available On-Demand

Benefits costs continue to increase globally, and in the midst of high inflation and potentially a recession, executives are exploring cost effective methods to manage health plans without compromising the quality of services provided.

The No Surprises Act, which went into effect in 2022, helps protect patients from surprise medical bills when they are treated in out-of-network emergency departments or by out-of-network providers at in-network facilities. The Act provides an employer or plan sponsor with the opportunity to revisit their plan’s third party administrator (TPA) services agreements and reduce or eliminate certain significant fees being charged by the TPA.

Learning Objectives:

• Evaluating how employers design today’s benefits plans to address the current environment
• Reviewing the steady increase in benefits costs globally and contributing factors
• Discussing some cost cutting and savings opportunities available for plan sponsors
• Understanding the No Surprises Act and how it offers diligent employers the opportunity to negotiate a more favourable benefit plan vendor agreements
• Accessing how this negotiation fulfils employer fiduciary responsibility
• Examining the unique, legislative tailwinds that make this the opportune time to negotiate vendor agreements

Speakers

• Jeremy V. Kilburn, Chief Legal & Compliance Officer at Wayne-Sanderson Farms
• Anne Tyler Hall, Managing Partner at Hall Benefits Law