So, You Think It Can’t Happen to You… | Employee Benefits

March 16th, 2025

Louis C. Bernardi, “The Benefits Whisperer”

💥 Certified Healthcare Fiduciary Coach and Health Value Advisor 💥 I work with Business Leaders of mid-sized

Did you know that optimizing your healthcare plan can contribute directly to your company’s survival and growth?  ✨ When we compare the benefits of healthcare savings to findings from a recent college essay, “Ten Reasons Why Companies Keep Failing,” the connections are clear. Let’s explore how healthcare optimization addresses these pitfalls:

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JPMorgan Chase, one of the largest and most sophisticated employers in the country, is now facing a class-action lawsuit alleging they mismanaged employee health and prescription benefits—resulting in excessive costs and financial harm to their workforce.

If it can happen to them, it can happen to any company.

The lawsuit claims that JPMorgan Chase overpaid for prescription drugs and failed to act in the best interest of its employees, violating its fiduciary responsibility under ERISA. While the legal details will unfold in court, one thing is clear: this is a wake-up call for every employer in America.

Too many businesses assume their health plan is being managed in their best interest. They trust their insurance carriers, PBMs, and benefits advisors to make cost-effective, transparent decisions. But trust, without transparency and accountability, can be a costly mistake.

The Real Problem: Misaligned Incentives & Lack of Transparency

When it comes to health plans, many employers focus on shopping for insurance rather than developing a true health plan strategy. And that’s where they go wrong.

✅ A Sound Health Plan Starts with an Open, Honest Conversation

A true health plan strategy starts with a conversation—one built on: ✔️ Aligned incentives – making sure your advisors, PBM, and TPA are working in your best interest, not profiting from hidden fees and inflated costs. ✔️ A code of ethics – ensuring your benefits decisions are made with integrity, transparency, and a focus on long-term financial sustainability. ✔️ A clear understanding of compensation – knowing how everyone involved in managing your health plan gets paid, and whether their incentives align with your goals.

When these elements are missing, employers lose control of their healthcare costs and benefits outcomes—often without even realizing it.

📊 Insurance Alone is NOT a Strategy—Data-Driven Decisions Are

Many plan sponsors mistakenly believe that their job is done when they select an insurance carrier. But in reality, insurance is just one piece of the puzzle.

The real strategy lies in understanding: 🔹 How your plan performs and where waste exists 🔹 How to leverage actionable data to make informed decisions 🔹 How to ensure that healthcare dollars go toward actual care, not administrative waste or inflated markups

A high-performance health plan isn’t about simply negotiating a lower premium—it’s about redesigning your approach so that your employees get better care at a lower cost.

A Fiduciary Responsibility You Can’t Ignore

This lawsuit is a wake-up call for all plan sponsors. Employers have a legal and ethical obligation to act in the best interest of their employees. But how can you do that if you don’t even know where your healthcare dollars are going?

JPMorgan Chase’s situation should serve as a warning: a lack of oversight can lead to financial losses, employee dissatisfaction, and even legal consequences.

But it doesn’t have to be this way.

There’s a Better Path—A BritePath

The good news? You have the power to take control of your health plan. There’s a better way—a BritePath—to achieving: ✅ Transparency – So you know exactly where your money is going. ✅ Lower Costs – Without sacrificing quality of care. ✅ Better Employee Outcomes – Ensuring your workforce gets access to the right care at the right time.

By focusing on fiduciary responsibility, data-driven decisions, and a benefits strategy that prioritizes healthcare over insurance, employers can build a truly sustainable, high-performance health plan.

Are You in Control of Your Health Plan?

If you’re a CFO, HR leader, or business owner, ask yourself: Do I truly understand my plan’s strategy beyond just picking an insurance carrier?

If the answer isn’t a confident YES, it’s time to rethink your approach.

Let’s start the conversation. The stakes are too high to assume everything is fine.

📅 Schedule a call today to take control of your health plan.

Questions? Contact the author at lcbernardi@britepathbenefits.com

Schedule a call at calendly.com/lcbernardi

Visit our website at www.britepathbenefits.com