For many companies, health benefits are treated as just another expense—managed by brokers or third-party administrators with the belief that everything is under control. However, the moment you take pre-tax dollars from an employee’s paycheck through a Section 125 plan, those contributions become plan assets subject to ERISA regulations. This shift brings new legal and fiduciary obligations that most companies aren’t fully aware of.
Managing health benefits isn’t just about offering coverage—it’s about taking responsibility for plan assets and making decisions that align with both business goals and employees’ best interests. This is a new way of thinking—one that treats your health plan as a business within your business.
When employee contributions become plan assets, your role as an employer changes. You become a plan sponsor with fiduciary duties, responsible for managing these assets in the best interests of your employees. While it’s tempting to assume that brokers or TPAs handle everything, ERISA holds you accountable for ensuring compliance, cost control, and prudent management.
Fiduciary responsibility isn’t just a checkbox exercise—it requires transparency, oversight, and continuous evaluation. Beyond compliance, this approach ensures that your health plan aligns with both the strategic and financial goals of your business.
Rethinking health benefits as a business within your business helps you achieve three essential goals:
This way of thinking may feel unfamiliar, and it requires an approach that goes beyond traditional broker relationships. At Elevate Advisor Group, we’ve set ourselves apart by helping companies transform their health plans into strategic business assets that benefit both employees and the organization.
At Elevate, we don’t just manage benefits—we redefine how health plans operate within your business to deliver better outcomes, foster transparency, and ensure long-term success.
We believe that your health plan can become a competitive advantage. Relying solely on traditional brokers can leave your business exposed to unchecked risks and rising costs. Elevate’s approach ensures that your health plan is aligned with your goals, compliant with regulations, and designed to perform over the long term.
With the right strategy, your health plan will no longer be just an expense—it will become an asset that empowers both your business and your employees to thrive.
Whether you’re searching for your company’s first benefits plan or shopping for a new one, we can help you understand your options and make the best choice for you and your employees.
