By being prepared and implementing strategic solutions, employers can mitigate some of the financial pressures that may arise from the IRA, ensuring that their employees and retirees are better protected from the ripple effects of this landmark legislation.

As benefits advisors, it is crucial to understand the nuances of this legislation and explore how plan sponsors can proactively assist employees in managing health care costs and avoid the burden of medical debt.

Given recent increased litigation and its impact on the regulatory environment, benefits consultants and plan sponsors should rethink their past decisions to simply comply with the No Surprises Act (NSA).

For benefits professionals, administering employer sponsored health plans and providing employee participants with access to affordable, quality health care is one of the greatest economic challenges of today — and the foreseeable future.

Benefits advisors and brokers need to understand price transparency from the participant and provider perspectives, the compliance mandates new federal regulations aim to achieve, and most importantly, what strategies benefits professionals can take to optimize their role and value.

Employers are increasingly pursuing cost management initiatives and education as part of comprehensive wellness initiatives.