The Validation Institute validates healthcare providers' marketing claims to determine whether their advertising claims are supported by data.

We review the data, and a $100,000 performance guarantee backs validated programs.

Any employer who purchases a validated program that fails to perform according to their marketing claims will be reimbursed up to $100,000.

This is a new increase from our $25,000 guarantee. Why is this important? Warren Buffett called health care the tapeworm of the American economy.

That is not a compliment.

If healthcare inflation had tracked regular inflation over the last 20 years, the average American family would have $8,000 more in disposable income per year or $180,000 over that period.

The people in this room are in a position to fix this. If you do it the right way, you can do well while you’re doing good.

The Department of Labor is holding the healthcare industry to the same fiduciary standards as 401(k) plans.

In 2004, 401(k) plans had an average expense charge of 3.5%, inflation was a little over 2%, and plan earnings were about 2 %.

Each 401(k) plan was losing 2% to 4% a year, and since the Department of Labor started enforcing those fiduciary standards, the expense charges dropped from 3.5% to 0.2%.

The same changes are about to occur in healthcare, and you, as brokers and advisors, will be held to fiduciary standards.

In addition to validating providers' claims, we also have a broker training program.

When employers contact us for a benefits firm that understands their fiduciary responsibilities, your name can be on the list of firms we recommend to that employer.

I will read a few excerpts from the Department of Labor’s website regarding fiduciary responsibility.

It says that a fiduciary who lacks that expertise must hire someone with professional knowledge to carry out those functions, and fiduciaries need to consider additional actions when selecting a service provider.

This means you have to show your customers what they're paying for various services and how to measure the quality and cost of those services against alternative services.

It sounds like a complex responsibility, and it is, but it's something that you can do.

Now, it is my privilege to introduce another star of the Jeopardy game.

Ken Jennings appeared on Jeopardy for six months and won 75 consecutive times.

He did such a great job that they decided to make him the head of Jeopardy.

I'd like to invite Ken Jennings to the stage to deliver his keynote speech at the 2024 BenefitsPro Broker Expo!”

- Vidar Jorgensen - Chairman, Validation Institute