Ethics Programs For Colorado's Benefit Trusts Essay

Ethics Programs For Colorado's Benefit Trusts Essay

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In light of the current economic environment and the heightened consideration that must be given to corporate governance in the post-Enron era, I respectfully submit to you the following proposal with optimism and urgency. There are tens of thousands of individuals right here in Colorado who, along with their public-sector employers, are currently at the mercy of the ethical compasses of only a few. As you may know, these individuals and their families have medical, dental, vision, and life “insurance” through a self-funded trust plan instead of a traditional insurance company. While self-funded trusts can certainly be advantageous to employers and employees alike, what you may not know is how the lack of formal ethics programs and oversight within these entities puts their members at risk every day.
Those enacting the Patient Protection and Affordable Care Act (PPACA) in 2010 promised sweeping changes to the health care system in the United States (PPACA website, 2010). PPACA primarily addresses issues like rights to eligibility and benefits for individuals. While benefit trust entities must comply with many aspects of this legislation, it does little to encourage and improve ethical conduct among the administrators and fiduciaries of benefit trusts, including those here in Colorado. The Division of Insurance does not regulate benefit trusts in Colorado because they are not technically an insurance product; they have remained largely out of reach of most legislation and general oversight that can help protect taxpayers. Generally I do not support government intervention in business; however, these trusts exist for the exclusive benefit of public employers that include school districts, fire districts, counties, and other ...


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... many time legislation is reactionary, such as when something like RHPI happens due to lack of oversight. Although it is too late for the former members of RHPI, with your support we can learn from that lesson and be proactive in protecting the interests of hardworking Colorado taxpayers.



Works Cited

Booth, M. (2011). Health-plan owner Gerald Rising Jr. pleads guilty to embezzlement. Retrieved from www.denverpost.com/news/ci_19202814#
Colorado Department of Regulatory Agencies website. (2010). http://www.dora.state.co.us/insurance/consumer/2010%20docs/consRuralHealthPlansDOIStatemen111910.pdf
Colorado Employer Benefit Trust website. (n.d.). http://www.cebt.org/
Gathright, A. (2010). Colo. health plan founder indicted on fraud, embezzlement. Retrieved from http://www.thedenverchannel.com/news/27441424/detail.html
PPACA website. (2010). http://www.ppaca.com/

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