What if the biggest risk in your healthcare plan… is something you can’t even see? In this episode of The EOB Podcast, Justin and Julie are joined by Jamie Greenleaf, Co-Founder of Fiduciary in a Box, to break down one of the most important (and overlooked) issues in healthcare benefits today:

👉 Fiduciary responsibility — and why most employers aren’t prepared for it Drawing from decades of experience in the retirement space, Jaime connects the dots between what happened with 401(k) plans… and what’s now unfolding in healthcare.

Because the pattern looks familiar:

• Hidden compensation

• Lack of transparency

• Vague or missing contracts

• And employers being held responsible anyway

The conversation dives into:

Why healthcare is following the same path as retirement plans

What “reasonable compensation” actually means under ERISA

How lack of disclosures creates real legal risk

Why litigation may drive change faster than regulation

The dangers of indirect compensation and conflicted advice

And how employers can start building a defensible fiduciary process

One of the biggest takeaways? 👉 If you can’t explain what you’re paying… you probably can’t defend it. This episode is a must-watch for employers, HR leaders, CFOs, and benefits advisors trying to navigate an increasingly complex and high-risk environment.

This one couldn’t wait.

In this episode of The EOB Podcast, Justin and Julie break down the proposed Department of Labor rule on PBM transparency — and the flood of industry responses submitted before the comment deadline.

With over 500+ submissions from carriers, PBMs, employers, and other stakeholders, the conversation reveals a clear divide:

👉 Those pushing for more transparency

For the first time, the proposed rule would require PBMs to disclose all compensation — including rebates, spread pricing, administrative fees, and more — before a contract is signed.

So why the resistance?

Justin and Julie dig into real comment letters from major players in the industry, breaking down:

Along the way, they call out contradictions, questionable logic, and a few moments that are… unintentionally hilarious.

Because when it comes to healthcare benefits:

What if the solution to rising healthcare costs isn’t more complexity… but more structure? In this episode of The EOB Podcast, Friends with Benefits Episode 2, Justin and Julie sit down with David Balinski, Founder & CEO of Wire Health, to challenge one of the biggest assumptions in healthcare:

👉 Should hospitals be treated like utilities?

From unpredictable pricing to lack of transparency and inefficient administrative systems, this conversation breaks down why the current healthcare model isn’t working — and what it might take to fix it.

David shares a bold perspective on how regulating hospital pricing could:

The episode also dives into:

If you’re an employer, HR leader, CFO, benefits advisor, or simply someone trying to understand why healthcare feels so broken… this episode connects the dots. Because when pricing doesn’t make sense… the system doesn’t either.

Gag clauses were officially banned under the Consolidated Appropriations Act (CAA)… so why are employers still struggling to access their own healthcare data?

In this episode of The EOB Podcast, Justin Leader and Julie Selesnick break down the real story behind gag clauses — what they are, why they were prohibited, and how they’re still impacting employers today.

While plan sponsors are now required to submit annual gag clause attestations confirming they have access to their data, many are finding that access is still limited, delayed, or controlled through internal “company policies” rather than explicit contract language.

This episode covers:

If you’re an employer, HR leader, CFO, broker, consultant, or plan fiduciary, this episode will help you better understand your responsibilities — and why simply signing an attestation isn’t enough.

Because when it comes to healthcare benefits, you can’t manage what you can’t see.

Follow for more conversations breaking down healthcare benefits, ERISA compliance, PBM transparency, and the real financial mechanics behind employer-sponsored health plans.

This episode was shot on Dec 18th, 2025

In Episode 2 of The EOB Podcast, Justin Leader and Julie Selesnick break down the proposed U.S. Department of Labor rule that could become the most consequential PBM transparency regulation in decades. The proposed rule would require Pharmacy Benefit Managers (PBMs) to provide detailed disclosure of:

• Manufacturer rebates

• Spread pricing practices

• Pharmacy clawbacks

• Indirect compensation

• Affiliate & GPO relationships

• Audit rights and verification standards

But here’s the key: PBMs are already subject to compensation disclosure requirements under ERISA Section 408(b)(2) and the Consolidated Appropriations Act (CAA) of 2021.

So what makes this new rule different? Justin and Julie explain:

If you are an employer, HR leader, CFO, broker, consultant, fiduciary, or compliance professional, this episode gives you a practical roadmap for reducing PBM risk and protecting your health plan. You don’t need a new law to start being proactive. Follow for more episodes breaking down healthcare benefits, ERISA compliance, fiduciary risk, PBM reform, and employer health plan strategy.