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Essentially, a plan sponsor is the party responsible for creating a health care plan for employees. This is most common with group health insurance plans that companies offer to employees as part of the benefits of working there. However, plan sponsors are not always employers. Enter your zip code below to compare health insurance costs for free!What is a sponsor?
A sponsor can refer to a range of individuals or entities that support the goals and objectives of some other individual or organization.Who is the sponsor of a retirement plan?
Some companies offer retirement savings plans, pension plans, or health plans to their employees as part of their employee benefits program. These companies are referred to as plan sponsors. Employers are typically plan sponsors, but unions and professional bodies could also be plan sponsors.What is a sponsor for a prescription drug plan?
A sponsor who offers a prescription drug plan is called a prescription drug plan (PDP) sponsor. A sponsor is organized and licensed under state law as a risk-bearing entity eligible to offer health insurance or health benefits coverage in each state in which it offers a prescription drug plan [42 USCS § 1395w-112].