FSI Launches Health Insurance Program for Financial Advisors
The Financial Services Institute (FSI), a trade group representing independent financial advisors and independent financial services firms, has launched a health insurance program.
The Financial Services Institute (FSI), a trade group representing independent financial advisors and independent financial services firms, has launched a health insurance program for advisors to obtain medical health insurance for themselves, their licensed staff, and their families.
Financial advisors are eligible for the plans as long as they have a federal tax ID, maintain a current FSI membership, and have an active Central Registration Depository (CRD) number.
FSI claims that their new health insurance plans offer coverage at up to 50 percent savings compared with the open market. The PPO plans are available in all 50 states, allow covered members to go to any doctor, and comply with all Affordable Care Act requirements, FSI added.
Plans are offered at three deductible levels: $2,500, $5,000 and $10,000, which are also the respective plans’ out-of-pocket maximums. Two of the plans are health savings account (HSA)-eligible, and premiums are typically tax-deductible.
“The beauty of the independent model lies in the freedom it gives advisors to open their own business and run it as they choose,” said Chris Paulitz, FSI’s head of strategic initiatives. “Yet health care premiums larger than their mortgages can constrain their ability to reach their full potential.”
The health insurance offering is part of FSI’s CoveredAdvisor2.0 program, which also provides advisors with access to long-term disability and term life / accidental death and disability insurance. FSI said that the group has covered more than 10,000 advisors in the last seven years.
The Financial Services Institute has more than 80 independent financial services firm members and their 130,000+ affiliated financial advisors – which comprise more than 45 percent of all producing registered representatives.
