The Financial Services Institute, the trade group of independent broker-dealers, is launching a national health insurance program to help independent financial advisers obtain ACA-compliant major medical health insurance at a reduced cost.
The plans will be open to member firms, their registered representatives, licensed staff and their families.
“Previously, advisors’ options for obtaining health insurance were limited to purchasing plans directly from insurance carriers, or via the online marketplaces established by the Affordable Care Act,” FSI said in a release. “Both options come with high premiums, deductibles and out of pocket maximums, and financial advisors typically do not qualify for subsidies for ACA plans due to their income levels.”
FSI said the plans could save members up to 50% over open-market rates.
Plans are offered at three deductible levels: $2,500, $5,000 and $10,000; those deductibles are also the respective plans’ out-of-pocket maximums.
Two of the plans can be used with health savings accounts, and premiums are typically tax-deductible.
[More: FSI advocacy priorities for 2021]
Relationships are key to our business but advisors are often slow to engage in specific activities designed to foster them.
Whichever path you go down, act now while you're still in control.
Pro-bitcoin professionals, however, say the cryptocurrency has ushered in change.
“LPL has evolved significantly over the last decade and still wants to scale up,” says one industry executive.
Survey findings from the Nationwide Retirement Institute offers pearls of planning wisdom from 60- to 65-year-olds, as well as insights into concerns.
Streamline your outreach with Aidentified's AI-driven solutions
This season’s market volatility: Positioning for rate relief, income growth and the AI rebound
