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.
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As our second lead editor, Cindy Hamilton covers health, fitness and other wellness topics. She is also instrumental in making sure the content on the site is clear and accurate for our readers. Cindy received a BA and an MA from NYU.