The Financial Services Institute (FSI) has launched of a new national health insurance program, which will allow independent financial advisors to obtain ACA-compliant major medical health insurance for themselves, their licensed staff and their families at a fraction of the cost of plans on the open market.
FSI partner Vault Strategies started a captive insurance company for FSI members as part of the health program rollout.
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 (ACA). 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.
Chris Paulitz, FSI’s Head of Strategic Initiatives, said: “The beauty of the independent model lies in the freedom it gives advisors to open their own business and run it as they choose. Yet health care premiums larger than their mortgages can constrain their ability to reach their full potential. Our health insurance plans level the playing field for financial advisors and they no longer have to shoulder their burden alone.”
Scott Spiker, FSI Board Member and Chairman of First Command Financial Services, said of FSI’s health offering: “As a leader in the wealth management space, as well as a former healthcare CEO, I can tell you this plan is exactly what our industry has needed for a long time. Advisors should take a serious look at this plan and switch now. I’m urging my advisors to do that and would urge all advisors to do the same.”
Financial Services Institute, Health Insurance, Captive, Reinsurance, Insurance, Chris Paulitz, Scott Spiker, North America