The Financial Services Institute (FSI), a membership and advocacy organization for registered investment advisers (RIAs), has announced the launch of CoveredAdvisor2.0, an updated member support program that includes health care and other insurance benefits for advisers and their staff members.
FSI has partnered with Decisely Insurance Services and Humana to deliver this group health insurance program to advisers who work for a practice located in one of 16 states and which includes five or more FSI members. These “five-life” states are Arizona, Colorado, Florida, Georgia, Illinois, Indiana, Kansas, Kentucky, Louisiana, Michigan, Missouri, Mississippi, Ohio, Tennessee, Texas and Wyoming.
According to FSI President and CEO Dale Brown, health care provided through CoveredAdvisor2.0 offers savings of up to 20% compared to the open market. Greater savings can be obtained by bundling additional insurance products and participating in a wellness plan. FSI is working with a new carrier, the Prudential Insurance Company of America (Prudential), for its non-health group insurance benefits.
FSI says it will work with insurance carriers to expand its health care program to other states, as well as to update the states currently with a five-life requirement to two lives. Brown says groups of two to four FSI advisers may also find significant savings versus the open market through an additional FSI offering that is available in 44 states.
Interested advisers and staff can visit www.AdvisorHealthPlan.org and request a rate quote during the open enrollment period. Plan and rate quoting starts March 1 for a May 1 earliest effective date, but options are available for members throughout the year.