That seems a bit high. I was paying about 600 a month for myself and my husband, no dependents.  I got the cadillac plan.  I was really mad that the IRs had no share of cost (after the first year) and that we didn't have the differnt choices that the BOAs had.  We had expensive plan or crap plan...no other choices. 

I eventually quit the Jones plan and we got private insurance, which was less expensive and covered just as much.  Plus, since my husband has a business we put it on "his" plan and wrote off the whole thing.

they made some improvements, not sure how improved they are though. 1200 is incorrect. It was never that much…may have been a 1200 deductible.

As a former Jones IR I can agree with most of what has been posted on this topic.

The plan was crap, (there was no cadillac plan) and it was expensive.   Always ticked me off that the home office paid a different rate than the IR's.  Just one more way they stuffed the crap down the IR's throat.  And then they tell you that the reason for the different rates was that the IR had an unlimited income potential and the home office staff including GP's were on a fixed income.  But that is their choice as a company and the IR's choice to stay and pay through the nose.  That is why there are different companies to hang your hat with.   

The plan was crap, (there was no cadillac plan) and it was expensive

The plan was expensive but it wasn't bad at all.  I had an emergency operation that put me into the surgical ward for 3 days.  My total hospital bill was $250 and $50 to the two surgeons and anesthesiologist plus a $20 copay on some medicine.  So less than $600 my cost, for a 6 figure bill. 

It ticked me off too that the IRs got no share of cost and the home office and BOAs were.  In my first year out my BOA was making more money than I was !!! because of the way they structured the pay at that time.  Right .....unlimited income potential.

I agree with Babs, it is not a bad plan. Complete knee replacement cost me less than $1000. I agree though, that is a weak link. Is it true that AGE is the only firm that picks up 100% of this cost for their brokers?

EDJ uses their 9000+ IRs as a leveraging mechanism to drive down the cost of their group health plan, and then manages to pass along exactly none of the savings achieved to those same IRs.  Un-freaking-believable!  Proving once again that the collective greed of the GPs is literally insatiable.

I think it varies a little based on what part of the country you are in, but in my part of the country, the family care choices for IR's this year were:

1.  HSA with United Healthcare $2,500 per person deductible, about $350/month

2.  BCBS plan with $1,000 deductible, about $800/month

3.  lower deductible BCBS plans were available for astronomical $$, and my BOA had a plan where she pays $25 everytime she goes to the doctor or something similar, it wasn't available to me and would have cost me huge money if it was.

Setting aside the fact that there is no cost sharing whatsoever from EDJ, there is a huge problem with the HSA - a large number of IR's are in parts of the country where United Healthcare in not accepted.  There are 2 basic problems with this.  First, you lose the discount negotiated by the health insurance company, which is on average just over 40% of the bill.  The second and even bigger problem, if the health insurance company determines that the cost you were charged is above reasonable and customary, then you pay that amount and it does not count toward your deductible.  The doctors & hospitals around here have language in the forms they make you sign that says if your insurance company denies a claim based on "reasonable and customary" the patient has to pay the difference.

I don't know the number of IR's affected, but based on many calls to people in HR, I am guessing it is in the high hundreds, but probably not thousands.  When I finally made it to the GP level to talk to someone about this problem, the response was basically that the HSA was a good benefit for most people, a few hundred of us got screwed, tough sh!t.  It was suggested both over the phone and in written materials from the home office that I call my doctors and try to negotiate a better rate. 

When a BOA said she had heard she would give up her negotiated rate if she switched to the HSA, a St Louis jacka$$ completely dodged her question in the BOA suggestion box, and instead gave a sales pitch for why the BOA's should all sign up for the HSA too, even though their health care is heavily subsidized by home office.

For the IR's who need family coverage and can't shift the burden to their spouse's employer, they had to either lock in $9600 in premiums plus up to $2,500 in deductible, or lock in $4,200 in premiums with $6,000 in deductible, plus unlimited liability for reasonable and customary.  Annoying for a segment 5 broker, a major expense for segment 2's and 3's.

I love this company.

Don’t know about AGE, but can find out. Like I said, my employer’s net cost is $225/mo. for a low deduct. plan. Probably save that much/mo. on paper clips, postage, phone,etc.  

I never signed up for the group health it was and is worthless. EDJ4now realizes the level of greed in this company. EVERONE OF MY FRIENDS WHO USED TO WORK AT EDWARD JONES ABSOLUTLY HATES THIS COMPANY. Unfortunately the people who should be reading these comments don't.Also, I am throughly disgusted with Registered Rep magazines' assessment of what a great company Edward Jones is to work for. I have no respect for the writers and management of Registered Rep Magazine in this concern.

3% of net profits would drop the IR’s share down to half…care to know who voted not to do that??? I have sent this in and all they talk about is unlimited income potential…whoever it was in another thread said it best…why do all the top producers have bad teeth…I’ve noticed the trend quite amusing…In fact a large producer stood up in a meeting a few years ago before the entire group and said “How could his clients lose money in an insured muni fund?” quite telling of the caliber of the reps there…The investing public in educated arena’s know that Jones is just not the place to go for serious money

With Jones taking 60-62% of every revenue dollar an advisor earns--plus forcing them to pay 1/2 phone bill 1/2 postage..all advertising, etc., they ought to have a MUCH better health plan.

I went to blue cross/blue shield and pay about 15%-20% less than at Jones with about the same coverage as an indy.

Guest1, so much at Jones is a weak link.  Health Insurance is one of many. 

stickittotheman:...In fact a large producer stood up in a meeting a few years ago before the entire group and said "How could his clients lose money in an insured muni fund?" quite telling of the caliber of the reps there....

------------------------------

Wow! A securities attorney would love to have that large producer's client list!

The joke w/Jones folks is that you need to marry someone w/health insurance because Jones is so poor. Strange that protection from catastrophic circumstances is in the foundation of the financial needs pyramid that Jones wants us to tell clients. Health insurance protects against medical catastrophe. What Segment 2-3 IR can afford to support their family paying $750/month along w/other expenses of running a branch? The HSA is cheaper, but stinks with a $5k deductible. Jones is a great place to work, but you absolutely need a spouse supporting your health insurance costs from years 2-5.

[quote=JonesIR]The joke w/Jones folks is that you need to marry someone w/health insurance because Jones is so poor. Strange that protection from catastrophic circumstances is in the foundation of the financial needs pyramid that Jones wants us to tell clients. Health insurance protects against medical catastrophe. What Segment 2-3 IR can afford to support their family paying $750/month along w/other expenses of running a branch? The HSA is cheaper, but stinks with a $5k deductible. Jones is a great place to work, but you absolutely need a spouse supporting your health insurance costs from years 2-5.[/quote]

Agreed!

Jones brokers, myself included, have no rebuttal of “our” health insurance.

Jones is not a "great place to work".  For a 200k producer, it might be better than Smith Barney or ML--but that doesn't mean it's a great place to work.

There are so many issues other than Health Insurance.  When I started doing bigger numbers at Jones the health insurance was but a fraction of the multitude of shortcomings at Jones. 

There are hundreds of brokers who have left Jones for indy--and yet I know of no one who has EVER come back.  Furthermore, I know of no one who has ever left indy to go to jones. 

Jones should be giving the IR's health insurance--end of story.  Do they still charge the brokers 1% of net for national advertising?  Lower payouts on B & C shares?  Add up how much you are really paying to run "your own" office.  There's one born every minute--at Edward Jones--

zacko,

Have you ever heard of a 300K or larger producer EVER going over to EJ ????

Never. Nope

They did pick up some of the reps that were let go by MS last year, though.