Advisors associated with the Financial Services Institute are getting the gift of group health insurance.
Decisely Insurance Services and Humana have partnered with FSI on CoveredAdvisor2.0 to offer health insurance for groups of five or more FSI members. The plan so far is approved in 16 states: Arizona, Colorado, Florida, Georgia, Illinois, Indiana, Kansas, Kentucky, Louisiana, Michigan, Mississippi, Missouri, Ohio, Tennessee, Texas and Wisconsin.
FSI has been looking for carriers that would write a health insurance plan specifically for its advisors to be approved by states. In addition to the plans for groups of five plus, an offering for groups of two to four FSI members is available in 44 states, and vision and dental plans are available nationwide.
The health insurance plans can be extended to the advisor’s employees who work out of state, except in California, Hawaii and New Hampshire.
Advisors' staff can also register as FSI members, the organization said. The earliest FSI members can opt in is May 1, and they can receive quotes starting March 1.
The original CoveredAdvisor program housed life and longterm insurance along with accidental death insurance, critical illness and accident insurance for independent advisors. Under CoveredAdvisor2.0, FSI has secured a new non-health group insurance benefits provider through a partnership with Prudential Insurance Company of America.
“Today’s announcement is only phase one. Over the rest of 2020 and beyond, we will work tirelessly until the majority of our members no longer have to worry over how to pay for healthcare for them and their families,” FSI CEO and President Dale Brown said.