FSI Unveils Association Group Health Plan Offering, Phase 1

January 28, 2020

New CoveredAdvisor2.0 Program Includes Partnering with Prudential on Large-Group Benefits

The Financial Services Institute (FSI) today announced its industry-leading CoveredAdvisor program has expanded to CoveredAdvisor2.0 and includes its first phase of healthcare for advisors and their staff – as well as partnering with a new carrier, The Prudential Insurance Company of America (Prudential), for its non-health group insurance benefits.

PHASE 1 HEALTHCARE: FSI has partnered with Decisely Insurance Services and Humana – who was rated #1 in customer service in 2019 by Newsweek – to bring true group health insurance to advisors, their staff and their families who work for a practice located in one of 16 states for groups enrolling five or more FSI members. FSI’s plan offers savings 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 will work with insurance carriers to expand its healthcare program to other states as well as to expand the states currently with a five-life requirement to two lives. However, in the meantime, groups of two to four should still contact us for a full healthcare solution. Groups of two to four may also find significant savings versus the open market through an additional FSI offering that is available in 44 states.

The Phase 1, 5+ lives states include: AZ, CO, FL, GA, IL, IN, KS, KY, LA, MI, MO, MS, OH, TN, TX and WI. Practices located in these 16 states may also include in their health plans advisors and staff who work for the practice yet live outside of the state (restrictions may apply in California; does not extend to Hawaii and New Hampshire). Plan and rate quoting starts March 1 for a May 1 earliest effective date, but options are available for members throughout the year, irrespective of benefit renewal dates. Last, all members in groups with two or more in all 50 states can enroll in a robust vision and dental plan.

Starting today, all interested advisors and staff should visit www.AdvisorHealthPlan.org and request they be personally contacted when rate quoting begins.

“Advisors have told us for years the incredible burden they face trying to find quality, affordable healthcare. I’m very pleased that, today, we’re taking the first step to help our members overcome the single biggest financial obstacle most of them face,” said FSI President & CEO Dale Brown. “As we have said for the last two years, this problem didn’t arise overnight, and neither will the solution for all of our members. Today’s announcement is only phase 1. 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.”

While this process is complex, with the federal and state governments, as well as the marketplace in control, FSI is on the cutting edge of all national associations regardless of the industry they represent. FSI is a founding member of the Steering Committee of a national coalition to advance association healthcare plans and is helping to educate regulators and lawmakers on the critical role associations can play in bringing quality, affordable healthcare to their members.

NEW: PARTNERING WITH PRUDENTIAL: Since the launch of our CoveredAdvisor program over five years ago, we have grown rapidly, and now cover over 8,000 members, in the nation’s only large-group and individual disability, term life/AD&D, critical illness and accident insurance program, written specifically for independent financial advisors and their staff.

Today, FSI is announcing it will be partnering with Prudential in our expanded CoveredAdvisor2.0 program. With 75 years of experience in association insurance benefits, and in conjunction with our plan administrator, Disability Specialists, Inc., our offerings are more affordable and robust than ever.

For example, we can now provide advisors up to $30,000 in monthly benefits through group and individual disability insurance, and up to $750,000 in group term life/AD&D. Staff of advisors can also be FSI members and now have an even better bundled plan. Enrollment in this new program begins March 1.

* FSI’s association group health plan offering is not a pathway 1 or pathway 2 Association Health Plan (AHP). 

From Prudential:
This coverage is not health insurance coverage (often referred to as “Major Medical Coverage”).
This type of plan is NOT considered “minimum essential coverage” under the Affordable Care Act and therefore does NOT satisfy the individual mandate that you have health insurance coverage.
These policies provide disability income and accident insurance only. They do NOT provide basic hospital, basic medical, or major medical insurance as defined by the New York State Department of Financial Services.
North Carolina Residents: THIS IS NOT A MEDICARE SUPPLEMENT PLAN.  If you are eligible for Medicare, review the Guide to Health Insurance for People with Medicare, which is available from the company.
Group Insurance coverages are issued by The Prudential Insurance Company of America, a Prudential Financial company, Newark, NJ. The Booklet-Certificate contains all details, including any policy exclusions, limitations, and restrictions, which may apply. Contract Series: 83500.