The Department of Labor’s proposed rule expanding access to association health care plans would open the door to providing investment advisors with access to affordable, quality health care, the Financial Services Institute told Labor in a Monday comment letter.
As it stands now, FSI’s advisor members can access such benefits as group and individual long-term disability insurance, accident, gap, group term-life and succession planning through FSI’s CoveredAdvisor plan.
Fifteen percent of FSI’s total membership (including both IBD firms and financial advisors) is enrolled in CoveredAdvisor, which does not currently offer general health insurance.
“Quality, affordable health care coverage is something our advisor members have been asking for years for us to provide,” said FSI spokesman Chris Paulitz.
If Labor’s rule is finalized, “it would be a welcome development for many of our members.”
President Donald Trump signed an executive order last October directing Labor to consider expanding access to association health care plans.