The Financial Planning Association says that members in most states now have access to a national group health insurance plan in partnership with Ryan Insurance Strategy Consultants.
According to the FPA, based in Denver, the plan is generally available for advisors with two to 50 employees and comes about two years after advisor members requested “health care with more options and lower costs.”
Regulations in New York, North Carolina, New Hampshire, Delaware, Hawaii, Montana and Washington, D.C., though, do not allow FPA members in these states to join the plan. FPA and RISK say they will work to open these markets to members as membership in the group health plan grows.
“FPA is thrilled to be one of the first-to-market with a national group health plan to help our members address their personal health care needs, but also stay competitive, attract the right employees and grow their businesses,” according to FPA Executive Director and CEO Lauren M. Schadle.
The organization offered some members health plans through a pilot program in June and is hosting a webinar on the plans next Wednesday.
“We saved thousands of dollars on a plan that’s almost the same as our old one,” said pilot participant Christine Damico, CFP, of Blacksburg, Virginia, in a statement.
“I was surprised by how easy the process was. Ryan Insurance Strategy Consultants took care of all the setup and answered my questions right away. I’ve already recommended them to a colleague at another firm,” she added.
The FPA says rates offered to members are about 25% lower than comparable Affordable Care Act plans.
Other features of the new program include access to the Aetna Signature Administrators PPO medical network; customized group plans with different co-pays and deductibles; short-term plans, medigap products, customized HSA plans, and senior products (Medicare Supplement and Advantage Plans); dental and vision plans; critical illness and accident plans; life insurance; and more.
“The new FPA health plan offers more choices, lower premiums, and easy access to custom quotes,” according to John Ryan, CFP, of Ryan Insurance Strategy Consultants.
— Check out FPA Finalizes Reorganization on ThinkAdvisor.