Frequently Asked Questions

• Eligibility: To apply and ultimately enroll in the program, you must be a financial advisor business owner with a federal Tax ID; complete a short health questionnaire and be accepted; join or maintain your FSI membership; and keep an active CRD number. A federal tax ID can be from an LLC, S-corp, etc. Or, you can get a simple EIN from the IRS for free in minutes. CLICK HERE to go to the IRS website.
• Program Structure: The program is run by Vault, a captive insurance company domiciled and regulated by the North Carolina Department of Insurance. As the business owner, the plan is issued to your business, which means you are an owner of the captive and are represented by its Advisory Board.
• Program Options: We offer three great plan designs for advisors and their dependents. Those plan levels offer deductibles of $2,500, $5,000 and $10,000 – and, unlike the ACA, the deductibles are also the out-of-pocket maximums. Two of our three plans are HSA eligible, all three are ACA compliant and the premiums paid by your business entity are tax deductible (always confirm with your tax professional).
• Network and Claims: This program provides access to a national PHCS Physician Only network. However, you can visit any provider and your benefit is the same, there is no benefit difference for a PHCS or non-PHCS provider. If your doctor is in PHCS, they will bill PHCS. If you visit a non-PHCS provider, be sure to compare your explanation of benefits to the provider bill and contact Vault Admin Services / AMPS, our claims administrator, if they do not match.
• Is dental and vision offered or where do I go for dental/vision?: FSI is working on a dental/vision plan but there is not yet a timeframe we can tell you we will offer one. For now, you can find individual dental and vision coverage through healthcare.gov or your respective ACA exchanges.
• Enrollment Process: Enrollment is easy! You’ve already seen your low rates. Once you complete and pass our short medical questionnaire you will choose your plan design, sign final contracts, enter bank information and you’re done!

There is no catch!  The FSI Advisor Health Program harnesses the size and scale of our 80+ Member firms and 30,000+ member advisors to develop an innovative program structure that locks in savings for members and their families in good health. The reason this is so affordable, compared to the open market, is because we use a short medical questionnaire. About 5% of people drive 95% of healthcare costs. By allowing the remaining 95% of people into the program, and not paying for the salaries and advertising costs of household name insurance carriers, we offer dramatic savings to most advisors.

We have reviewed the requirements published by the states with their own individual health insurance mandates, and we are confident the FSI Advisor Health Plan satisfies those requirements; you will receive supporting documentation at the appropriate time. However, you should always consult with a tax professional, to ensure compliance for the tax year in question.  

This program provides access to the PHCS Physician network, the largest provider network in the U.S.  However, the program also supports “open network” physicians, meaning you can visit any provider you wish, even those outside PHCS.  There are NO separate deductibles for In-Network or Out of Network claims, which is a key differentiator. Be sure to read the network-related FAQs and program materials to learn more about the PHCS Physician and open network features of the plan designs. We understand that ease of use and smooth claim payment processes are a “must have” for any health plan. To check and see if your doctor is in the PHCS network, CLICK HERE. If they are not, again, you may still go to them as they are in our open network with no additional charge to you. 

Let’s face it: You’re probably concerned about the program becoming insolvent, suddenly terminating or simply not being able to pay claims. Let’s address those concerns right now!

• Rates are guaranteed through 12/31/21. You will be provided renewal information and rates no later than November 2021, leaving you plenty of time to switch plans if you want.  
• The program is re-insured by Greenwich, the US AXA subsidiary, meaning that if claims exceed the expected levels, claims will be paid by the re-insurer. There is NO maximum coverage limit on our re-insurance.  In addition, the program structure is filed with, and meets all requirements set forth by, the North Carolina Department of Insurance.   
• If you apply and are one of the few that do not pass the medical questionnaire, you will not be allowed to enroll in the program.  You may not be admitted based on the results of your health questionnaire or if you do not meet other eligibility requirements.
• If you are in the program and develop a condition which leads to extraordinary claims, you may be subject to non-renewal. We expect this to be rare but if it happens, you will be given ample time to find an ACA plan or another open market plan.