How can we help you?

• You must meet the following requirements to be accepted and enrolled in the program:
  • Individual advisors/business owners with a federal Tax ID (the policy will be issued to your business) and your dependents.
  • Complete a health questionnaire and be accepted by the program based on the answers.
  • Join and/or maintain your FSI membership ($199/year) which also requires you have an active CRD number.

Your employees cannot enroll unless they are financial advisors with their own federal Tax ID. They cannot be W-2 employees; they must be 1099 contractors. 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.

Yes!

• While we do not require full medical underwriting, you will have to complete a short health questionnaire, and your answers may disqualify you from the program.   
• For privacy purposes, please know that the underwriter will not request your medical history, nor will any report be requested from or made to the MIB.  Your health questionnaire will not be used for any other purpose than determining your eligibility for this program and will not be shared with or released to any other entity.

See below. If you believe you or your dependents have conditions that would result in an adverse response, this program may not be right for you at this time.

The Health Questions

Are you or is any immediate family member pregnant, an expectant parent, in the process of adopting a child, or undergoing fertility treatment?Within the last five years, has any person listed on this application received any medical or surgical advice, consultation or treatment, including medication, for:

• Heart disorder, heart attack, coronary artery disease or circulatory system disorder (includes by-pass or stent surgery or carotid artery disease/surgery)
• Stroke, seizures disorder or other neurological disorder
• Cancer or tumor or taking medication to prevent recurrence of cancer or tumorous growth
• Emphysema, chronic bronchitis or COPD (chronic obstructive pulmonary disease)
• Kidney disorder other than stones and/or liver disease
• Degenerative arthritis (degenerative disc disease, herniated disc, rheumatoid or psoriatic arthritis or degenerative joint disease)
• Alcohol or drug abuse or dependency or chemical dependency
• Stem cell transplant
• Paraplegia, quadriplegia or multiple sclerosis
• Insulin dependent diabetes

Have you or any person proposed for coverage been diagnosed or treated by a medical professional or medically diagnosed for Acquired Immune Deficiency Syndrome (AIDS), AIDS-related complex, or any other immune system disorder? Answer to this question "No" if you have tested positive for HIV but have not developed symptoms of the disease AIDS.

• As a business owner, your business is joining a captive insurance company, which means only the owners of the member businesses and their qualified dependents may be insured.  This captive is based in North Carolina, where thousands of other captives are located, and regulated by the state’s Department of Insurance.
• A Captive insurance company is a privately owned insurance company whose owners come together to pool risk and form their own licensed insurance company. In this case, individual FSI advisor members who are sole proprietors, independent contractors and/or single business owners have banded together to create their own insurance company. This group approach provides FSI members with the scale to insure the medical risks of its participant members and provide cost savings compared to the ACA marketplace and other private individual plans. 

The program is self-insured by participating member businesses, FSI members are their own carrier. Vault Health Holdings is the captive manager and Vault Admin Services is the plan Administrator. The captive secures a re-insurance contract to cover claims that exceed the target loss ratio (if the program does exceed the loss ratio. The re-insurance provided by Greenwich does not have a “specific” or “aggregate” paid claim limit, meaning that there is no coverage limit, or point at which the re-insurance caps its coverage amount.

• Because you are admitting your business to membership in the captive, there are a couple documents required that are not typical of an insurance enrollment process.   You will have to sign: 
  • a joinder to the captive operating agreement which describes, among other things, how the captive will operate and communicate with shareholders.
  • A plan document for your self-funded plan
  • Medical Reimbursement Contract with the Captive

• Savings of up to 50% 
• National Physician PPO + go to ANY doctor
• Open Access: Nothing is out of network!
• HSA eligible plans and premiums that are tax deductible (always confirm with your tax professional)
• ACA compliant major medical
• Available in all 50 states
• Easy to switch from current plan
• Leverages the benefits of using a Captive, like Fortune 500 companies’
• Rates that stay low due to removal of carrier profit margin

You may be concerned about insurance program insolvency, termination or simply not being able to pay claims. Let’s address those concerns right now!

• Rates are guaranteed through 12/31/21. Renewal information and rates will be posted by November 2021, leaving time to switch plans within or outside the captive.  The 2022 plan year begins on January 1^, 2022, renewing on January 1, 2023.   
• The program is re-insured by Greenwich, an A+ rated insurance company. If claim amounts exceed claim fund resources, overages will be paid by the re-insurer. There is NO maximum coverage limit on our re-insurance. 
• If you apply and 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 medical condition which leads to extraordinary medical claims, you may be non-renewed. You will be notified of your options no later than November of each plan year, leaving you plenty of time to find other coverage for the following year.
• It’s highly unlikely, but if for some reason the captive insurance company cannot continue, you will be notified no later than November of the preceding calendar plan year, leaving time to procure other coverage.  Insurance plans designs and rates are guaranteed through end of each calendar year, ensuring no disruption of coverage.  

Both the near and long-term goal of this program is to hold rates steady or reduce them over time. The captive structure, plan designs and application of a health questionnaire are all components that should allow the program to remain healthy now and in the long run. That said, the cost of healthcare is ever-increasing. But, as members of the captive, we have ways to control costs, either by adjusting membership requirements or adjusting plan benefits.

Regardless of when you join the program, renewals will occur on January 1 each year.

Yes, staff with a federal Tax ID and an active CRD number and their dependents may enroll. The primary insured should have his or her own federal Tax ID, and not share the Tax ID of the overall practice. If your staff do not know their CRD number – most staff have a CRD even if they don’t know they do – call your home office and ask them. If that person doesn’t know, ask for someone in the licensing department.

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.