New Exclusive Health Plan Options for Financial Professionals from Lockton Affinity Advisor Announced

With open enrollment around the corner, many financial professionals are reviewing next year’s health insurance options. Unfortunately, those choices are often unappealing.

When you’re a self-employed business owner, independent contractor or advisor at a very small firm, your options for health insurance are limited. Exchange plans lack flexibility while private plan premiums climb higher every year. But this fall, you’ll have another option.

Lockton Affinity Advisor is partnering with Decisely, a leading brokerage of healthcare solutions for small businesses, to offer health plan solutions to financial professionals.

Here’s what you need to know about these exclusive health plan options from Lockton Affinity Advisor:

Challenges of Health Insurance for Advisors

One of the challenges of finding healthcare coverage as a financial professional is that for many, their employment status falls outside the norm.

Many advisors are small business owners classified as self-employed. Others partner with large firms but work on an independent contractor basis.

Even if you are a salaried employee, you may work at a small firm exempt from providing benefit plans with minimum essential coverage. In each case, you may find yourself on your own when choosing a health plan to suit the needs of you and your dependents.

The plans that are available typically fall into two categories, Affordable Care Act (or Healthcare Exchange) plans and private insurance plans. Both have their drawbacks.

For ACA and Exchange plans, options are often limited. Not all insurers participate in the Exchange in a particular state and there are only a few fixed choices of coverage from each carrier to choose from. Networks are often unreasonably narrow, forcing you to choose from fewer medical providers.

For private insurance plans, more flexibility is possible, but that flexibility often comes at a significantly higher cost. With dependents, those costs multiply, often to uncomfortable levels.

However, the new program from Lockton Affinity and Decisely offers financial advisors a way to solve the problems of lack of choice and high cost.

Advisors Can Establish a Health Plan with a Medical Captive

The new program from Lockton Affinity Advisor and Decisely will give self-employed financial advisors the ability to establish a self-funded health plan with a medical captive.

A self-funded health insurance plan – a plan formed by your advisory business to provide coverage to yourself and your dependents – may offer greater control as well as cost savings. Though every tax situation is unique, captives can sometimes offer tax advantages.

Lockton Affinity and Decisely’s new captive program offers access to a number of great benefits. Participants will have access to a national physicians PPO network and the ability to go to any doctor, with three model plan designs, HSA eligible options and coverage for both vision and dental included.

There are two basic requirements to participate in the new program. Because the health plan is organized under your self-employed or independent contractor business, a federal tax ID number is required.

To qualify for a plan, a health questionnaire must be completed by the primary applicant on behalf of themselves and the dependents they want to cover.

While there are some extra steps beyond what’s required for some other health plans, the process for establishing your health plan is quick and easy. Everything can be taken care of online, whenever it’s most convenient for you.

Non-Captive Options for Financial Advisors

Most financial advisors who lack health insurance coverage from an employer will be able to qualify to participate in a medical captive.

However, for those that don’t qualify, there is another option available through Lockton Affinity and Decisely.

For individuals or small employer groups that apply for but do not qualify for the captive program, there is a Health and Wellness plan offered by Amalgamated Local 426, which utilizes the national Blue Cross Blue Shield network.

This guaranteed-issue program is offered on an invitation-only basis to independent advisors and small groups through member-based and enterprise programs and includes no union membership duties.

Open Enrollment Begins This Fall

Lockton Affinity Advisor and Decisely’s new exclusive healthcare solutions for financial professionals will be available beginning this fall. Signup will be available online beginning November 1, 2022.

For more information, financial professionals can visit or call (844) 406-5958.