Boca Raton has one of the densest concentrations of small RIAs and financial planning practices in Florida. Most are 2–8 person operations — a CFP plus paraplanners, an associate advisor, and a client services coordinator. Health insurance for this scale typically falls into one of three patterns. This page covers what works for a Palm Beach County wealth management firm.
Most Boca Raton RIA owners are 45+ with established income and don't qualify for marketplace subsidies. The owner's interest is purely cost minimization and deductibility. Younger paraplanners and client service staff often DO qualify for subsidies, which makes the choice between group plan and ICHRA a real decision.
Pattern 1: Group Silver HMO. Single plan covering everyone. Firm pays 70–80% of employee premium (more generous than typical small business — Boca Raton RIAs often signal "we treat staff well" through above-average employer contributions). Owner deducts via W-2 add-back. Total firm cost for a 5-person firm: $25K–$35K/year.
Pattern 2: ICHRA $500–$700/month per employee. Each employee picks their own marketplace plan. Owner uses marketplace personally (or stays on prior coverage). Lower marketplace-eligible staff keep subsidies. Total firm cost: $30K–$42K/year for 5 employees.
Pattern 3: Owner self-insures via marketplace, employees on group plan. Less common but possible — particularly for owners who maintained a marketplace plan from before founding the firm and don't want to switch.
| Plan | Per-Employee Monthly |
|---|---|
| Florida Blue Silver HMO | $485–$625 |
| Florida Blue Silver PPO | $610–$795 |
| Aetna Silver HMO | $455–$595 |
| Ambetter Silver | $405–$535 |
| UnitedHealthcare Choice Plus | $540–$705 |
Many Boca Raton RIAs already advise clients on health insurance and HSA strategy. The firm's own benefits should reflect that knowledge:
An RIA structured as an S-corp gets the standard >2% shareholder W-2 add-back treatment. Premiums paid by the firm for the principal advisor add to W-2 wages, then deduct on Schedule 1. Boca Raton CFP owners earning $300K+ rarely benefit from marketplace subsidies anyway, making the W-2 cycle the most efficient path to deductibility.
Depends on staff income mix. If multiple employees would qualify for marketplace subsidies (typically those earning under $60K single), ICHRA preserves those subsidies and often delivers better household economics. If most staff earn above subsidy thresholds, a group plan is simpler and slightly cheaper.
Group Silver HMO with 70/30 employer-employee split runs roughly $28K–$36K/year in firm cost. ICHRA at $600/month per employee runs $36K/year fixed. Premium varies by employee ages — Palm Beach County prices similar to Miami-Dade.
Yes. For S-corp >2% shareholders, premiums add to W-2 wages then deduct on Schedule 1. The same coverage and rates apply as for non-owner employees. Firms with only the principal and spouse on payroll need at least one non-owner employee for group eligibility.
Not legally required. But many Boca Raton RIAs offer voluntary short-term and long-term disability — often $30–$60/month per employee — as a competitive benefit. The principal advisor usually carries individual disability coverage personally given the income at stake.
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