Updated May 2026 · Florida Plan Finder · Licensed Florida Health Insurance Producer

Health Insurance for Financial Planning & Wealth Management Firms in Boca Raton, FL

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.

The Owner Profile Drives the Decision

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.

Three Common Patterns

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.

Premium Benchmarks — Palm Beach County Small Group

What Wealth Management Firms Do Well

Many Boca Raton RIAs already advise clients on health insurance and HSA strategy. The firm's own benefits should reflect that knowledge:

• HSA-eligible HDHP option for employees who want it
• Section 125 cafeteria plan for pre-tax employee contributions
• FSA (limited purpose) alongside HSA
• Employer-sponsored disability insurance — often missing at small RIAs
• 401(k) profit-sharing plan integrated with health benefits messaging

For RIAs Specifically

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.

Common Mistakes

• Picking only Florida Blue without quoting Aetna or Ambetter — costs 8–15% more than necessary
• Not pairing HDHP with HSA contributions — missing tax-advantaged savings vehicle
• Skipping the Section 125 cafeteria — costs employees real money
• Treating ICHRA as a "lesser" benefit — for many Boca Raton firms with diverse staff incomes, ICHRA delivers more household value than a single group plan