Bmi Financial Group. Inc.
Updated Filing received by DOL
Bmi Financial Group. Inc., a finance & insurance employer in Miami, Florida, reported 138 participants in its health and welfare plan for plan year 2024. Its Form 5500 shows $1.2M in insurance premiums across 8 contracts and $141,039 in broker commissions and fees, 5.1% of medical premium against a national median of 3.8% among plans that paid commissions in plan year 2024. The plan is a mix of insured and self-funded coverage. The Department of Labor received the filing on May 29, 2026, 59 days after the base deadline with no extension indicated on the form.
Who was paid on Bmi Financial Group. Inc.'s plan
Schedule A, Part I lists each broker or agent paid on each insurance contract and the amount. Totals below add every contract Bmi Financial Group. Inc. filed for 2024.
| Broker or agent | Commissions | Fees | Total | Contracts |
|---|---|---|---|---|
| Employer Benefits Consulting, LLC · Miami, FL | $51,456 | $1,446 | $52,902 | 8 |
| HUB International · Miami, FL | $33,137 | $0 | $33,137 | 7 |
| Amwins Group Benefits, LLC · North Kingstown, RI | $0 | $5,871 | $5,871 | 1 |
| Excelsior Benefits LLC · Excelsior, MN | $762 | $0 | $762 | 1 |
Source: DOL Form 5500 Schedule A, Part I (broker commissions and fees), plan year 2024, as published in EBSA's 2024 "Latest" dataset. Part I names whoever the carrier paid, which can be a firm or an individual agent; both are public record. Amounts exclude pay from carriers not tied to a listed contract.
Insurance contracts and carriers
Every insurance contract reported on Schedule A: carrier, what it covers, people covered at year end, earned premium, and broker compensation.
| Carrier · coverage | Covered | Premium | Broker pay | Rate |
|---|---|---|---|---|
| Blue Cross Blue Shield of Floridahealth, prescription drug | 61 | $792,521 | $40,695 | 5.1% |
| Health Optionshealth, prescription drug, HMO | 40 | $439,031 | $22,256 | 5.1% |
| Transamerica Life Insurance Co.coverage not coded | 68 | — | $18,677 | — |
| Usable Lifelife | 158 | — | $15,791 | — |
| Usable Lifelong-term disability | 158 | — | $33,004 | — |
| Usable Lifelife | 146 | — | $5,379 | — |
| Usable Lifecoverage not coded | 145 | — | $3,536 | — |
| Usable Lifeshort-term disability | 51 | — | $1,701 | — |
Source: DOL Form 5500 Schedule A, plan year 2024. Self-funded medical coverage has no premium; amounts shown for it are stop-loss or administrative contracts.
How Bmi Financial Group. Inc. compares
Medians across employers for plan year 2024, the most recent complete year. Commission rates use fully insured medical contracts only; dollar medians use every employer that disclosed broker pay.
Premium per covered person on medical contracts: $12,194 a year (national median $7,274).
Source: BenefitsLedger benchmarks from 58,547 employer health plans with 100 or more participants, plan year 2024. Methodology.
Filings and timeliness
Plans this employer filed under its EIN with a health benefit code. Large plans are due seven months after the plan year ends, or two and a half months later with an extension; amended filings carry the amendment date, so no timing is asserted for them.
| Plan | Plan year end | Received by DOL | Timing | Participants |
|---|---|---|---|---|
| Bmi Financial Group, Inc. Health & Welfare Plan#502 · filed under DFVCP · insurance, general assets | August 31, 2025 | May 29, 2026 | 59 days after deadline, no extension indicated | 138 |
Source: DOL Form 5500 Part I and signature dates; "late" means received after the extended deadline (the 15th day of the tenth month after plan year end). What a late Form 5500 costs.
How much did Bmi Financial Group. Inc. pay in health insurance broker commissions in 2024?
Bmi Financial Group. Inc.'s 2024 Form 5500 reports $141,039 in broker commissions and fees across 8 insurance contracts ($86,566 in commissions, $54,473 in fees), with Employer Benefits Consulting, LLC receiving the largest share.
Is Bmi Financial Group. Inc.'s health plan self-funded or fully insured?
The 2024 filing indicates the plan is a mix of insured and self-funded coverage. Medical coverage is written by Blue Cross Blue Shield of Florida, Health Options.
How does Bmi Financial Group. Inc.'s broker compensation compare with similar employers?
Bmi Financial Group. Inc. paid 5.1% of medical premium in commissions and fees. The median for employers with 100-199 participants is 4.2%, and the median in Florida is 4.6%. Percentages are computed only on fully insured medical contracts with filed premiums.
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Record built October 24, 2026 from U.S. Department of Labor, EBSA Form 5500 datasets (2025, 2024, 2023 plan years, 'Latest' files). Filings can run 7 to 10 months behind the plan year; always confirm against current plan documents. BenefitsLedger is not affiliated with the U.S. Department of Labor. Open the DOL filing search.