Health insurance is a must in the United States with the outrageous costs of even basic doctor visits. Fortunately, companies provide benefits, including health insurance, to full-time employees. However, the options companies offer may only sometimes be ideal for individual health needs making the costs not worth the sacrifice.
The real estate industry is a diverse collection of types of employment, from real estate agents working for an agency to self-employed agents. This diversity can make finding the right health insurance plan challenging, as many options are available depending on your employment status.
Health Insurance Options
You can separate the various options of health insurance for realtors into three categories: agency-sponsored plans, self-employed options, and association-affiliated plans. Each has advantages and disadvantages based on factors such as cost, coverage, and individual situations. When determining what plan is best for you, it is important to consider a few factors. Factors such as medical care, prescription coverage, deductible amounts, dental and vision, and if your preferred plan networks include doctors, hospitals, and pharmacies.
Agency Sponsored Plans
Agency-sponsored health insurance for realtors is available to full-time employees of real estate agencies. These group plans become available to enroll in once a set time has passed since becoming an employee – typically just a few weeks. While the availability of these plans is excellent, you may need more coverage than what is provided.
Self-Employed Agent Plans
Those realtors that are not employed by an agency and are considered ‘independent contractors’ or ‘self-employed’ must find an individual or family health insurance plan on their own. While this is a daunting task, there are benefits to purchasing your own plan. There is also the Affordable Care Act (ACA) compliant health insurance for real estate agents that provide more comprehensive plans.
Typically, you can only purchase these plans between November 1st and December 15th, with coverage starting on January 1st the following year. However, there are exceptions for qualifying life events like marriage, divorce, the birth of a child, or after losing insurance through no fault of your own. While an individual plan is necessary for self-employed realtors, those employed by an agency might find better coverage by looking for their own plan instead of going with the agency-sponsored one.
Association Affiliated plans
Another option available to realtors that are members of a realtor association like the NAR is association-affiliated insurance plans. These plans are convenient for those already a part of an association. Still, they have some drawbacks, such as less stability because of possible frequent insurer changes. Suppose you are not already a member of an association like the NAR. In that case, you may not choose to become one, as membership isn’t always cheap.
Benefits of ACA Plans
Of the options mentioned above for health insurance for realtors, ACA-compliant plans are the most beneficial. You can tailor your medical needs to various individual plans. These plans give individuals the freedom and flexibility to change insurance plans yearly. This flexibility is essential because your needs may change yearly, especially after big events like getting married or having children.
While having an extensive list of available plans is challenging, you can classify ACA-compliant plans into four separate tiers: platinum, gold, silver, and bronze. These vary in coverage and cost, with silver and bronze being the most affordable options. Qualifying for tax subsidies, which reduces premiums, can make costs even more affordable.
Your Plan Insurance
At Your Plan Insurance, we understand that finding health insurance for real estate agents is no easy task. That’s why we are dedicated to providing you with the service you need to simplify the process and find a plan you are comfortable with in every aspect, from coverage to provider to cost.
We are a full-service independent insurance agency representing many different insurance companies. We offer access to many options and assure you that we have your best interests at heart. Check out our services that make finding affordable health insurance for realtors easier.