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Health Insurance for Real Estate Agents

The majority of real estate agents are independent contractors of their real estate firms. As an independent contractor, many typically don’t have access to traditional employer-provided benefits, such as health insurance.

Finding affordable health insurance can be a challenge for many self-employed real estate agents. Some have the opportunity to buy into health insurance through their brokerage, a family member’s plan, or the professional organization, National Association of REALTORS.  Others turn to the Affordable Care Act (ACA), which provides health coverage for those with a low to moderate incomes.

 

Affordable Care Act

 

People who aren’t eligible for insurance that is provided by a large group employer, individual health insurance is a type of policy individuals can purchase for themselves or their family, but these plans can be expensive and coverage limited.

The Affordable Care Act aimed to provide cost effective, quality individual and small group insurance coverage (plans for small businesses or startups) for many who had previously been uninsured.

Provisions included in the ACA were intended to do the following:

  • Expand access to insurance
  • Increase consumer protections
  • Emphasize prevention and wellness
  • Improve quality and system performance
  • Expand the health workforce
  • Curb rising health care costs

As a result of the ACA, more health insurance options are available to independent contractors like real estate agents. We look at some of these below.

 

Health Insurance Options for Real Estate Agents

 

Close up of a man receiving a handshake and a key at the same timeBrokerage Health Insurance Plans

Some brokerage firms, such as Keller Williams, offer health insurance options to its associates. They have their own exchange, KW Wellness Benefits Marketplace, that meets ACA requirements. They offer medical, dental and vision care.

Association Group Insurance Health Plans

The National Association of Realtors offers affordable health insurance options to its members through their REALTORS© Insurance Marketplace. This is an e-commerce site that gives members access to health insurance through a private health insurance exchange that meets ACA standards. It also offers group dental and vision insurance.

Other Association Options

Some real estate agents have turned to other associations, such as alumni associations, AAA auto club, and religious groups that allow members to buy group health insurance. 

Affordable Care Act Health Exchanges

People can purchase health insurance that complies with the Affordable Care Act (ACA) at ACA health exchanges. They can choose from a range of government-regulated and standardized health care plans offered by the insurers participating in the exchange. You can find a marketplace in your state at healthcare.gov

 

Getting A Second Opinion

 

It is always a good idea to get a second opinion from an independent insurance broker.  They are impartial and they may be able to connect you to other group insurance plans. At a minimum, you will know if the insurance plan you choose is the right one for you.

You can read more in our recent article, Top 5 Benefits of Using Local Health Insurance Agents.

Request A Free Business Health Insurance Consult

“Statements on this website as to policies and coverage's and other content provide general information only and we provide no warranty as to their accuracy. Clients should consult with their licensed agent as to how these coverage's pertain to their individual situation. Any hypertext links to other sites or vendors are provided as a convenience only. We have no control over those sites or vendors and cannot, therefore, endorse nor guarantee the accuracy of any information provided by those sites or the services provided by those vendors.” 

Craig Prince Craig’s background is quite diverse. His current focus is on Group Health Insurance, Medicare, Life, Disability, and Retirement Income, Keyman insurance, and Business Buy-out policy. Craig enjoys one-on-one with his clients to find the specific need of each employee or individual involved in the process.

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