What Do Real Estate Agents Do For Health Insurance Health Insurance For Real Estate Agents In 202: One Revolutionary Real Estate Agents Health Insurance Plan That Will Change Your Life
What do real estate agents do for health insurance?
In the real estate industry, health insurance or the lack thereof for real estate agents is a big issue.
Many agents struggle to find affordable healthcare, and many brokerages do not offer their agents healthcare benefits. This can be a huge problem for the industry, as agents are the lifeblood of the business.
Without healthcare, agents are at risk for expensive medical bills and long-term health problems.
In this article, we will discuss what real estate agents do for health insurance and how it affects their work. We will also explore some solutions to this problem and discuss how the industry can move forward.
Understanding Real Estate Agent Benefits
In the United States, most employers offer a benefits package to their W-2 employees that may include a 401K, sick time, vacation time, and access to health insurance. Its true that some real estate agents, including Redfin Agents, are offered benefits through their brokerage. Typically though, agents are considered independent contractors or self-employed. Because of this, they arent typically offered benefits through their company. Instead, real estate agents are left to get benefits the way most contractors do: on their own.
Floridas Beth Silverman Saving $8k A Year In Premiums
Florida real estate agent Beth Silverman faced two battles at age 26: Fighting a diagnosis of breast cancer and fighting for healthcare coverage and fair costs. As an independent contractor, Silverman was forced to purchase insurance on the open market where both were challenging.
Being a real estate agent meant endless battles for insurance that normal people who have not been touched by cancer can never understand, said Silverman.
While Silvermans cancer is in remission, she recalls the many challenges of the market, including re-enrolling each year, rising premiums and limited health insurance networks.
Listen to Beths story or click the link below:
I have a cost-sharing plan through eXp and its different than what people are used to. Its community-based and trust me Im saving thousands in the yearly premium and prescription costs are a bit cheaper.
And in keeping with eXps agent success obsession and innovative approach to everything from technology to benefits, Silverman says, Its kind of a cool feeling. It matches the eXp vibe of betterment for everyone together.
Do Real Estate Agents Get Benefits At Redfin
Redfins real estate agents are considered employees, so theyre eligible to participate in employee-sponsored benefit programs including medical, dental and vision plans for themselves and their families. Redfin agents receive benefits like paid vacation and parental leave, and disability insurance. They can enroll in a 401 retirement plan, health care and dependent care flexible savings accounts, employee stock purchase plan, and coverage for fertility treatments.
Redfin Agents are also paid a salary plus bonuses for every home purchase or sale they close. Redfin covers the traditional costs of doing business including training and continued education, mileage and mobile phone service, license renewal fees and association fees, listing materials, and more.
Obtaining an affordable health care plan shouldnt be a hassle. Be sure to review all your options and choose the route thats best for you.
What If I Recently Left My Job To Become A Real Estate Agent And Lost My Health Insurance
If you recently left your job to become a real estate agent or lost coverage for another reason, you will most likely qualify for a special enrollment period.
You will not qualify for a special enrollment period if you dropped your job-based coverage on your own but still work for the same company or if you stopped paying your monthly premium.
If you lost your coverage in the past 60 days or expect to lose it in the next 60 days, you will most likely qualify for a special enrollment period.
Recommended Reading: Is Community Health Choice Good Insurance
Health Insurance Statistics For Real Estate Professionals
If youve ever wondered whether or not health insurance is an issue among real estate professionals, then you would have to look at the statistics in order to get a better picture. According to the NAR Health Insurance Coverage Surveys, 1 in 4 Realtors reported having no health insurance. Of those, 73% said that they werent covered because of high premium costs, while 4% said they were actually denied altogether due to pre-existing conditions. 66% reported that the firm they were affiliated with didnt provide them with coverage. Of those who were covered, 43% had purchased their own individual market plan, while 27% were under their spouses or partners plan.
Because of all this, its no surprise that the NAR is working hard to fight this issue, so that all of their members can be covered without concern.
The Best Options For Finding Real Estate
There are several places I would recommend you start your hunt for the right health insurance plan.
National Association of Realtors Insurance Marketplace
Most brokers in the US require their agents to be a member of a local Realtor® board. If youre a member of the NAR, you can use your NAR ID to access the Realtors Insurance Marketplace which the NAR has launched to help agents find and shop for healthcare coverage.
Benefits of using the Realtors Insurance Marketplace:
- Affordable plans starting at around $70 / month.
- No contract
- Guaranteed acceptance
- You can choose any provider you wish
- There is a PPO network option available for those in qualifying states
eHealth Insurance Marketplace
If youre looking for a one-stop solution for evaluating health care providers, comparing costs and coverage, with the option of buying the plan online, I strongly recommend eHealth Insurance Marketplace.
After doing my research, I believe that eHealth Insurance is the best website for comparing insurance plans and prices. I found the customer service to be exceptional and the folks I spoke with were very knowledgeable about all of the laws in my state, as well as advising me on finding the lowest-priced coverage that still meet our needs.
Its like the Kayak.com for Health Insurance!
Here are a few benefits to using eHealth for finding the best insurance:
It doesnt cost you anything to go to this website and price compare policies. Give it a shot and let me know what you think.
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 dont 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 members plan, or the professional organization, National Association of REALTORS. Others turn to the Affordable Care Act , which provides health coverage for those with a low to moderate incomes.
Affordable Care Act
People who arent 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 for many who had previously been uninsured.
Provisions included in the ACA were intended to do the following:
- Expand access to insurance
- 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.
Are Real Estate Firms Providing Benefits To Their Sales Agent
Most real estate agents are self-employed. They are not considered to be an employee of a brokerage. Therefore, there are only a handful of brokerages who are providing health benefits or pension to their agents.
According to the NAR member profile in 2018, only 4% of real estate firms are providing health insurance, 30% of realtors have the coverage through their spouses employer, 45% would have to pay from their own pocket, while 21% do not enroll to any health benefits plan.
By the way, Realtors are the members of the National Association of Realtors. They comprised of real estate agents, brokers, appraisers, and other real state professionals. However, since real estate sales agents make up the majority of the members, the statistic could be a reasonable indication of what is going on in the industry.
Also Check: Who To Call For Health Insurance
How Much Is Title Insurance In Texas
1. Texas Title Insurance Basic Premium Rates Rates Effective September 1, 2019 $41,500, $439, $60,500, $568, $79,500 $42,000, $442, $61,000, $571, $80,000 The cost of a title policy in Texas can range from 0.9% to 0.6% of the property value. Generally speaking, the higher the property value, the
Brokerages Have Been Beefing Up Benefits Options
It is perhaps no surprise, then, that benefits such as healthcare are a perennial source of news in the real estate industry. The National Association of Realtors, for example, has consistently advocated for various healthcare reforms and listed the issue among its 2019 advocacy successes.
A number of brokerages have also moved to offer their agents various forms of benefits. Recently for example, Realogy announced a new program called Spark that includes among other things a healthcare marketplace for its agents. Participants in the program are still independent contractors and pay for insurance themselves. However, the program lets agents access both Affordable Care Act plans and non-ACA compliant plans, and provides access to a consultant who helps participants navigate the process.
The company rolled the program out to all of its agents in November.
This week, a Realogy spokesperson told Inman that in the months since Spark launched, more than 10,000 of the companys agents have accessed program consultants to help guide them in the insurance marketplace. Realogy has also had more than 20,000 affiliated agents accessing health insurance either through Spark or MJA, a third-party provided that the firm works with.
Were seeing Spark membership grow week to week as we continue to drive enrollment and further educate affiliated agents and franchise owners on how to take full advantage of the slate of benefits that Spark offers, the spokesperson added.
Don’t Miss: Do You Need Health Insurance For Chiropractor
Enroll In Qualified Health Plans Certified By The Health Insurance Marketplace During Open Enrollment Periods
The federal government creates an open enrollment period where you may change your health insurance without a qualifying event. An example event is acquiring new health insurance if you were to become employed. This is when Rideshare drivers may drop their current insurance and find new major medical policies.
The certified health plans offered on the marketplace are required to provide essential health benefits, cover pre-existing conditions. These traditional health plans have limits on deductibles, copayments and out-of-pocket maximum amounts. These are policies that are similar to employer-sponsored insurance. These same policies can be found on private exchanges, like Smart and Simple Insurance.
You May Like: Do You Have To Have Health Insurance In Florida
Can You Get Health Insurance From The Government
If getting insurance through a real estate agency or purchasing private insurance yourself are not options, you may want to look into getting government insurance. Medicaid is the most common type of government insurance that real estate agents choose. Keep in mind that Medicaid has very strict income requirements.
It is best for young real estate agents that are just starting out and who are not making a great deal of money yet. Most real estate agents that go with Medicaid look at it as a temporary solution until they can afford a more comprehensive health insurance policy.
Don’t Miss: Does Health Insurance Cover Daycare
Insurance Matters To Agents
The biggest takeaway from Inmans survey was that nearly 55 percent of respondents said that health insurance was very important to them. Thats both a majority, and far surpassed any other responses in the survey.
Significantly, however, nearly 68 percent of the survey respondents also reported that their company does not offer health insurance. Barely more than a quarter, or 26 percent, said that they do get healthcare through work.
Those results offer a curious juxtaposition in which healthcare is important to real estate professionals, even as they have to scramble to find potentially atypical means of securing it.
Research from the National Association of Realtors, which was last year, further showed that ultimately 84 percent of Realtors have health insurance. Among the minority who lacked insurance, the overwhelming reason people cited was the cost.
So if insurance is important and most agents have it, where are they actually getting their plans?
Dozens of respondents to Inmans survey also provided written answers, and many of them indicated that they get their healthcare through a spouses work plan. This appears to be such a popular approach that several of Inmans survey respondents wrote that they didnt even know what exactly their own company offers.
McCarthy is among them. Though his current brokerage, Compass, has a discounted benefits program for its agents, McCarthy said that he hasnt even looked at it because he simply uses his wifes plan.
What Do Real Estate Agents Do For Health Insurance Do The National Association Of Realtors Offer Benefits
How do real estate agents get health benefits?
There are a few ways that real estate agents can get healthcare benefits.
Agents can also join professional organizations like RealtorsÂ® which sometimes offer discounted rates on health insurance plans.
Another option is to purchase an individual health plan through the Affordable Care Act .
However, these plans can be expensive and many agents choose not to buy them because of the high cost.
The best solution for most real estate agents to get health insurance is to enter into whats called a self-funded plan.
This is where you set up an independent, individual account that will pay for your own healthcare costs.
However, what this means is that you cant depend on your employer of any sort for coverage. It also means paying up front with money which you had planned on spending elsewhere in your business for investments or advertising necessary to stay competitive as an agent.
Want to work at a Brokerage that values their agents by providing them with affordable and discounted healthcare plans? Click Below to Learn More About eXp Realty!
How does the lack of healthcare for real estate agents affect the industry?
The lack of healthcare for real estate agents is a huge issue because it means that many agents are at risk for expensive medical bills.
A real estate agents financial situation can be very precarious if they do not have health insurance.
Recommended Reading: How To Waive Student Health Insurance
How Do Realtors Get Health Insurance
Realtors can get health insurance just like any individual by buying it on the Health Care Marketplace. However, because they are independent contractors, the cost can add up and become a substantial expense. One option for affordable health insurance is joining eXp Realty and checking out their health plans.
Who Is Exp Realty
eXp Realty is a large real estate brokerage firm that serves the entire United States. The companys agents currently number over 65,000 and even include agents in Canada, Mexico, and 15 other countries.
Healthcare coverage is not the only thing offered by eXp Realty. The brokerage also offers its agents retirement benefits, including eXp World Holdings stock options. Agents also contribute to the overall company growth and earn stock as a reward when they do.
Decide To Become A Broker
Estimated Cost: $185
Many people use the terms caregiver and caregiver interchangeably, but they are different.
While both are licensed to help buyers and sellers sell real estate, real estate agents are members of the National Association of Realtors and register in accordance with strict regulations.
The National Association of Realtors is the largest commercial organization in the United States, with 1.3 million members representing sellers, landlords, property managers, auditors, consultants and others involved in real estate and real estate.
Even if you have the option to join, a guardian can give you the confidence to be a guardian. As a property manager, you have access to a number of benefits, including:
- Business tools
- Real estate market data, research, and statistics
- Educational opportunities
- Discount programs geared toward helping you succeed in business
For example, real estate agents may have access to Realtors Property Resource , the largest online real estate portfolio in the United States, compiled from public records and evidence. This includes information on zones, permits, mortgages and tax deductions, schools and large savings accounts.
How Can A Real Estate Agent Earn Benefits
As a real estate agent, youre essentially an entrepreneur. Real estate agents receive all of the benefits that come with being self-employed like being your own boss, making your own schedule, and having a seemingly unlimited earning potential. All of this combined means agents dont have the standard taxes or health benefits that employees receive.
Real estate agents are typically considered independent contractors with their brokerages as they work fully on commission. This means that real estate agents have to earn benefits like most contractors do: on their own. Here are a few steps you can take to earn benefits as a real estate agent.
Recommended Reading: How Much Does Health Insurance Cost In California
Can You Get Benefits Through A Real State Agency
While most people think of real estate agents as being self-employed, a large percentage of them are actually employed by real estate agencies.
Most of these real estate agencies will offer health insurance benefits to the agents that work for them.
The number of new agents that work for real estate agencies is very high. Most of the agents that work freelance are at a period of time in their careers when they can afford to purchase a health insurance plan privately. To learn more about purchasing health insurance for real estate agents privately, see below.