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.
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.
Consultative Advice And Assistance
Benefit specialists are available via phone to personally consult and advise you on your individual insurance needs. They can help you navigate the healthcare insurance landscape and identify the products and plans that best suit the financial considerations and healthcare needs of yourself and your family whether its a traditional plan or other innovative options offered as an alternative or as part of a cost-saving strategy.
The Georgia Real Estate Health Benefits Center Is Live
The GARE Health Benefits Center is now open for quoting year-round, with effective dates at the first of every month.
The Georgia Real Estate Health Benefits Center is provided exclusively to GAR members. Complete your enrollment by the 15th of each month and get onto the plan as early the 1st of the next month.
NEW in 2021: Dental, vision, accident, critical illness and hospital indemnity!
Its no secret that health insurance premiums keep increasing year over year, far outpacing any increases in wages. These increases are particularly painful to individuals sole proprietors and contractors, who dont benefit from a larger pool of insured, nor from an employer who would bear some of the cost. And yet the risks of going without insurance are just too high, particularly in an age of pandemic.
The Georgia Real Estate Health Benefits Center harnesses the size and scale of the 47,000 members of Georgia REALTORS® to lock in savings for members and their families in good health. The available plans may help individuals save significantly versus those found on the ACA Exchange or private insurance market. Additionally, GARE Health Benefits program insurance premiums and deductibles are tax deductible*.
This program is for sole proprietors, business owners or 1099 contractors and their families. Applicants will need to answer a few health questions to qualify and a tax id to enroll. Qualifying is a quick process
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National Association Of Realtors Options
One place to visit if you are a member of the NATIONAL ASSOCIATION of REALTORSÂ® is the REALTORSÂ® Insurance Marketplace. This shopping site/exchange provides NAR members with a variety of health insurance options, including:
- Qualified Health Plans that meet the mandates of the Affordable Care Act through major insurance carriers
- Supplemental Medicare insurance options for Medicare-eligible NAR members
- Short Term Insurance ranging from 30 days to 6 months that can serve as coverage to avoid gaps between long-term policies.
- Members TeleHealth programs where members can gain telephone, smartphone app, web chat, or email access to licensed physicians for non-emergency diagnosis and treatment.
- Members Supplemental Health Plans that can be combined with other major medical health insurance plans to provide financial aid for out-of-pocket expenses and other services that traditional insurance might not cover.
- REALTORSÂ® Dental Insurance that provides coverage for dental expenses exclusively for NAR members and their families.
- REALTORSÂ® Vision Insurance that provides a PPO and non-PPO option for NAR members and their families.
Net Amount At Risk And Statutory Reserves
If an insured individual dies before their policy has been fully paid up, the insurance company is liable to pay this obligation. Therefore actuarial analyses must be accurate to be able to balance a company’s reserves and its potential future obligations.
In the United States, insurance companies are required to keep statutory reserves. Statutory reserves are assets that an insurance company must have on its balance sheet that ensures that it can pay out claims on its future obligations. Statutory reserves are calculated using the Commissioner’s Reserve Valuation Method .
If an insurance company has a loss equal to its net amount at risk, this loss is compensated by the premiums of those who haven’t died as yet and from income from invested premiums. The sum at risk is the difference between the death benefit paid and the reserves of an insurance company.
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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.
Realtors Covered By Nar With New Limited Health Insurance Program
Realtors® without health insurance now have an affordable, guaranteed-issue, option for coverage through a new REALTOR Benefits® partner program. Through REALTORS® Core Health Insurance, the National Association of Realtors® is helping make limited medical insurance available for Realtors®, many of whom may not have access to quality, affordable health insurance.
Given all that they do to build strong, vibrant, healthy communities, its just not fair that Realtors® have limited choices for health care coverage if they can get any at all, said NAR President Charles McMillan, a broker with Coldwell Banker Residential Brokerage in Dallas-Fort Worth. While NAR continues to advocate comprehensive health care reform legislation for small businesses and the self-employed, we are pleased to be able to offer this new member benefit to help Realtors® who can benefit from affordable limited health insurance right now.
More than one out of every four Realtors® have no health insurance, according to a recent NAR survey, and only 17 percent of real estate firms offer health care coverage for independent contractors, who are the largest segment of real estate agents.
The programs three limited medical plans were designed to meet the diverse needs of Realtors®, whether they dont qualify for major medical health insurance due to pre-existing conditions, are on a limited budget, or need to supplement their current medical plan because of high out-of-pocket costs.
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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.
Would You Like To Partner With Me?
Check out my Partner Page for details on the benefits of working with me at eXp Realty. Ive helped hundreds of real estate agents, team leaders, & brokers all over the country, increase their business & build additional revenue streams. Together, we can make this year your best yet!
Dont Forget To Take The Self
Self employed real estate agents who pay for their own health insurance out of pocket may be able to take a self-employed health insurance deductions. If you qualify, your premiums may be tax deductible. If you work for yourself and arenât eligible for employer-sponsored health plans through your spouse, you are likely eligible for this deduction. If you qualify, you can deduct 100% of your health insurance premiums paid for yourself, your spouse, and any dependents under 27. If you qualify, this deduction also reduces your adjusted gross income , which lowers your overall taxable income.In general, you qualify if:
- Youâre not eligible for other health insurance coverage: You canât take advantage of the self-employed health insurance deduction if you are eligible for an employer-sponsored health insurance plan from your employer or your spouseâs employer.
- You report business income: If you report business income from your real estate business, you should be eligible to claim this deduction. You cannot deduct more than you earn from your real estate business. In other words, if you are not generating income or if you incur a loss, you cannot claim the deduction.
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Real Estate Industry Makes Strides Toward Increasing Health Insurance Accessibility
For real estate professionals, health insurance can be a source of frustration. Often costly and with hefty restrictions for more affordable options, comprehensive health benefits are not easily accessible for todays self-employed population. Thats why the National Association of REALTORS® a founding member of the Coalition to Promote and Protect Association Health Plansand other industry groups have been lobbying in support of the Department of Labors Association Health Plan rule. In addition, multiple brokerages have recently made strides in offering their own benefits.
Were encouraged to see so many associations from across the country demonstrate their public support of association health plans, said NAR President John Smaby, a second-generation REALTOR® and broker at Edina Realty in Edina, Minn., in a recent statement. The DOLs rule opens the door for REALTORS® to access affordable, high-quality healthcare options that can be so difficult for independent contractors to find. Moving forward, were hopeful that our work alongside these local partners will help secure the healthcare solutions that our members and their families deserve.
In addition, JP & Associates REALTORS® began offering both healthcare and retirement options this past February.
Keller Williams offers its agents discounted benefits through the KW Wellness Program, which partners with Stride Health. These benefits include tax assistance, dental, vision, health, life and accident options.
Make Decisions Based On Predictable Costs
Shopping for health insurance can be overwhelming. Many people try to game the system and factor in multiple variables and unknowns. The bottom line is that no one can predict with 100% accuracy what will happen in a year. That said, you can make some highly educated guesses based on your current medical history and predictable health care costs. For example, you probably have a pretty good idea about what prescriptions youâll need, doctor visits, necessary medical equipment, therapy needs, and other specialist care. If youâre young and healthy, you may plan on needing just one or two of these services in a year. According to statistics, 75% of your costs will be made up of these predictable items in a given year.
On the other hand, unpredictable health care needs pop up. You may catch the flu, sprain your wrist, or need to be hospitalized. These may make up the other 25% of costs. When you look at it in this light, it makes sense to choose a plan based on your predictable costs, which will make up the bulk of your health care needs. It also removes the stressful guesswork in choosing a plan thatâs right for you. If youâre still feeling stressed about these unpredictables, consider the maximum out-of-pocket costs when choosing a plan. Even if something catastrophic occurs, you will only ever pay this amount.
National Association Of Realtors
Another option is finding insurance through the National Association of Realtors. Members of NAR have access to Realtors Core Health Insurance. This offers plans for those ages 18-65. Core Health Insurance provides Limited Medical plans that are designed specifically for real estate agents who are members of NAR. It is designed to provide for the everyday health needs of members.
With this plan there are no medical exams or questions. Plans start at $70 per month. There are three plans to choose from and members can choose any provider with the choice for in network providers at a lower cost. There are no contracts to be signed and coverage can begin the day after applying and receiving approval. All plans are underwritten by United States Fire Insurance Company.
Coverage varies among the three different plans through NAR, but what is covered is standard. Key features of all three Core Health Insurance Plans include little or no deductibles, little or no co-pays, and coverage for everyday issues. The plans are not based on age and they are meant to be inexpensive because they are based on income. It is important to understand that this is not a major medical plan. Major medical plans provide coverage for emergencies as well as everyday medical situations.
Who Is Clearwater Benefits
Clearwater Benefits is an insurance brokerage dedicated to offering affordable health care coverage options to its clients. Its innovative healthcare option fits the demands of the Affordable Care Act while providing residential real estate agents with affordable health benefits and insurance plan options.
Clearwater Benefits not only offers health insurance plan options, but also other group policies, including:
- Life insurance
- Vision insurance
- Wellness initiatives
This comprehensive list of policy and plan options is a perk of the partnership between eXp World Holdings and Clearwater Benefits. Every eXp Realty agent has the choice to choose from many plan options, in addition to the affordable healthcare plan coverage. This allows every real estate agent to have the best possible benefits package for their own situation.
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How Do You Receive Benefits
With 75% of Realtors receiving no benefits, some are taking advantage of NAR plans/discounts, others rely on a spouse, while others are paying for their health care out of pocket.
Some believe opening state lines would make private insurance competitive and affordable and that tort reform would lower costs for medical practitioners thus consumers, while others maintain that government health care is the best option. Tell us in comments which path you have chosen and what options you wish you had.
All Realtor Health Insurance Options In 2021
Published by Brian E Adams on November 17, 2020November 17, 2020
Update November 17, 2020 Originally published September 8, 2020
2021 open enrollment from the ACA Healthcare Marketplace runs from November 1, 2020 to December 15, 2020.
Do Realtors get health insurance?
Well, most do. But they mostly get it from outside their real estate job.
This is one of the most frequent gripes Ive seen leveled at the National Association of Realtors from NAR members: the lack of a good group healthcare program.
In a world dominated by independent contractors, its not a surprise that insurance coverage might be spotty. A startling 21% of Realtors report having no insurance .
NAR has a 2020 survey that shows where most agents get their coverage.
- NAR Insurance Marketplace
Most agents are paying out of pocket, usually through the government Healthcare marketplace or directly to health insurance carriers.
If you are an agent looking to get health coverage for you and your family members, below is hopefully a good list to get you looking in the right direction!
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Nc Realtors Talk Health Insurance
For as long as any of us can remember, the cost of health insurance has been a significant part of the annual expenses for many who are self-employed or independent contractors. With the advent of the Affordable Care Act, many saw insurance costs decrease thanks to subsidies and grandfathered plans. But that wasnt the case for everyone and even those with subsidized plans didnt keep them forever. Premiums and deductibles continued to rise, forcing even the healthiest persons to pay high costs for their insurance or choose to drop it all together due to other expenses.
NC REALTORS® believes that our members, along with all those who arent covered under employer-sponsored health insurance shouldnt have the make the choice between health insurance and other expenses. We know that thousands of members across our state choose to go without coverage because of these high costs, placing them one accident or illness away from financial peril.
THERE HAS TO BE A BETTER WAY!
On June 21, 2018, the U.S. Department of Labor issued a new rule opening the door for small employers and self-employed individuals, including real estate professionals, to participate in Association Health Plans . AHPs are large group plans that tend to offer better coverage options at lower cost than the individual and small group insurance markets.
WHY HOUSE BILL 933?
Real Estate Health Insurance
When considering insurance for real estate agents, its important to know that you have options just because a real estate health insurance plan works for one person doesnt mean it will work for you. Each individual is different, so naturally, each plan will be different. Discover the plan that will work best for you by evaluating what it offers, how much it costs, and your healthcare needs.
For reference, eHealth determined that the average national cost for health insurance was $456 for an individual and $1,152 for a family per month in 2020. Now that you have an idea of the general cost, here are just some of the options available when it comes to insurance for real estate agents.
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