The life of a realtor is fast-paced. During a normal day, realtors are frequently interacting with others, consulting with buyers and sellers, and attending community and networking events. If you’re a realtor, you are likely self-motivated. Your career path is a dynamic one, but it may be one that doesn’t include the corporate benefits of group health insurance enjoyed by most of your 9 to 5 peers. Chances are you are keenly aware of the importance of health insurance coverage. Afterall, you are continually interacting with the public in this post-pandemic era.
Perhaps you are wondering how to find health insurance for realtors. The good news is you may have several realtor health insurance options.
Choices in health insurance for real estate agents
Consider your personal circumstances to see what types of realtor health insurance may be available to you. Some common options in realtor health insurance are listed below.
Agency-sponsored group health insurance for realtors
If you are working for a real estate agency, the agency may provide group health insurance. Check to see if the agency sponsors group health insurance for realtors working there. If so, learn more about the plan.
- When you can enroll in the plan. Most group health plans limit enrollment for new employees to 2 – 4 weeks from the date of employment. Annual enrollment occurs at a specified time each year the group plan is offered.
- Benefits provided by the plan. Consider your personal healthcare needs to assess the value of the realtor health insurance the agency offers. Does it include most medical care? Prescription drug coverage? Routine dental and/or vision? Will you use the benefits the plan offers? Does it have a high deductible? If so, are wellness check-ups and cancer screens excluded from the deductible? Does it use a PPO or HMO network? If so, are your preferred doctors, hospitals, and pharmacies part of the network?
- What you will pay each month for coverage.
If available, agency-sponsored group health insurance may be a suitable option for you, provided you can enroll in the plan, and it offers the benefits you need at an affordable cost. If you are not sure its priced competitively or if you simply prefer not to be tied to the realtor agency, you are wise to explore other options in health insurance for realtors. eHealth can be a convenient resource to help you compare health insurance coverage and costs.
Association health insurance for realtors
If you are a member of a realtor association, you may want to check to see if association provides access to health insurance for realty agents who are association members. If so, you’ll want to consider the factors listed above when assessing group health plans. Association-affiliated insurance may be convenient if you are already a member of the association, but understand the health insurance agreement and how the plan is funded before you sign up for a plan. Association-affiliated health insurance may be less stable than other sources of health coverage, and may experience frequent insurer changes because plan participation is relatively unpredictable.
Individual health Insurance for realtors
Purchasing an individual or family health insurance plan may be an attractive alternative to group plan coverage. Individual health insurance provides you control over your health insurance cost and the freedom to choose a plan that best meets your health coverage needs.
You can purchase ACA-compliant health insurance on the marketplace or state exchange or through a private exchange, such as eHealth. ACA-compliant plans (also called Obamacare plans) provide comprehensive coverage. If you purchase a plan offered on the marketplace or state exchange, you may be eligible for tax subsidies that reduce your premiums. However, usually you can only purchase these plans during the open enrollment period, which in most states begins November 1st and ends December 15th each year for insurance coverage starting January 1st the following year.
You can purchase an ACA-compliant marketplace plan as your realtor health insurance outside the open enrollment period if you experience a qualifying life event, such as marriage, divorce, childbirth, or involuntary loss of insurance.
There are several advantages to purchasing ACA-compliant individual plans:
- You are likely to have numerous plans from which to choose the plan that best meets your personal needs;
- ACA-compliant plans are classified by metal (platinum, gold, silver, and bronze) to make comparing plan coverage and cost relatively easy; the most popular for affordability and coverage are the silver and bronze plans;
- You can change plans each year if your health coverage needs change; and you can change plans during a special enrollment period, if you move outside your plan’s service area or have another qualifying life event.
However, you may want to look elsewhere for realtor health insurance if you can’t afford to buy an individual health plan on the marketplace. ACA plans may be expensive depending on your plan selection if you are not eligible for subsidies. For more information on health insurance subsidies and to find an individual or family health insurance plan that works for you, get in touch with an eHealth agent today.
Short-Term Health Insurance
Short-term insurance may be available in your state. These plans tend to have lower premium than ACA-compliant plans and may be purchased for a coverage period of 1 month to 3 years, depending upon the state regulations where the policy is purchased. Typically, short-term health insurance policies provide less coverage than ACA-compliant plans. They may apply wait periods or deny coverage for pre-existing health conditions (that is, a health condition the insured had prior to purchasing the short-term policy). Purchasing a short-term policy may be a good option if your life is in transition—if you are between jobs or in the process of moving from one agency to another, for example.
Medical Indemnity Insurance
Medical indemnity plans provide a fixed cash benefit payout in case you experience specific illnesses or injuries covered by the policy. Medical indemnity plans are relatively inexpensive; however, they do not provide comprehensive health insurance coverage. They may be a suitable temporary solution for your realtor health insurance.
Keep in mind short-term health insurance and medical indemnity plans are not ACA-compliant. While the individual penalty was repealed at the federal government level, many states have enacted legislation that fines individuals who fail to have ACA-compliant health insurance. If you live in one of these states, you may be penalized if you rely on short-term health insurance or a medical indemnity plan. To learn more about states that have insurance mandates, read our article, “Does Your State Require You to Have Health Insurance?”
Start now to explore your options for realtor health insurance
Find out which type of plan will best serve your needs for realtor health insurance. You can start by visiting our Individual and Family Insurance home page. Simply answer a few questions and enter your zip code, and let eHealth’s online tools help you find and compare plans, accurately and efficiently and in the privacy of your home. In addition, eHealth can provide expert guidance and help you find a plan that fits your needs off or on the exchange. As the first and largest online health insurance brokerage, eHealth’s experienced customer support team and licensed agents can help you with any questions you may have about your health insurance options and make sure you find a plan that works for your budget and coverage needs. eHealth services are available 24/7 and at no cost. We understand the needs of busy professionals.