The 7 Best Healthcare Providers for Real Estate Agents
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Most real estate agents work as independent contractors or are their own bosses. This scenario provides agents with the job flexibility they enjoy. Unfortunately, it also means that many agents lack employer-sponsored health insurance.
Major brokerages (like Coldwell Banker and REMAX) offer real estate agents health insurance, but most don’t. If you work for yourself, getting your own insurance plan is necessary. Forgoing health insurance can have real implications, including massive medical bills and limited care options. . Health insurance is not a place to skimp.
Even if you appreciate the importance of health insurance, finding the right insurance plan can be challenging. Choosing one that offers a sufficient amount of coverage at an affordable price is essential. This article will review your options and share insights on our favorite health insurance providers.
Key Takeaways:
- Most agents are independent contractors – which means health insurance is their responsibility. Which plans are available to you, and how can you choose? We’ll get into several key factors below.
- We’re highlighting 7 of the best health insurance for real estate agents. From the most popular option to the most affordable, we’ve recommended some great providers that are ideal for real estate agents.
- Health insurance is increasingly complex. Learn more about the intricacies of health insurance plans, such as deductibles and coinsurance.
The Importance of Health Insurance for Real Estate Agents
Health insurance is not just a safety net. It’s critical to a real estate agent’s overall financial strategy.
Proper health insurance ensures financial protection in the event of a health issue (which is especially important for people with a variable income). It also ensures that agents can access higher-quality healthcare and focus on overall wellness with annual physicals. Furthermore, there might be tax benefits and compliance with legal regulations, especially for independent contractors. In some locations, health insurance for real estate agents is required.
Types of Health Insurance Plans
Affordable Care Act
The Affordable Care Act was enacted in 2010 when Obama was president. It was created to provide affordable insurance to individuals, families, and businesses. Agents can easily access the options through websites and call centers.
The website will show plans and prices and tell you how much you’ll save by signing up. Once you enter your income and personal information, you can see which ones you are eligible for. Then you can shop around to find the best deal.
The amount you pay for ACA insurance will vary depending on your location and personal situation. Plans typically range from $300 to $700 a month – however, subsidies currently average $500 a month, reducing expenses considerably.
Association Group Insurance Plans
There are insurance plans designed specifically for agents. The most well-known option is the Realtors Insurance Place provided by the National Association of Realtors. It offers a variety of coverages for NAR members, including dental, vision, health, telemedicine, and wellness solutions at all stages of life. It even offers pet insurance.
The site does not provide quotes directly. You will need to call a representative to determine the premium. Terms, conditions, and limitations may apply depending on age, state laws, and other eligibility requirements. All of that being said, the plan is definitely worth exploring.
Brokerage Insurance Plans
While most brokerages do not offer insurance coverage for their agents, a few do. If you are fortunate enough to find a brokerage that provides insurance, choose the best plan for you and your family.
Private Market Insurance
If you are not an NAR member and do not work for a brokerage that offers insurance coverage, consider private insurance plans.
A private insurance plan is beneficial because it offers control over your plan. You won’t be locked into a time frame for purchasing the insurance, such as an open enrolment period.
Private insurance may seem like an expensive option, but the rates are in line with the national average. According to the Kaiser Family Foundation, a plan costs around $440 a month compared to the average of $456. A private family plan is around $1168 compared to the national average of $1152. However, unlike the Affordable Care Act options, these plans don’t offer subsidies that can save you money.
Key Factors to Consider When Choosing a Plan
There are many considerations involved when purchasing real estate health insurance. Here are a few to understand:
Deductible: The deductible is the amount you pay before your insurance payments kick in. So, if you have a deductible of $500 per year, you must pay $500 for your medical needs before your insurance company begins providing coverage. Most people look for a deductible that is as low as possible.
Copay: The copay is the amount you’ll pay for medical services and prescriptions after the insurance payments kick in. So, if you haven’t reached your deductible, you may pay $150 for a $150 medical visit. After you reach your deductible, you will only pay the copay. The insurance company will pay the rest.
Coinsurance: Coinsurance is similar to a copay but works on percentages instead of a fixed rate. So, if your deductible is met, you will begin paying only a percentage of your medical bill. For example, if your coinsurance is set at 20% you will pay $20 of a $100 medical bill. Then insurance will pay the rest.
Out-of-pocket Maximum: An out-of-pocket maximum is the most you can pay for your health insurance plan every month. This will include your deductibles, copayments, and coinsurance. After you reach this maximum, your insurance will pay 100% of your medical costs for the rest of the month.
Premium: The premium is the amount you pay for health insurance every month. It does not include copays, coinsurance, or deductibles. If you have a market plan, your premium may be reduced by tax credits.
PPO: PPO stands for Preferred Provider Organization. It’s a type of plan that contracts with certain medical providers to create a network of participating providers. You will pay less if you use providers within your PPO network, but some PPOs also provide coverage for out-of-network providers.
The 7 Best Healthcare Providers
- Best Overall Real Estate Healthcare Providers: Clearwater Benefits
- Best for Supporting Benefits: CrowdHealth
- Best Preventative Approach: Mira
- Most Affordable Healthcare Provider: Sidecar Health
- Best for Customized Plans: Realtors Insurance by NAR
- Most Popular Healthcare Provider: Major Medical Health Insurance Exchange
- Top Rated Healthcare Provider: Kaiser Permanente
Best Overall Real Estate Healthcare Providers: Clearwater Benefits
Top Features
: Affordable, Customizable plans, health sharingClearwater Benefits strives to give you healthcare you can afford, without risking a lack of quality. You just have to be a 1099 employee or self-employed and you can use their open enrollment at any time. The plans are customizable, and they offer a free online quote tool to help you get started.
Their standout features are an expanded PPO network, care coordination services, and a focus on mental health care. They also help find the lowest cost prescription options. Clearwater Benefits offers 4 plan options so you can evaluate things like out-of-pocket costs to see what’s right for you.
Best for Supporting Benefits: CrowdHealth
Top Features
: Healthcare crowdfunding approachCrowd Health is an innovative insurance platform. It offers an approach known as healthcare crowdfunding. Here’s how it works:
- Members make a low monthly contribution to the service. $30 goes towards administrative costs and the rest goes towards CrowdHealth bills.
- You will pay for most doctor’s bills but if bills are over $500, you pay the $500 and submit a funding request to the platform. If you know the bill will be over $500 beforehand, CrowdHealth can contact the doctor and negotiate pricing.
- Submitting a funding request to the platform is easy. Simply take a photo of the bill and upload it to the site.
- CrowdHealth facilitates the process, so your bills get paid quickly and easily. The money is transferred from member’s accounts to your account ensuring you are covered.
It’s worth noting that CrowdHealth is not currently available to tobacco users and people that weigh 270/300 lbs. (female/male) or more. As of publishing this article, they were working on decreasing their requirements so more people can be included. CrowdHealth is not really insurance and coverage is not guaranteed, but it’s an option for accessing affordable healthcare.
Best Preventative Approach: Mira
Mira helps you get essential healthcare for a lot less than paying out-of-pocket.
It’s like Costco but for your healthcare. Basically, you pay a fixed membership fee and Mira works with providers to get you the best rates. When needing healthcare, you can find, book, and pay using the Mira app directly. You can get virtual care, urgent care, lab tests, preventative care, medications, and gym discounts. The enrollment process is simple and painless, you can sign up in less than 5 minutes. No job requirement needed.
The Flexible plan is best for short term care and gives you three months of coverage for $135, or $45/month. There are other tiers of plans to explore as well.
Most Affordable Healthcare Provider: Sidecar Health
Top Features
: Simple to use and setupSidecar Health aims to improve access to insurance with plans people can afford that can be used with a variety of doctors. You get the same benefits no matter which doctor you see. You can look up your benefit amount, so you know exactly what you’ll pay before you receive care.
The company stands out because it’s so simple to use. It requires using the portal to find out what the company will pay for things like tests or procedures. Then you can shop for doctors and use your benefit card, and upload your bill to the portal so you can keep track of the status.
Best for Customized Plans: Realtors Insurance by NAR
Top Features
: Exclusive for RealtorsNAR’s Realtors Insurance Place is an exclusive site for shopping insurance. It provides plans for realtors and their families including health plans, dental plans, life insurance plans, vision plans, telemedicine, wellness solutions, and even pet insurance. It is designed for NAR members at all stages of life.
The platform allows members to get quotes, compare plans and purchase insurance directly online. All plans are available through top-rated carriers. If you are having trouble finding the right plan, you can consult with a benefits specialist. They will help you navigate the platform and find plans that are best suited to your budget and needs.
Most Popular Healthcare Provider: Major Medical Health Insurance Exchange
Top Features
: All plans from highly rated carriersMajor Medical Health Insurance Exchange is a part of REALTORS Insurance Place. It provides NAR members with access to major medical plans. Realtors can sign up through an open enrollment that runs at various times throughout the year. Personal assistance is available through REALTORS Insurance Place offering insurance and coverage solutions under the REALTOR Benefits program.
The exchange allows members to research insurance online so they can obtain quotes, compare plans, and purchase them online. All plans available on the exchange are Affordable Care Act qualified plans from highly rated carriers.
Top Rated Healthcare Provider: Kaiser Permanente
Top Features
: Quality care, affordable plans, and a wide choice of doctorsKaiser Permanente is rated as one of the top national health insurance providers. They offer quality care, affordable plans, and a wide choice of doctors. They provide individual and family plans, Medicare plans and business plans.
The way the platform works is simple. Just choose a doctor from their wide selection of providers or locate a facility for the care you need. The company stands out because it offers connected care, ensuring that all your doctors and specialists are on the same page when it comes to providing the treatments you need.
Speak with an industry expert agent advisor. Together we will find the best solution based on your goals and needs.
Finding the right health insurance for real estate agents involves navigating a complex landscape. If you need more advice, make sure to follow our blog or reach out to our coaches from some personalized guidance.
