How do real estate agents get health insurance benefits?

Many aspiring real estate agents, and even some current real estate agents, are wondering how they will get a good health insurance policy.

Many policies from health insurance companies are not geared towards people who are self-employed, as many real estate agents are.

However, there are several different easy ways that a real estate agent can get a good health insurance policy. These include working for a real estate agency, buying a private policy if you’re self-employed, getting government health insurance, or getting on a spouse’s health insurance.

To learn more about how to get a good health insurance policy as a real estate agent, read on. Keep in mind that the methods discussed in this article are only some of the ways that you can get a policy if you’re a real estate agent. If there is another option that works better for your situation, do not hesitate to take it.

The Importance of Health Insurance Benefits

Health insurance benefits are just as important for real estate agents as they are for everybody else. In this day and age where medical costs are so expensive, it is absolutely essential to have health insurance coverage.

Also, it is currently the law that everyone must have health insurance coverage. It may be a pain trying to figure out how to get coverage if you’re working as a real estate agent, especially if you’re a freelancer, but it is absolutely necessary. Don’t try to go without health coverage.

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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.

How do self-employed real estate professionals get health insurance?

While many real estate agents are actually employed by an agency, there is a large percentage of agents that are self-employed. These real estate agents may have a bit of a harder time finding an insurance policy.

However, it can still be fairly easy to get a policy for the self-employed. All you have to do is compare insurance quotes online and purchase a policy yourself from the insurance company you feel suits your needs the best. If you meet certain income requirements you may even qualify for a federal tax credit that will partially subsidize your plan.

How do you purchase health insurance online?

These days, it is fairly easy to purchase realtors health insurance online. All you have to do is compare quotes and find the policy that works best for you. Remember, you should not just get the cheapest policy. You want to make sure that you get good coverage as well.

There is a wide array of plans available online, so you should be able to find the plan that meets your requirements for both budget and coverage. Keep in mind that you may be eligible for large tax credits on your health insurance policy due to the Affordable Care Act.

To get these tax credits, you have to meet certain income restrictions. Make sure to check and see what these income restrictions currently are, as they change frequently. (For more information, read our “Are Medicare premiums tax deductible?“).

Log onto the Healthcare Marketplace website at healthcare.gov to get started comparing health insurance rates from different insurance companies. Some of these plans will include dental insurance and vision insurance, while in other cases you will have to purchase separate policies for vision and dental insurance options.

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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.

Can you get added to your spouse’s health insurance?

The best option for your situation may be to get on your spouse’s health insurance. Obviously, this is not an option if you are not married. However, if you are married and your spouse has health coverage through their job, you can always go on their policy.

The cost of their premiums will go up once you are added, but it will be cheaper than having two separate insurance policies. Many real estate agents that are offered insurance through their agencies still choose to go on their spouse’s policy if they can get a good deal. Do not rule out this option for health coverage.

How much does health insurance cost for real estate agents?

The cost of health insurance for realtors can vary widely, just as it can for people in other occupations. Generally, people who are able to go on their spouse’s policy end up having the lowest premiums.

People who get insurance through their agencies usually have affordable health insurance as well. Those that have to buy a private health insurance policy have higher costs on average, but good deals can be found if you do your research when comparing insurance quotes online.

Read more: Is private health insurance tax-deductible?

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How can you plan for your health insurance situation as an aspiring real estate agent?

Many people aspire to be real estate agents, and some quit jobs that offer health insurance benefits to pursue a career in real estate. If real estate is your dream, then you should follow it. However, you should also have everything planned out before you do so.  One of the most important things to plan for is your health insurance situation.

Keep in mind that it is not only fiscally responsible but also legally required to have health insurance coverage at all times.

If you quit your job, you cannot keep receiving health insurance benefits like you could if you were laid off. Make sure you have another insurance policy ready and waiting if you quit a job to try and become a real estate agent.

How much does health insurance cost for a real estate agent?

If you don’t have health coverage through an agency and you need to purchase your own coverage, the best thing to do is log on to healthcare.gov and see what medical plans are available to you and price policies with insurance carriers that are known for their coverage for the self-employed, like UnitedHealthcare and Blue Cross Blue Shield.

How much you pay will depend primarily on your income, but the average insurance premium for a self-employed person in the United States is $484/month, and the average premium for a family is $1,230 per month.

Case Studies: Analyzing Real-Life Case Studies of Health Insurance Benefits for Real Estate Agents

Case Study 1: The Association Advantage

Sarah is a successful real estate agent who decided to join a local real estate association. Through her association membership, Sarah gained access to group health insurance plans specifically tailored for real estate professionals. By leveraging the collective purchasing power of the association, she was able to secure comprehensive health coverage at competitive rates.

This allowed Sarah to protect herself and her family while enjoying the flexibility of working as an independent real estate agent.

Case Study 2: The Marketplace Maven

John, an experienced real estate agent, turned to the health insurance marketplace to find suitable coverage. By exploring the options available through the government-run marketplace or state exchanges, John was able to compare different plans and choose one that met his needs and budget. He also qualified for premium subsidies, which helped make the coverage more affordable.

John appreciated the ability to customize his health insurance coverage and take advantage of the open enrollment period to secure the right plan for himself and his dependents.

Case Study 3: The Spousal Solution

Emily, a part-time real estate agent, had health coverage through her spouse’s employer-sponsored plan. Her husband’s company offered family coverage, including Emily in the plan. This arrangement granted Emily comprehensive health benefits without the expense of individual coverage. By evaluating their choices, Emily and her spouse secured sufficient coverage for their whole family.

Read more: Top 21 Part-Time Jobs With Health Insurance

Case Study 4: The Independent Navigator

As an independent real estate agent, Mark engaged a health insurance navigator for guidance. Navigators assist in understanding options and navigating the enrollment process. Working closely with a navigator, Mark’s circumstances and eligibility for government programs were assessed. With the navigator’s help, Mark secured a suitable health insurance plan for himself and his dependents.

Case Study 5: The Professional Association

Rebecca, a luxury real estate agent, joined a local professional association for real estate agents. Membership granted her access to group health insurance plans tailored for real estate professionals. The association’s negotiations resulted in favorable terms and competitive rates for comprehensive coverage. She enjoyed exclusive perks while securing her health insurance through the association.

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What’s the bottom line?

In conclusion, there are several different ways for real estate agents to get health benefits. The right option differs depending on your own personal situation, but if you are intelligent and do your research you’ll be able to find a good health insurance policy. This is the case no matter whether you’re self-employed or work for a real estate agency that offers you health insurance benefits as part of your compensation package.

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