Health Insurance For Self-Employed Real Estate Agents
Health insurance has been an advantage as you grow older. It can come along with the regular employment benefits or be availed out of one’s own pockets. For those who are self-employed like 100 commission real estate broker agents, availing of health insurance is not that possible through conventional means.
For the self-employed, one has to be creative enough in finding plenty of alternatives to avail health insurance. There is this one real estate agent who managed to find a way after searching for health insurance, only to find out that it costs more than he can afford and the coverage is good for one person.
So, what he did is he finds another job as a bus driver. The employer provides him with full coverage of the health insurance, including for her wife, for only 75 percent of the amount of the previous offer.
The situation happens due to the diligence of this particular real agent but it appears that luck is on his side also. For other real estate agents and the rest of the self-employed, it seems more information and careful selection is to be made aside from relying on fortunate coincidence.
Available Options For Health Insurance
Finding affordable and convenient health insurance remains a challenge for most real estate agents. If we are talking about the available options, there are only two. The first option is to purchase health insurance through a real estate brokerage or an organization similar to the National Association of Realtors, or NAR.
The second option is to turn yourself to the services of the Affordable Care Act, or ACA. You will be provided with health coverage if you belong to the ones with moderate to low level of income. ACA has helped plenty of self-employed real estate agents, but the increase in insurance rates and restrictions for tax credits have become valid reasons not to avail of health insurance at all.
When ACA reformed their ways and brought unfavorable situations to the real estate agents, there is a gradual decline of purchasers of health insurance. Almost half of the NAR members pay their health insurance from their personal money. Only 32 percent even have a loved one included in the insurance coverage.
The only way that the NAR and other self-employed real estate agents saw is to allow genuine trade associations to provide them with association health plans, or AHPs. By having AHPs, the small businesses can ‘bundle’ each other in order to avail of the health insurance coverage similar to a large corporation.
Cost-saving Benefits Of Group Health Plans
NAR provides options to its members through their ‘insurance marketplace’. In there, members can purchase health insurance from a private connection that abides with ACA standards. Aside from that, group dental and group vision insurances are included.
Through the marketplace, real estate agents are ‘bundle’ into groups yet able to have personalization for their insurance through the insurance agents. In summary, the marketplace is an opportunity to receive AHPs, including dental and vision services.
Availing health insurance as an individual real estate agent can be a very difficult task. If you cannot afford to make creative alternatives, then you have two options. Out of the two options, since ACA has become unfavorable due to the recent changes, the marketplace provided by the real estate brokerages appears to be the best choice.