Dizzy

  • ContactLet’s Connect
Home What are the best insurance options for agents?

What are the best insurance options for agents?. How to Find Insurance for Real Estate Professionals.

It’s tax season again and like many of the other 2.5+ million real estate professionals in the U.S., it’s time to research the best insurance options. But what are the best options for you, keeping in mind your needs as a real estate professional and your budget?

First, let’s discuss what the law states as minimum required coverage. With the passage of Obamacare (aka The Affordable Care Act), everyone is now required to obtain a health insurance policy or face a tax penalty.

Regardless of where you decide to purchase your policy, the plan must meet these minimum requirements covering ten essential health care services:

  • Outpatient Services
  • Emergency Services
  • Hospitalization
  • Prescription Drugs
  • Maternity / Newborn Care
  • Mental Health & Substance Abuse Services
  • Rehabilitation Services
  • Lab Services
  • Preventative / Wellness Programs and Chronic Disease Management
  • Pediatric Services

 

No what the policy you purchase, it must have coverage for these essential service areas or the plan may not be qualified which could ultimately mean you end up paying a tax penalty at the end of the year.

Easy enough, right? Well, that’s where the simplicity ends. Obamacare itself is a massive bill and complicated in nature, with each state retaining the rights to implement their own guidelines and limits for various components of your coverage.

That said, the very first item of business is to figure out if you qualify for a subsidy where the local / federal govt will pay for some or all of your healthcare premium. For example, California offers subsidized healthcare plans through CoveredCA if your income is within a certain range from the FPL (Federal Poverty Line).

If you’re like me and you’re right square in the middle-class income bracket, unfortunately, you are out of luck. Chances are you, you make too much money to qualify for a subsidy and not enough to not flinch when your health care bill hits your mailbox each month.

The Best Options for Finding Real Estate-friendly Health Insurance Plan

There are several places I would recommend you start your hunt for the right health insurance plan.

National Association of Realtors Insurance Marketplace

realtors_insurance_marketplaceMost brokers in the US require their agents to be a member of a local Realtor® board. If you’re 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 Realtor’s Insurance Marketplace:

  • Affordable plans starting at around $70 / month.
  • No contract
  • Guaranteed acceptance (everyone offers this – it’s mandated!)
  • You can choose any provider you wish
  • There is a PPO network option available for those in qualifying states

 

eHealth Insurance Marketplace (Preferred Option)

eHealth InsuranceIf you’re 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.

It’s like the Kayak.com for Health Insurance!

Both my wife and I used eHealth Insurance to find our plan and sign up for health insurance here in Southern California. For reference, we both get decent coverage for about ~$450/month (~225 per person) and this covers all preventative care, $15 copays for meds, and major medical.

Here are a few benefits to using eHealth for finding the best insurance:

  • They offer more plans than available on the Health Exchanges
  • The website is really easy-to-use. You should be able to get pricing info within a minute or two.
  • Submitting your application takes under ten minutes
  • They Offer Health, Vision, Dental, Short-term, Small Business, Travel, Accident, Life Insurance and More

 

It doesn’t cost you anything to go to this website and price compare policies. Give it a shot and let me know what you think.

Compare Insurance Rates on eHealth

—

So there you have it – there’s a couple of solid options for finding the best insurance suited for you self-employed agents on the grind! It’s important to get covered so that you don’t have to pay the Obamacare tax penalty. Most plans are going to offer the new minimum mandated requirements. Check with your state’s health exchange to figure out if you qualify for a subsidy. From there, head on over to eHealth to compare plans and find the best rate for the coverage you need.

Feb 17, 2015Joshua
6 years ago 4 Comments Serviceshealthcare, insurance17,331
What's the Best Mindset for Success in Real Estate?What is the best web hosting provider for agents?
Comments: 4
  1. Choy Vong
    4 years ago

    I am a real estate agent. I own my LLC company. Can I buy health insurance as a real estate agent. I am cuurently a public school planning to retire early this coming June 30, 2017. I have health my health insurance coverage until 09-01-2017 from my school. I will be 60 and 1/2 yrs old on 9-1-2017. My retirement benefits are about $2, 000 per month. My wife works for City of Seattle. She also plans to retire on 9-1-2017. Her retirement is about $5, 000 per month. I have 2 daughters aged 18 and 19.

    ReplyCancel
    • Joshua
      4 years ago

      Hi Choy,

      You can absolutely buy health insurance as an agent. There are no limitations or restrictions that I know of that would prevent you from buying your own policy, even if you are currently covered through your current employer. There are no restrictions on income either. You simply need to speak with some insurance companies or go through the eHealth marketplace, get some quotes and then move forward. If you and your wife are healthy, my suggestion would be to look for a medium to high deductible plan in order to keep your monthly expenses low. You may cover your children until they are age 26.

      I hope this helps!

      Josh

      ReplyCancel
  2. Bob
    3 years ago

    I run a small office with two W2 employees and seven 1099, None of the insurance carriers would cover our 1099 employees. Then my broker found a program called Guided Benefits VEBA. We did have to answer health questions which was a pain, but they covered all of us, including the 1099, And the cost was way lower than the state marketplace.

    ReplyCancel
    • Joshua
      3 years ago

      Thanks for sharing this great information, Bob.

      ReplyCancel

Leave a Reply Cancel reply

 Recent Posts 
  • What’s the best way to generate leads?
  • What is the best cell phone for agents?
  • 20 Best Website Themes for Real Estate 2015
  • What is the best web hosting provider for agents?
  • What are the best insurance options for agents?
 Recent Comments 
  • Joshua on What are the best insurance options for agents?
  • Bob on What are the best insurance options for agents?
  • Joshua on What are the best insurance options for agents?
  • Choy Vong on What are the best insurance options for agents?
  • Alex on What is the best printer for agents?
 Categories 
  • Marketing
  • Mindset
  • Products
  • Services

What's Best For Agents Logo

"What's Best for Agents" is a professional tips, reviews, and business blog aimed at helping real estate agents achieve maximum success in their businesses.

 Popular Topics 
What are the best insurance options for agents?
17,331 views
What is the best printer for agents?
6,292 views
What is the best cell phone for agents?
2,423 views
 Subscribe 

Sign up for our newsletter to receive the latest news and event postings.

© 2012-2017 What's Best For Agents. All rights reserved.