Health Insurance For Realtors In Florida - As a self-employed real estate agent, you need to create the perfect benefits package. Here are some ideas to consider.
If you quit your 9-5 job to become a self-employed real estate agent, you may be giving up great benefits like a 401(k), employer-sponsored health insurance, continuing education, and paid vacation.
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While these are great perks, being a boss comes with perks that most traditional employees miss out on, such as unlimited vacation and sick days, flex time, and tax deductions.
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Although you may have to cover some of the cost of these benefits yourself, check with your broker as more and more companies are creating discount packages for real estate agents.
Health insurance is an important benefit that you should never miss when you are self-employed. Even a quick trip to the emergency room can result in a big bill. Here are some ways to find and sign up for available coverage.
• If you are married or have a domestic partner with a health plan, find out if you can join their policy.
• If you leave a workplace group plan, you may be eligible for COBRA, which extends your health coverage for a period of time if you pay a premium (which can be expensive).
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• If you must purchase an individual plan, shop at Healthcare.gov or Floridahealth.gov to determine if your income and family qualify for premium subsidies.
If you're enrolled in a high-deductible health plan, you're usually eligible for an HSA. These medical savings accounts allow you to pay for qualified medical expenses tax-free. You will receive:
There is no spending period for HSA funds, so your account balance will change each year. After age 65, you can use it as a retirement investment to spend on whatever you like (though you'll pay income tax on non-qualified withdrawals). Some great places to shop for an account are Starship HSA (starshiphsa.com) and Lively HSA (livelyme.com).
Many employees get a term policy at work, but lose it when they quit. If you have loved ones such as a spouse, partner, children or elderly parents who depend on your income, life insurance is essential.
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A general guideline is to buy a whole life policy that pays a death benefit equal to 10 times your annual income. If you have a large family or have significant debt, you may need more coverage.
The cost of life insurance may be more affordable than you think. For example, if you are 30 years old and in good health, a 20-year, $500,000 policy will cost you about $200-$300 per year. It's easy to shop and compare life insurance quotes online: finder.com/life-insurance-online
Disability insurance is an often overlooked benefit for the self-employed. It pays a portion of your earnings, such as 60% or 70%, if you are unable to work due to illness, disability or accident.
Remember that health insurance does not cover your living expenses if you are sick or injured. Without a disability policy, being unemployed for a long time can cause significant financial hardship for you and your family. Shop for disability insurance at a place like Policygenius (policygenius.com/disability-insurance/).
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A tax-advantaged retirement account should be included in the self-employed benefits package. Use one or more of these plans to save for the future and reduce your tax liability:
If you're not sure whether you should have a traditional or Roth account, or how to use multiple retirement accounts, talk to a financial advisor or retirement planner.
The bottom line is that you don't have to be an employee to enjoy great benefits. By researching your options and shopping around, you can customize an affordable benefits package that protects you, your family, and your real estate business.
Health, Dental, Vision: NAR's Realtors® Insurance Place (realtorsinsuranceplace.com) is an exclusive insurance shopping site. It offers plans for real estate professionals and their families, including health, dental and vision insurance, as well as life insurance, telemedicine and a variety of wellness solutions – all of which benefit NAR members. At Realtors Insurance Place, NAR members can get quotes, compare plans and buy directly online. All offers are from top rated carriers.
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Risk Management: Protect your home with home warranty savings and protect your business with errors and omissions insurance and identity theft protection (nar.realtor/realtor-benefits-program/risk-management) I'm sure everyone will agree that there some . Great benefits of working as a real estate professional. As an independent contractor, you are essentially your own boss. You can set your own schedule, work from home or the office, or even study a three-hour CE lunch without anyone talking.
Unfortunately, the downside of working as a real estate professional is that your health insurance is usually not paid for as part of your job. This means that your health insurance will have to be covered out of pocket, and if you are not careful, it can cost you a lot of money.
Let's look at the pros and cons of three types of health insurance commonly available to real estate professionals:
This type of health insurance is often offered as an employee benefits company where you or your spouse works. As an employee, you usually have access to a group health insurance plan.
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– Most employee health plans are great because they are reasonably priced and have reasonable deductibles.
– The employee's spouse and children are generally responsible for the full cost of the health plan. Because the plans are so good, they are also very expensive for the rest of the family.
This type of health insurance is purchased at Healthcare.gov. After registering on the government website, you select your insurance carrier, the type of insurance you want (HMO, PPO) and the amount of the deductible you want to pay.
– Health plan options are limited if you live in Georgia. In 2018, your only choices were AmBetter and Kaiser, which are HMOs.
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This type of health insurance pays you benefits if you are hospitalized for unplanned reasons. It may also include other medical services depending on the policy.
- If you have diabetes, you can only take medicine. If you take insulin, you may not be eligible for this plan.
If you are a real estate professional and want to know which of these three options is best for you and your family, I can help. There is no cost to what you have and what is possible. Call me at (770) 527-5598 so we can spend more time protecting you and selling your home. Membership Discount: REALTORS® Insurance Place is an exclusive insurance shopping site. It offers exclusive health, dental and vision insurance for you and your family, as well as plans with member benefits including life insurance, telemedicine and a variety of wellness solutions. Here you will find plans for all stages of life and even suggestions for your pets.
REALTORS® Insurance members can get quotes, compare plans and buy directly online. All offers are from top rated carriers.
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Free Assistance: Benefits specialists are available to provide personal assistance with your personal insurance needs. They can help you navigate the insurance landscape and identify products and plans that fit you and your family's financial capabilities and health care needs.
Eligibility and availability vary by product and country. Members with a valid Member ID can view complete plan information and receive quotes on the REALTORS® Insurance site. If necessary, plans can include family members.
Originally launched as the REALTORS® Insurance Marketplace, the platform has a new name that better reflects the ever-expanding menu of exclusive insurance products and creative coverage solutions available to you and your family.
Smart and Simple Insurance Development (SASid) is the administrator and developer of the REALTORS® Insurance website. SASid is a long-standing and trusted partner responsible for managing insurance and ancillary products including Member Health Insurance Exchange, Member Medical Exchange, REALTORS® Dental Insurance, REALTORS® Vision Insurance, REALTORS® Group Life Insurance, Member Telehealth, REALTORS® Core Health. , Member Insurance Accident Protection, Pet Health Insurance, etc.
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SASid has been a leader and innovator in online insurance development and marketing since 1999, developing technology and online insurance products for top insurance carriers and national distribution networks. SASid is located in Janesville, Wisconsin.
Currently exploring challenges and opportunities for health plans. Other health plan options available through REALTORS® Insurance Place can help members in this situation. Contact your REALTORS® Insurance location for advice and plan options.
*Most states currently have qualified health plans available through a participating health insurance exchange. Availability is subject to change. SASid continues to work on behalf of members to obtain approval in all states and territories. Members with questions about coverage options are encouraged to contact SASid directly to learn more about the insurance offerings available to them, including state and federal resources.
** Some states have mandatory requirements that dictate policy changes that affect provider options.
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