Health Insurance for Realtors: Guide to getting Insured
Are you a realtor, real estate agent, or real estate investor looking for the best health insurance for your real estate business?
As a real estate agent, your income can fluctuate greatly, making it challenging to find quality health insurance that fits your budget. Don't let your income hold you back from finding the right coverage for your needs. Read on to discover expert tips on navigating the complex world of health insurance as a self-employed realtor
Real estate agents are among my greatest clients. You're constantly on the go, driving around showing clients new properties and estates, always at their demand. It's a tough occupation no matter what the market is like. Finding quality health Insurance should be easy, but that is often times not the case.
There are highs and lows in the game, and you are a self-employed individual, so you file your taxes as a 1099. Are you concerned about the impact on your health coverage as a real estate agent?
The fluctuations in self-employed realtors' incomes make health insurance more complex. In addition to being difficult to understand as a whole, health insurance for real estate agents that are self-employed is particularly challenging. Your income as a real estate agent or investor is up and down, and in some cases you don't even know how much you'll earn until the year is over. Those peaks are great, but the dips are really tough!
I, too, am a self-employed 1099 professional, so I understand your difficulties. I am aware that you want a health plan that protects and safeguards your health without putting a dent in your bank account every month.
There are two things that are certain about being a realtor:
You are considered self-employed and will file your taxes as a 1099
Your income is not fixed. You may have high and low periods in terms of earnings.
Which type of health insurance plan is good for you?
When you first begin in real estate, an income-based plan on your state-sponsored marketplace might be a wise choice. The ACA (Affordable Care Act) insurance marketplace provides a 'tax credit' or subsidizes your premium based on your income. This is a solid option for those who are just beginning their real estate career.
With one or two closings, your income can rise, resulting in you owing the ACA back premiums because you did not correctly estimate your annual income. Because of this, I recommend getting a health-based plan that locks in your plan benefits and rate no matter your income, and no matter how many homes you sell. My clients always benefit from this strategy.
Your low income stage is often short-lived, so I advise all of my real estate clients to use it. You will soon be in a much higher income bracket, so it will be more harmful to stay on a standard plan than beneficial.
As your earnings increases, your subsidies will diminish resulting in you over paying for your health insurance. My professional advice is to switch to a private health based plan, if possible, because your rates are not contingent on how much you make and you can use your premiums as a tax write-off!
Having a medically underwritten plan is the easiest way to avoid tax penalties and subsequently not be be punished financially for having a successful career. You gain benefits immediately, continue to develop professionally, and never have to worry about health insurance, drastic annual rate increases, or having to potentially owe the IRS at the end of the year.
Finding the right affordable health insurance policy for realtors can be a challenge. There are so many coverage choices available that it can be overwhelming figuring out which option is right for you.
Often times you don’t have the option of taking advantage of 401K, sick leave, dental or vision care if you're a self-employed real estate agent. Choosing which benefits and coverage options you actually want and need can be made easy with a licensed insurance professional to help you, just like how you would help someone in the market buying a house find the right home.
Breaking an ankle changing a light bulb before a showing isn't something we often think about but accidents can and do happen all the time, unexpectedly. As we all know, if you dont work, you're not making money but your bills keep coming. Having a plan that covers on-and-off the job accidents and accidental disability income protection is important for a realtor, and really any self employed individual due to workers compensation not typically being an option for them.
How can I help with your health insurance?
Getting realtor health insurance options should not be a headache. I've assisted numerous real estate investors with cost effective health insurance plans in the past. If you're not sure which health insurance plan is best for your business stage, you may schedule a 15-minute consultation with me.
Want a health insurance plan that suits you?
I can suggest some health insurance alternatives that are customized to your requirements, and it's free! I can show you medical options, dental insurance, vision insurance and more. You only pay for the health insurance benefits you sign up for if you decide to purchase them. Set up a 15-minute consultation with me to find out if I can help.
