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A Guide to Health Insurance for Realtors
Our agents understand the unique challenges of the real estate industry. We understand the significant swings in income that may happen from month to month based on when commissions get paid. We understand the challenges of essentially operating your own business and the many expenses that may impact disposable income. We understand the long hours on nights and weekends.
At Apollo we’ve listened and created relationships with hundreds of realtors and we believe we can walk through several products that can address the unique demands of a professional life as a realtor. Take the time to talk to someone who understands your world and who has put together solutions that work specifically for you. You have taken the time to be good at what you do…take the time to learn the unique options specific to you!
Health Insurance For Real Estate Agents: Options Available
Association Group Insurance Plans
The best way to find reliable health insurance is by shopping around and talking with people who have already looked at different plans. If you’re a member of the Realtor Association, they may have a health insurance plan available for you. This can help save time since most associations offer some type coverage through group policies (e., dental). However these types may not always suit every individual’s needs so make certain before signing up!
Brokerage Group Health Insurance
While working for a real estate agency, they might provide group health insurance for the company. If so, check into what plans they may offer. Most group health plans limit enrollment for new employees to 2 – 4 weeks from the date of employment. Annual enrollment occurs at a specified time each year the group plan is offered.
The benefits provided by the group health plan can vary based on your needs. Most plans include medical care, prescription drug coverage, and routine dental and/or vision care. However, some plans may have a high deductible or exclude wellness check-ups and cancer screens. Be sure to consider your personal healthcare needs when assessing whether or not the realtor health insurance offered by the agency is a good fit for you.
Affordable Care Act (ACA) Plans
The ACA, also known as Obamacare or the Marketplace, is the law of the land in the United States. The ACA requires all health insurance plans to provide Minimum Essential Coverage and offers subsidies to families with a household income of less than 300% of the Federal Poverty Level.
Short Term Plans
Short-term health plans can provide an important safety net for people who are temporarily in-between jobs or in a new and different location. These plans offer less comprehensive coverage than termless health plans, but they can be a good option for people who don’t have insurance or who don’t qualify for other types of coverage. Short-term health plans typically last for a few months, so they are a good option for people who don’t need insurance for a long period of time.
Health Sharing Plans
These plans are not-for-profit organizations and typically religious. They offer healthcare benefits that are not MEC and have waiting periods for pre-existing conditions. Health Sharing Plans are not legally called insurance, but they do provide some of the same benefits.
Basics of Health Insurance
Individual health insurance plans all fall into one of these 4 networks listed below:
Health Maintenance Organizations (HMOs)
HMOs are organizations that provide a network of doctors, specialists, and other medical professionals that you can go to for your medical needs. If you have an HMO, then you will be required to choose a primary care physician to cover most of your medical needs. If you need to see a specialist, then your primary care physician will give you a referral for a specialist that is in your network.
Exclusive Provider Organizations (EPOs)
If you’re looking for a healthcare plan with a strong network of doctors and specialists, an Exclusive Provider Organization (EPO) may be the right choice for you. EPOs offer coverage for medical services provided by in-network providers only, so seeing a doctor or specialist that is out-of-network may not be covered. However, many EPOs do not require you to have a primary care physician, and none of them require referrals to see a specialist.
Preferred Provider Organizations (PPOs)
PPOs are health insurance plans that offer a wider care network than EPOs or HMOs. However, they typically have higher premiums (and, therefore, are more expensive) to compensate. Like EPOs, PPOs do not require you to have a primary care provider and do not require a referral to visit a specialist. You can even see an out-of-network specialist (albeit at a higher cost). Click here for a more in-depth breakdown of HMOs vs PPOs.
Point-of-Service Plans (POS)
The POS plan is a great option for those looking for a lower premium, but with a smaller care network than what you would find with a PPO. You are required to have a primary care physician, and need their referral to see a specialist; however, if you choose to see an out-of-network specialist, the cost would be higher.
Basic Health Insurance Definitions
Premium
A monthly payment you have to make to keep your insurance plan.
Deductible
The amount of money you have to pay on your own for your medical needs before your insurance will start assisting. This will be an annual amount.
Copay
A flat rate you pay per health service, like $10 per doctor’s visit or $5 per bottle of medication. Your insurance will cover the rest.
Co-insurance
A percentage you pay for the cost of each health service. For example, on a 10% coinsurance plan you would pay 10% of each doctor visit, medical procedure, etc. before your insurance covered the rest.
Maximum Out of Pocket
The most money a consumer can spend on out-of-pocket healthcare related expenses for the year. Once the maximum out of pocket is met, the remaining bills are paid 100% by the insurance company.
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Benefits of Health Insurance
There are many benefits to having health insurance. First and foremost, it helps to protect you financially in the event of an accident or illness. Without health insurance, you would be responsible for paying all of your medical bills out of pocket, which could quickly become expensive. In addition, health insurance can help to cover the cost of preventive care, such as annual physicals and screenings. This can help to catch health problems early, when they are more easily treatable. Finally, health insurance can provide peace of mind in knowing that you and your family are protected in case of a health emergency.
Frequently Asked Questions About Health Insurance
What's the best way to look for health insurance?
When shopping for health insurance, it is important to work with an agent or broker who can help you understand the many options available. Agents have access to all the plans on the market, and they can help you find the best one for your needs. With their help, you can avoid getting overwhelmed by the process and make sure you are getting the best coverage possible.
How do you find the right health insurance plan?
The first step is to figure out what’s important to you. Do you need a plan with a low monthly premium? Does your budget allow for a plan with a higher deductible? Are you looking for a PPO or EPO plan? Do you have any preexisting conditions that must be covered? Once you know what’s important to you, it’ll be easier to find the right health insurance plan.
How do I save money when dealing with insurance?
There are a few different ways that people can save money on their insurance premiums. One way is to purchase a plan that is not based on the individual’s income. These plans can be found on the private market, and they typically have lower premiums than the traditional group or ACA plans.
Another way to save money on insurance is to shop around for the best deals. Different insurers offer different rates, so it’s important to compare and contrast the different options available.
Finally, it’s also important to be aware of the subsidies that are available through the Affordable Care Act. Many people are eligible for subsidies, which can help reduce the cost of premiums.
Apollo Will Find the Right Plan for You
Apollo Insurance Group is a health insurance brokerage located in Lee’s Summit, Missouri and Chicago, Illinois. We have been around since 2010, and our mission is to positively impact people’s lives. We do this by fighting to find the best option for our clients, create relationships with our employees, and give back to our communities. Apollo also specializes in Medicare, life insurance, dental, and vision plans. We have agents that are experts on individual health insurance and are ready to help you find the right plan. Fill out our contact form to get in touch with an agent today.