Are you a realtor or real estate investor looking for the best health insurance for your real estate business?
I have a lot of clients who are real estate agents. I know how incredibly busy you are, forever driving around, showing estates and properties to prospective clients, always at your prospect’s beck and call. It’s an extremely tough job, especially in a market that has such high competition. I understand, I really do.
So I won’t waste your time. I’ll get straight to the point.
If you’re a professional real estate agent or investor, one who has been in the game for long, then you probably already have several closes under your belt. Or, if you’re just starting, fanatically prospecting, you’re striving for those first few closes. Regardless of whether you’re new or seasoned, two things are certain about being a realtor:
- You are considered a self-employed person and file your taxes as 1099
- You do not have a fixed monthly income – there are highs and lows in the game
What does that mean for your health insurance as a realtor?
Health insurance is already complicated, more so for self-employed realtors with fluctuating income. As a real estate agent or investor, your income goes up and down. Sometimes, you can’t even estimate your income for tax purposes until after the year is up. Yeah, those peaks are great, but it’s the troughs that can be really tough!
As a self-employed 1099 professional myself, my income fluctuates too, so I can relate to your struggles. I understand that you are on the lookout for something that secures and protects your health without adding stress to your bank balance every month.
Therefore, when it comes to health insurance for realtors, there are two main options I want to present and offer you some clarity on.
Which type of health insurance plan is good for realtors?
If you are just starting, an income-based plan on your state-sponsored marketplace may be wise – the lower your income, the lower your premiums. The way this works is that the ACA offers a “tax credit” or subsidizes your monthly premium based on your income. So, it can be a great option for those who are just starting their real estate career.
However, as your income goes up (which can happen easily with just one or two closings), you will then end up owing the ACA in back premiums because you did not correctly estimate your annual income. This is why I suggest getting a health-based plan that locks in your plan benefits and price no matter how much money you make, no matter how many homes you sell, no matter how high your income spikes.
Let me elaborate on this second option. I highly recommend this to all my realtor clients. Primarily, because your low income stage is usually very temporary. In just a few closes, you will fall into a grossly different income bracket. At that stage, staying on a marketplace plan can be more harmful than beneficial. In fact, the higher your income goes, the more you will notice an astronomical jump in your premiums. Prices that can be even more than your mortgage or rent! Before that happens, my professional advice is to jump to a private plan and lock in your rates before you start owing back premiums.
You don’t want to be punished for having a successful career, do you? Having a health based, medically underwritten plan is the best solution for that. You get benefits upfront, you continue to grow professionally, and you never have to worry about health insurance, renewals or owing money to the IRS.
Some of my clients who sell luxury homes often find it challenging to balance their financial budgets with their healthcare needs. This is where I come in to help them.
How can I help with your health insurance?
Affordable health insurance for realtors can be a mountain to climb. There are a dizzying amount of coverage options available. You need to know the best way to navigate through these and find out which one fits you the best.
As a self-employed real estate agent, you don’t have the option of having an employer provide you with benefits such as 401K, sick leave, dental or vision care. You need to sort this out yourself. And you want to get a plan with the best benefits and coverage at an optimum premium.
With rising health insurance rates, it’s best to use a licensed insurance professional to help you sort through all your options. You need to make a calculated decision by considering your previous medical history, costs that you have paid for medical services in the past, and recent claims history to estimate projected usage. You also should factor in unpredictable healthcare issues such as critical illness coverage, accident and injury protection, and hospitalization benefits.
It shouldn’t be a headache for you to get health insurance as a realtor. I have helped numerous real estate investors when it comes to their health insurance plans. If you’re unsure of which plan is suitable for the stage of business you are in, feel free to schedule a 15-minute consultation call with me. I will suggest some options that are customized to your needs, at whatever stage your business is in.
Are you a realtor?
Book a call with me for a valuation on the possible best fit health insurance plan for you via https://calendly.com/drnoorhealth/15-min-consult-call
