How Can a Real Estate Agent Earn Benefits?

Real estate is one of the most flexible industries. You get to set your schedule, work independently, and choose what projects to work on. It's a more freeing career path than many traditional 9-to-5 jobs. But that also means that, as an entrepreneur, you may not get conventional health benefits.

It's a big deal. A moderate-severity emergency room visit could cost you anywhere from $600 to $3,100 or more without insurance. That's money you could be investing in your real estate business.

Fortunately, you can get health coverage as an agent or broker. You just have to do a bit of research. Here's how real estate professionals can earn benefits.

REALTORS® Insurance Place

If you're a member of the National Association of REALTORS®, you can buy a healthcare plan through their marketplace. You'll see options for health, dental, vision, life insurance, telehealth, and pet insurance. Choose one that's right for your lifestyle and needs.

Chances are, you'll save money compared to buying a private plan on your own. Follow the NAR guide to enroll in a plan. You may even be able to sign up your family for health benefits, too.

Through Your Brokerage

Although most real estate agents are independent contractors, some are employed by large brokerage firms, like Redfin. Those W-2 employees are eligible for employer-sponsored health benefits. They pay a small fee (or nothing at all).

This is the most affordable way to get coverage. If you don't want to look for plans on your own (and don't mind losing the freedom of being an independent contractor), consider joining a brokerage.

Just keep in mind that not all firms offer free health coverage. For example, at RE/MAX you can pick a plan through the RE/MAX marketplace, much like through the NAR. It's often pricier than an employer-sponsored plan.

Through the Healthcare Marketplace

Another alternative is to purchase a healthcare plan at a discount through the federal or state government. If you meet certain income guidelines, you can get coverage for a few hundred dollars a month or less.

For 2023, that means you can access affordable plans if you make less than $58,320 as an individual adult or less than $120,000 as a family of four. Even if your income goes beyond that, you may still qualify for a premium tax credit to lower your monthly premiums.

It's worth looking into this option, especially if you're new to real estate and aren't raking in the cash just yet. It's also worth it for parents working in real estate who want to cover their loved ones.

Through a Family Member

Does your spouse (or domestic partner, in some states) get health benefits through their employer? If so, then you might be able to join their policy.

How much this will cost greatly depends on your spouse's employer and insurer: some charge small fees for adding family members, while others charge upwards of $600 for basic plans.

Check with your significant other's insurer. It might be worth avoiding the hassle of looking for a plan by yourself.

Through an Additional Job

You may be locked out of all the options mentioned so far. It's a tough place to be in. If you can't qualify for marketplace plans, can't join a partner's policy, and can't afford private health insurance, then you may need to land a job that offers benefits.

That doesn't mean you have to quit real estate. One of the best things about this line of work is the flexibility. You could find full employment (and sign a W-2, to be eligible for employer-sponsored benefits) and still be a part-time real estate agent. It's a smart way to boost your earnings!

Add Health Benefits to the Long List of Real Estate Perks

These five options let you access healthcare while still pursuing a rewarding career path. You'll save money and have more resources to invest in your real estate business. It all starts with first getting your real estate license. We offer 100% accredited courses online you can take whenever and wherever you want. They'll put you on the fast track to closing your first deal.

Want to get your Real Estate License? Begin your Pre-Licensing Course today!

Get Started Now!

Updated 11/30/23

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