At many traditional brokerages real estate agents are typically considered independent contractors and do not receive the standard taxes or health benefits that employees receive. However, real estate agents can still get benefits. Learn about the different ways real estate agents can find affordable health insurance.
Understanding real estate agent benefits
In the United States, most employers offer a benefits package to their W-2 employees that may include a 401K, sick time, vacation time, and access to health insurance. It’s true that some real estate agents, including Redfin Agents, are offered benefits through their brokerage. Typically though, agents are considered independent contractors or self-employed. Because of this, they aren’t typically offered benefits through their company. Instead, real estate agents are left to get benefits the way most contractors do: on their own.
How do real estate agents get benefits?
Real estate agents can get health insurance in a variety of ways before trying to find a plan on their own. Here are a few ways real estate agents can get benefits:
- ACA (Affordable Care Act). In an attempt to replace expensive individual health insurance, the ACA provides cost effective, quality individual insurance plans.
- Realtors® Insurance Marketplace. If you’re a member of the National Association of Realtors® (NARS), you can find information on various insurance plans through the NARS Insurance Marketplace including health insurance, dental insurance, and vision insurance. Members can shop around and compare different options to find the one that best suits them.
- Medicare and Medicaid. Both are government sponsored insurance programs. Medicare is coverage for people 65 or older, or under 65 with a disability. Medicaid has a strict income requirement and is better suited for young real estate agents who are just starting out.
- Visit Healthcare.gov. Real estate agents can purchase a health care plan through this site. Plans are offered on a “metal ratings” scale - options ranging from bronze plans to platinum plans, with platinum covering the most out-of-pocket costs and highest monthly premium.
- Recommended plans from your brokerage. Some brokerages offer resources to their agents compiled with various insurance plans to choose from.
- Join your spouse’s plan. One of the most common options is joining a spouse’s health insurance plan offered through their company.
- State and local associations. Some agents turn to other associations, such as alumni associations, local associations of Realtors, and more.
- Work another job. Because working as a real estate agent is so flexible, getting another full-time or part-time job is possible, and more common than you might think.
- Join a brokerage that provides health insurance. Some brokerages recognize their agents as employees and offer benefits to their associates.
Do real estate agents get benefits at Redfin?
Redfin’s real estate agents are considered employees, so they’re eligible to participate in employee-sponsored benefit programs including medical, dental and vision plans for themselves and their families. Redfin agents receive benefits like paid vacation and parental leave, and disability insurance. They can enroll in a 401(k) retirement plan, health care and dependent care flexible savings accounts, employee stock purchase plan, and coverage for fertility treatments.
Redfin Agents are also paid a salary plus bonuses for every home purchase or sale they close. Redfin covers the traditional costs of doing business including training and continued education, mileage and mobile phone service, license renewal fees and association fees, listing materials, and more.
Obtaining an affordable health care plan shouldn’t be a hassle. Be sure to review all your options and choose the route that’s best for you.
Interested in a real estate career with Redfin? Learn about the different agent career paths offered at Redfin: