Those that have been at Texas REALTORS for a significant amount of time know that one of the longstanding, major issues of concern to members has been the availability of health insurance to independent contractors. The National Association of REALTORS has supported federal legislation to allow for Association Health Plans and other efforts to provide for accessibility of products available to REALTORS. Texas REALTORS long ago actually created a self-funded health insurance plan for members which ended up being financially infeasible and was discontinued.
However, Texas REALTORS has been working for the better part of 2022 with a group that has presented an option that allows member to access for an ERISA-covered, affordable health benefit that can be access via membership in a third-party organization. The Texas REALTORS Executive Board has approved moving forward with an agreement to provide this option and the rollout is currently being developed and should be available to members in December. While details and marketing materials are currently being prepared and will be shared soon, the following information can help you field inquiries.
What: Recently, Texas REALTORS® successfully negotiated a plan that allows Texas REALTORS® members access to a health care benefit that in many cases offers an affordable solution to heath care costs for independent contractors through membership in a third-party entity. The benefit provides for access to a nationwide healthcare network via BlueCross BlueShield at large group rates that guarantees access without regard to age or pre-existing conditions.
To access the benefit, Texas REALTORS® members would have to join a third-party entity, only available through Texas REALTORS® membership, and sign up for the health care benefit.
When: The third-party administrator is currently in the process of developing the onboarding portal for Texas REALTORS® and is expected to begin enrolling members in December. Health benefits would be effective on the first day of the month following a 30-day waiting period after the date of enrollment. For example, if a member enrolls on December 15, the benefit would be effective February 1.
Why: Access to affordable health insurance has been a major challenge for REALTORS® and other independent contractors. Texas REALTORS® has been working to find a feasible solution or alternative for many years. While this solution requires membership in another entity, it is exclusive to Texas REALTORS members and their families and offers the opportunity to access an ERISA-covered, affordable health care option.
How can members get more information? The benefit will be fully administered through a third-party. Texas REALTORS® cannot be associated with or answer questions about enrollment or the benefit itself. Once final information on the portal, the product, rates and where to get detailed information is available, Texas REALTORS® will aggressively market the availability of the opportunity to members.
Who is eligible to participate? Members who are associated with an active corporate entity that maintains a federal Employer Identification Number (EIN) are eligible to participate. It is not required that your real estate business go through the LLC. Remember though, if you do run your real estate business through an LLC or other corporate entity, that entity must be registered with TREC.
More information will be available and promoted in December.
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