Navigating the New World of Health Insurance

January 23, 2015

Long & Foster Insurance offers solutions, support for real estate agents

It’s that time of the year—open enrollment for health coverage. Realtors and other independent contractors across the country have until Feb. 15, 2015, to enroll in a health insurance program or plan to pay a penalty starting around $325 per person at tax time. While some may opt to face the fee, others will begin their search for a health insurance plan. And that’s where it can get challenging.

“With all the new health care regulations in place, it can be difficult to know what you need to do, where you should be shopping for health insurance and how you can get the best coverage at a reasonable price,” said Keith Garrison, a benefits specialist and insurance manager with Long & Foster Insurance who has specialized in health insurance for more than a decade.

That’s where companies like Long & Foster Insurance come in. Garrison is one of the health-care experts on the Long & Foster Insurance team who helps real estate agents shop the increasingly complex health insurance market. He works hand-in-hand with Realtors and other independent contractors as they select the best health care policies for themselves, their families and their futures, ensuring they understand all the options and serving as their advocate throughout the process.

Here’s a quick overview of how that often works.

Before you begin comparing insurance plans, you will need to determine whether you qualify for any healthcare subsidies through the Affordable Care Act. If you’re working with an insurance agent like Garrison, they’ll help you figure out for what subsidies you qualify. To do so, you’ll need to estimate your household income for the coming year, which includes your own income, your spouse’s income and any dependents who contribute financially to the household. Because income is one of the key factors for determining subsidies, you’ll want to make sure you get as accurate an estimate as possible. Too high or too low of a figure could cost you, so you will want to check with a professional tax advisor in advance.

If you qualify for subsidies, then you’ll likely use HealthCare.gov, the official website of the ACA, to find your insurance plan. At this point, Garrison often coordinates conference calls with himself, his clients and a representative from HealthCare.gov to review the options, or he will meet individually with his client to shop online at the HealthCare.gov website.

If you don’t qualify for subsidies, then you can usually go direct to an insurance carrier to get rates and details on various plans. “While many people think they have to use HealthCare.gov, there are numerous other options available, especially if you don’t qualify for subsidies or only qualify for a small amount,” Garrison said.

Regardless of whether you will be buying a plan through HealthCare.gov or an independent carrier, next you will want to evaluate the coverage options. Consider how the new plans compare to your existing plan, if you have one, identify if all your doctors are covered through the selected plans, and evaluate the monthly premiums and deductibles and which work best for your finances. While this can be one of the more time-consuming parts of the process, Garrison stressed that it’s also one of the most important, noting that he often invests a great deal of time supporting his clients during this stage of the process.

If you’re in the market for health insurance, make sure you contact Long & Foster Insurance for assistance. You can reach their team by submitting an inquiry online or calling 1-866-275-4534.