The largest real estate company in the U.S., Realogy Corp., on Monday said it will offer healthcare options to the more than 250,000 sales associates affiliated with its brands, including Century 21, Coldwell Banker, Coldwell Banker Commercial and ERA.
Healthcare has been a top concern for real estate industry participants and trade groups because the majority of agents work as independent contractors, and in the past have had poor access to affordable healthcare programs.
“This health care initiative gives us the perfect opportunity to leverage our size for the benefit of our affiliates. From an industry perspective, the National Association of Realtors reported that 28 percent of its members lacked health insurance,” said Chris Sears, senior vice president of procurement at Realogy.
Realogy said the healthcare program is administered by three insurance carriers offering two major medical plans and three limited-benefit medical plans. The plans offer a range of services, from basic first-dollar coverage to full comprehensive major medical, including vision and dental.
Insurance carriers HM Insurance Group, AIM and AFID LLC, which operate independently of each other, are servicing the plans and are running the first open enrollment period through Sept. 14.
After the close of the initial enrollment period, the company said, new sales associates or brokers joining any of the participating Realogy brands, or those existing affiliated members experiencing a life change, will have a 30-day window to sign up for one of the plans with guaranteed issue. The open enrollment period affords a guaranteed issue, according to Realogy.
Program pricing is competitive, ranging from $114 a month for an individual’s limited-benefit medical plan to just over $800 a month for comprehensive major medical coverage for a family. The pricing is plan-dependent and is not affected by the age of the participant.
“Access to competitively priced medical coverage is an enormous benefit of membership and enables our affiliates to concentrate more freely on building their businesses,” said Alex Perriello, president & CEO, Realogy Franchise Group.