Global insurance brokerage Hub International and Tennessee Realtors have launched one of the nation’s first association health plans for a professional trade association.
“HUB understands the importance of quality, comprehensive, accessible heath care, especially for small businesses,” says Mike Barone, president of employee benefits at HUB.
In 2018, the U.S. Department of Labor provided an update to association health plan regulation that has made it easier for small businesses to join together to offer the same type of health insurance coverage offered by large companies. The Tennessee Realtors’ association health plan was established under the new Department of Labor rule.
Association health plans help small and midsized businesses reduce health care costs, broaden the risk pool and access quality health coverage tailored to the needs of their employees.
Tennessee Realtors CEO Angela Shields says, “Providing health care benefits has long been a top priority for us because almost all Realtors are independent contractors and should receive the best health care available.
“Our leadership repeatedly heard this need from our members and committed to make sure they were protected as professionals.”
In 2018, HUB and Tennessee Realtors conducted a survey of members, composed mostly of 1099 contractors, W2 employees and sole proprietorships, gauging their interest in an association health plan.
Ninety-four percent of the respondents had strong interest in accessing benefits through the establishment of an association health plan. In addition, 50 percent of the respondents identified as “individuals” who felt they were paying too much for health care coverage.
After months of study and planning, HUB and Tennessee Realtors created a benefits solution for its members that extends to members’ workers and dependents.
The fully-insured association health plan includes three medical plan options, a dental and vision option and wellness solutions.
Additional benefits will be offered to members through other insurance benefit partners, including accident with a disability insurance rider, critical illness and life insurance with a long-term care rider.
Open enrollment for the Tennessee Realtors’ association health plan will be available until May 1.
Source: Tennessee Realtors