Health Insurance Survey - Cdn.nar.realtor

2023 Health Insurance Survey November 2023 National Association of REALTORS Research Group

NAR Research Staff: Lawrence Yun, Ph.D. Chief Economist and Senior Vice President Jessica Lautz, Dr.RealEst. Vice President, Demographics and Behavioral Insights Meredith Dunn Research Manager Lead Author: Brandi Snowden Director, Member and Consumer Survey Research

Methodology The NAR Health Insurance Survey was sent in March 2023 through email to a random sample of 43,851. There were 1,227 completed responses for a response rate of 2.8 percent. The confidence interval at a 95 percent level of confidence is /- 2.8 percent. 2023 Member Profile Survey Respondents (Members) White or Caucasian 81% 79% Married 69% 64% Female 62% 70% Bachelor’s Degree 31% 30% Median Age 60 55 Household Income 141,200 127,320 2023 National Association of REALTORS . All Rights Reserved. May not be reprinted in whole or in part without permission of the National Association of REALTORS . For reprint information, contact data@nar.realtor.

Health Insurance Coverage for NAR Members Source: 2023 NAR Health Insurance Survey

Do you currently have health insurance for 2023? Don't know, 1% No, 14% Yes, 85% Source: 2023 NAR Health Insurance Survey

What are the reasons you are currently without primary health insurance? (Please check all that apply) Premiums/deductibles were too expensive 49% Couldn’t find a plan that they liked 9% There was no legal requirement 5% Insurers turned me down because of a preexisting health condition 2% My doctor didn’t accept insurance 2% Other 47% 0% Source: 2023 NAR Health Insurance Survey 20% 40% 60% 80% 100%

Additional Feedback on Why Members Are Currently Without Health Insurance The comments/sentiments repeated most often were: Cannot afford it On Medicare Premiums and deductibles are too high Switching health plans Changing careers Don’t see the need Source: 2023 NAR Health Insurance Survey

What type of health insurance do you have? Family policy 52% Individual policy 48% 0% Median: 2 Adults, 1 Children Source: 2023 NAR Health Insurance Survey 20% 40% 60%

Where did you obtain your primary health insurance? (Collapsed list) Spouse's employer plan 27% Medicare 18% State or federal health insurance exchange 12% Insurance broker 12% Full-time job (not real estate related) 10% Other 10% 0% Source: 2023 NAR Health Insurance Survey 20% 40%

Where did you obtain your primary health insurance? (Full list) Spouse's employer plan 27% Medicare 18% State or federal health insurance exchange 12% Insurance broker 12% Full-time job (not real estate related) 10% Veterans benefit plan 2% Retirement benefits from a former employer 2% State or local association health plan 2% Medicaid 2% Real estate firm coverage 1% COBRA from past job or spouse’s COBRA plan 1% NAR’s REALTORS Insurance Marketplace 1% Other Other includes: AARP, Affordable Care Act, Christian Healthcare Ministries/Church, direct from carrier, and Health Share Source: 2023 NAR Health Insurance Survey 10% 0% 20% 40%

Additional Feedback on Difficulty Obtaining Health Insurance The comments/sentiments repeated most often were: High deductibles Too expensive Pre-existing conditions Self-employed Source: 2023 NAR Health Insurance Survey

What is the main reason you chose your primary health insurance provider? It was the cheaper option after comparison 26% It was the only option for health insurance 25% It offers better services or benefits 20% It allows me to keep my doctors 15% Other 15% 0% Source: 2023 NAR Health Insurance Survey 20% 40%

My primary health insurance plan: Includes preferred doctors/providers 57% Includes some preferred doctors/providers 21% Offers a wide array of doctors/providers 12% Has too few doctors/providers 5% Doesn't include preferred doctors/providers 5% 0% Source: 2023 NAR Health Insurance Survey 20% 40% 60%

Does your plan cover everything you want (i.e. well checks, immunizations, annual physicals, lab tests, maternity, etc.)? Yes, most definitely 37% Yes, to a degree 44% Yes, but covers more than desired 2% No, not at all 13% Don't know 4% 0% Source: 2023 NAR Health Insurance Survey 20% 40% 60%

Cost of monthly premiums: 30% 20% 20% 16% 15% 10% 10% 9% 11% 10% 5% 5% 0% Less than 50 51 to 149 Median: 500.00 Source: 2023 NAR Health Insurance Survey 150 to 249 250 to 349 350 to 499 500 to 749 750 to 999 1,000 to 1,999 2,000 or more

What portion of the total premium for your health insurance coverage do you pay? Pay the entire premium 58% Pay part of the premium 27% Pay none of the premium 15% 0% Source: 2023 NAR Health Insurance Survey 20% 40% 60% 80%

How do you feel about your monthly premiums? Very affordable 22% Affordable enough 24% A little too expensive 19% Too expensive 17% Far too expensive 18% 0% Source: 2023 NAR Health Insurance Survey 20% 40%

Is your deductible (i.e. the amount you must pay out of pocket before your plan picks up all costs): Very affordable 20% Affordable enough 26% A little too expensive 21% Too expensive 18% Far too expensive 15% 0% Source: 2023 NAR Health Insurance Survey 20% 40%

Is the required copay (i.e. the amount you pay for each doctor visit): Very affordable 28% Affordable enough 43% A little too expensive 17% Too expensive 8% Far too expensive 3% 0% Source: 2023 NAR Health Insurance Survey 20% 40% 60%

How would you rate your primary policy in terms of each of the items below? Access to your current doctors A large number of doctors/specialists to choose from Health services covered by the policy 8% Cost of premiums 16% 16% 22% Deductible levels 16% 15% 25% Health savings account offered Needs entire overhaul Neutral Works well, no improvement needed Source: 2023 NAR Health Insurance Survey 14% 0% 26% 31% 22% 13% 37% 24% 24% 9% 6% 45% 23% 18% 5% 8% 20% 40% 24% 20% 25% 9% 42% 9% 25% 21% 60% Doesn't work well, needs improvement 80% Works pretty well, but could use minor improvements 100%

Additional Feedback on Current Health Insurance: The comments/sentiments repeated most often were: Deductible is too high High premiums Not enough coverage Source: 2023 NAR Health Insurance Survey

What are your top priorities related to health insurance coverage? Affordable premiums 4% Reasonable deductibles and co-pays 89% 7% 86% 4% 9% Access to my preferred doctors 1% No lifetime caps on health expenses 1% No exclusions for pre-existing conditions 1% 2% 12% 11% 12% Premiums that don’t discriminate based on gender 3% 2% Tax credits to make premiums more affordable 7% Allowing children to stay on parents’ policy until age 26 Source: 2023 NAR Health Insurance Survey 14% 71% 16% Not very important 72% 12% 17% 70% 14% 71% 70% 9% 51% 19% 22% 5% 20% Neutral 38% 21% 29% 5% 0% Not at all important 72% 16% 5% 4% Access to health savings accounts 13% 13% No annual limit on health expenses 1% 1% 11% Premiums that don’t discriminate based on health status 1%2% 73% 16% 10% Premiums that don’t discriminate based on age 1%2% Guaranteed coverage 1%2% 75% 16% 8% 39% 16% 23% 40% Somewhat important 60% Very important 80% 100%

Federal Involvement in Health Care Policy – Congress should: (choose one) 26% Leave the responsibility for health insurance to the states Continue to require a uniform nationwide set of rules for health insurance 36% Not sure 38% 0% Source: 2023 NAR Health Insurance Survey 20% 40%

Generally speaking, do you think the current health care system is meeting the needs of most Americans? Yes, 9% Don’t know, 17% No, 74% Source: 2023 NAR Health Insurance Survey

Additional Feedback on Health Policy Priorities: The comments/sentiments repeated most often were: Affordability Accessibility of healthcare for all U.S. citizens Separate government from the health insurance industry Source: 2023 NAR Health Insurance Survey

If you were enrolled in health insurance last year, was that past health insurance: Less expensive than current insurance 44% More expensive than current insurance 25% Not enrolled in health insurance last year 3% Don't know 29% 0% Source: 2023 NAR Health Insurance Survey 20% 40% 60%

If you had health insurance in 2022, did you qualify for the government subsidy or tax credit in 2022 that reduced the cost of your insurance premiums? Yes, 12% Don’t know, 26% No, 62% Source: 2023 NAR Health Insurance Survey

If a REALTOR association health plan were offered with equally comprehensive benefits as your current plan, would join it and you leave your current health insurance plan? Yes, 19% Don’t know, 18% No, 19% Source: 2023 NAR Health Insurance Survey Yes, if there is a savings compared to my current plan, 44%

What percentage of savings would it take for you to leave your current health insurance plan? 40% 23% 20% 16% 14% 10% 9% 7% 6% 5% 3% 6% 2% % 0% 1% to 10% 11% to 20% 21% to 30% Median: 30% Source: 2023 NAR Health Insurance Survey 31% to 40% 41% to 50% 51% to 60% 61% to 70% 71% to 80% 81% to 90% 91% to 100%

Firm Owners with W-2 Employees Of 1,227 survey responses received, 105 (nine percent) had W-2 employees. Of the 105 that had W-2 employees, 19 (19 percent) offer health insurance. Source: 2023 NAR Health Insurance Survey

Do you have W-2 employees? Don't know, 2% Yes, 9% No , 89% Source: 2023 NAR Health Insurance Survey

Number of W-2 Employees: 60% 43% 40% 27% 19% 20% 8% 2% 1% 11 to 20 21 or more % 1 Median: 2 employees Source: 2023 NAR Health Insurance Survey 2 3 to 4 5 to 10

Do you currently offer your W-2 employees an employer-sponsored health insurance plan? Yes, 19% No , 81% Source: 2023 NAR Health Insurance Survey

Why do you offer health insurance coverage to your employees? The comments/sentiments repeated most often were: Health insurance is a valued benefit Employee retention Necessary to remain competitive Employees need health insurance Source: 2023 NAR Health Insurance Survey

What percentage of the total premium do you pay for W-2 employees? 80% 67% 60% 40% 25% 20% 8% % * 1% to 25% Median: 100% *- Less than 1% Source: 2023 NAR Health Insurance Survey 26% to 50% 51% to 75% 76% to 100%

What percentage of the total premium do you pay for dependents? 60% 50% 42% 40% 20% 8% % % 1% to 25% Median: 55% *- Less than 1% Source: 2023 NAR Health Insurance Survey 26% to 50% 51% to 75% 76% to 100%

What type of insurance plans do you offer? (Please check all the apply) Health insurance 93% Dental care 50% Vision care 36% Short-term coverage 7% Accident 7% Telemedicine 7% Co-operative plan 7% Catastrophic coverage 7% Professional Employer Organization (PEO) plan * Multiple Employer Welfare Arrangement (MEWA) * Captive insurance plan * Other * % *- Less than 1% Source: 2023 NAR Health Insurance Survey 20% 40% 60% 80% 100%

Additional Feedback on the Overall Survey The comments/sentiments repeated most often were: Health care should be affordable Members would like to see a group healthcare plan for NAR Source: 2023 NAR Health Insurance Survey

Demographics of Respondents Source: 2023 NAR Health Insurance Survey

Gender of respondents: Female 70% Male 27% Prefer not to say 3% 0% Source: 2023 NAR Health Insurance Survey 20% 40% 60% 80%

Age of respondents: 40% 38% 35% 20% 14% 14% 0% 18 to 39 Median: 55 years Source: 2023 NAR Health Insurance Survey 40 to 54 55 to 65 66 or older

Years of experience of respondents: 40% 23% 19% 20% 19% 15% 17% 6% 0% 2 years or less 3 to 5 years Median: 8 years Source: 2023 NAR Health Insurance Survey 6 to 10 years 11 to 15 years 16 to 25 years 26 years or more

Practice specialty of respondents: Residential real estate only 72% Both commercial and residential real estate Commercial real estate only 28% * 0% *- Less than 1% Source: 2023 NAR Health Insurance Survey 20% 40% 60% 80%

Marital status of respondents: Married 64% Divorced 18% Single (never married) 12% Widowed 3% Other 2% 0% Source: 2023 NAR Health Insurance Survey 20% 40% 60% 80%