On June 19, 2018, the Department of Labor finalized its rule to expand the definition of “employer” to include “working owners”. This update will allow self-employed individuals, such real estate professionals, to participate in association health plans. Though implementation will certainly take time, this new ruling opens up new possibilities for us to consider when identifying the best healthcare option for our members.
Virginia REALTORS® values our members’ input, and our leadership team and staff have heard your requests for this type of opportunity. Your feedback has helped establish providing a health benefit as a key priority of our association. For nearly a year, Virginia REALTORS® has been working hard to identify options for providing health insurance for our members. We submitted comments on the proposed rule in March, when it was being considered by the DOL, and on June 7, our Board of Directors held extensive discussions on potential insurance plan options. At this meeting, the BOD took action, authorizing the association to move forward with a health benefit as soon as a viable option/plan is solidified.
There is still a significant amount of work ahead in order to get this accomplished, and legal and other changes could cause detours; however, Virginia REALTORS® applauds the positive update from the DOL in helping us bring this need for health care to fruition. We will be sharing more firm information as we have it, and we thank you all for your feedback and insight throughout this process.
Click here to read more about the DOL rule on the National Association of REALTORS® website.