Alexandria Group Health Insurance | Best Group Health Insurance for Small Business in Alexandria, VA

Alexandria is ranked as the 7th largest and highest income independent city in Virginia. At least 13% of the people working in Alexandria live in this city while the rest commute in.  The city has an Economic Development Partnership wing that is steering efforts to grow the tax efforts, diversify the economy as well as attract and retain businesses. Employers on the other hand have directed their efforts towards attracting and retaining the best talent in Alexandria to propel their businesses to the next level.

Group Health Insurance and Employee Benefits

Although it is not stipulated by law, providing group health insurance and employee benefits is an excellent way to not only attract but also keep top talent. In fact, today most of the employers in Alexandria place high value on using employee benefits to recruit and retain talented professionals. Job hunters are also looking out for employers who care about their well-being by offering them a competitive benefits package in addition to an attractive salary. Most importantly you need to understand the must have benefits to include in your employee benefits plans.

Alexandria VA Large Group Health Insurance Plans

As part of the Affordable Care Act mandate, every company with more than fifty workers must provide insurance coverage to its employees. However, the ACA allows each business to determine how to do so. As a result, many larger companies are moving toward self-funding over traditional insurance. This approach can save money and may also streamline the administration. Some companies also report significant benefits from cash flow management. For example, they can pay claims as they come in rather than paying upfront for coverage. With self-funding, the company retains the risks of high claims but also may reap the benefit of cost savings. Sometimes these businesses engage a third-party administrator to manage employee claims.

Each company’s health insurance program must comply with the ACA requirements for affordability and coverage, regardless of whether it is fully insured or self-funded. For example, the company can’t charge subscribers more than 9.12 percent of their income toward the cost (for 2023 coverage). The plans must also cover at least 60 percent of anticipated costs for the subscriber and include the ACA’s designated benefits.

Alexandria VA Small Business Health Insurance Plans

The Affordable Care Act (ACA) excludes businesses with fewer than fifty workers from the coverage mandate. That exception means that every small business can decide whether to offer insurance. Smaller companies that want to review options and information about insurance can find help from SHOP (Small Business Health Options Program). The ACA created SHOP to give support and also to provide incentives for offering compliant coverage.

Some businesses can qualify for a tax credit if they are eligible using these criteria:

• Have a payroll with fewer than 25 employees
• Pay lower average wages
• Offer an eligible health plan from the Small Business Health Options Program or through a qualified broker.
• Subsidize at least half the cost for participating workers. The company does not have to share the cost for dependents.

Talk to your consultant about options for your small business.

Alexandria VA Employee Benefit Plans and Employee Benefit Packages

Company benefits packages vary considerably from minimal (or nonexistent) to generous. Smaller companies often have fewer benefits options than large ones. Still, every company wants to attract employees, and offering great benefits is an excellent way to accomplish that. Usually, the top options are health insurance and paid time off. Some companies lump all paid time off into a bucket the worker can use for illness, vacation, and personal days, but others designate a specific amount of time for each purpose. Other typical inclusions are:

• Retirement plans
• Tuition reimbursement
• Onsite snacks or lunch
• Vision and dental insurance
• Optional programs like legal coverage and pet insurance
• Wellness offerings, including screenings and fitness centers
• Childcare support
• Flexible scheduling