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.
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.
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.
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:
Talk to your consultant about options for your small business.
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:
At Taylor Benefits, we are experts in handling group health insurance and employee benefits plans. We have 30 years of experience guaranteeing you the best service possible. We understand that every business is unique and work towards giving you a custom benefits plan that is affordable yet comprehensive and caters to the needs of your business and your employees. We take pride in helping businesses in Alexandria claim a competitive position as a choice employer through designing plans that show you care about the welfare of your employees.
We have expanded our benefits plan options over the years to include:
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We are an independent agency working with top insurance carriers in Alexandria to give you a comprehensive and affordable benefits plan. By working with Taylor Benefits, you can be sure of a group health insurance and employee benefits plan that satisfies both you and you employee’s needs. We emphasize on compliance with the standards of the Affordable Care Act (ACA) and other laws to earn you tax breaks. We are also keen to ensure that your carrier is competitive at the time of renewing your plan.
Our team of licensed agents are waiting to hear from you. Let us take you through the various plans before crafting for you a custom plan that is fit for your business in Alexandria. You can also request a free proposal by filling out the form. Contact us on 800-903-6066.
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