Norfolk Group Health Insurance & Employee Benefit Plans

Norfolk Group Health Insurance and Employee Benefits

Norfolk, a city in Virginia, has more than 8,000 highly skilled workers exiting the military annually. The unemployment rate stands at 5.4%. Employers in this city are constantly working towards maintaining their work force. Happy employees are any employer’s best investment. Group health insurance and employee benefits packages are one of the things that keep employees happy, healthy, productive and motivated.

Group health insurance and employee benefits

While you are not obligated by law to provide group health insurance and employee benefits in Norfolk, failing to offer employee benefits could be hurting your business. You just might be losing money in recruitment and training as most of your employees leave for your competition for the benefits offered. The best employees will often demand for more from employers hence the need to infuse creativity to your recruitment and retention strategy.

Norfolk VA Large Group Health Insurance Plans

Large companies in Norfolk, VA, are obligated to offer health insurance coverage to their employees due to provisions of the Affordable Care Act. The Act defines businesses with fifty or more employees as “large,” which means they are subject to the requirement. The ACA standards for acceptable policies include coverage of essential benefits and affordability for subscribers. The benefits that every insurance plan must incorporate are:

1. Ambulatory patient services (outpatient care)
2. Emergency services
3. Hospitalization, including surgical and medical
4. Maternity and newborn care, including delivery
5. Mental health and substance use disorder services
6. Prescription drugs
7. Rehabilitative services and devices
8. Laboratory services
9. Preventative and wellness services, including chronic disease management
10. Pediatric services, including dental and vision care for children under the age of 19
11. Norfolk large group health insurance

Furthermore, for the plan to be considered affordable, the premium share can’t exceed 9.12 percent of the subscriber’s gross income.

Norfolk VA Small Business Health Insurance Plans

SHOP stands for the Small Business Health Options Program, created by the Affordable Care Act, to help smaller companies find health insurance resources for their workers. Any company with up to fifty employees can use SHOP to investigate plans and determine if they qualify for tax credits and other support.

Also, your Taylor Benefits Insurance consultant is knowledgeable about SHOP eligibility and can help you navigate the rules. SHOP options help you give your workers coverage or even more than one to choose from, and you can also include dental coverage if desired. Since the ACA mandate doesn’t cover small employers, participation is voluntary, but insurance can be a great way to attract top recruits.

Norfolk VA Employee Benefit Plans and Employee Benefit Packages

When a business wants to develop an appealing benefits package, they often start with the basics like health insurance, paid time off, and retirement assistance. These are all crucial for a benefits package. Then, companies can add specific extras that may appeal to their employee base. For example, recent college graduates usually appreciate help with student loan debt. Matching student loan payments is a popular way to help workers who feel unable to contribute to their retirement plans. On the other hand, parents may prefer help with finding and paying for childcare or adding dental and vision coverage.

Some benefits don’t cost much. For example, currently, many employees want flexible hours and remote work options. Depending on how your company functions, allowing team members to alter their schedule or work in a hybrid office/home location might not carry a financial cost. Potentially, you could reap the reward of a motivated and dedicated team.