Richmond Group Health Insurance & Employee Benefit Plans

Richmond Virginia group health insurance plans
The city of Richmond is the capital of the Commonwealth of Virginia. The city’s economy is largely driven by finance, law and government. Although the law does not require employers to provide employee benefits, offering such group benefits is certainly a good investment for your company. When you are hiring new staff, knowing that they will receive health insurance greatly influences their decision to join your company. This in-turn produces loyalty and productivity even from the existing employees.

Group health insurance and employee benefits

Group health insurance and employee plans are not only good for your employees but also your company. By choosing to provide your employees with a solid benefits plan, you can save up to 30 to 45 per cent of your employees’ pre-tax dollars. As an employer, you do get to enjoy tax savings in the form of employer contributions that are tax deductible. Also, by paying for your workers health benefits as opposed to high salaries, you get to save money since you don’t pay payroll taxes and workers compensation premiums on the money that goes towards the benefit plans.

Dial 800-903-6066 and get free consultation on Richmond Group Health Insurance & Employee Benefit Plans

Richmond VA Large Group Health Insurance Plans

If you are responsible for choosing group health insurance for your company, it’s nice to know that you have ample options. Even while the cost of health insurance continues rising, innovations in plan composition can help manage the expense. For example, besides traditional indemnity and point-of-service plans, employers can choose to offer preferred provider and health maintenance organization programs—which may reduce premium costs. Employees can also decrease their required premium contributions by selecting high-deductible plans.

Most people choose preferred provider organizations because of the price and flexibility. Subscribers want the option to get care outside a network, which a health maintenance organization might prohibit unless it’s an emergency. Regardless of plan structure, the policies are identified by the name of a metal tier (bronze, silver, gold, and platinum), with higher premium plans offering lower out-of-pocket costs in most cases. For example, platinum coverage costs the most but typically covers the most and has lower point-of-service expenses. Each tier may provide a different deductible, co-payment, and out-of-pocket maximum in addition to a separate premium.

Richmond VA Small Business Health Insurance Plans

The ACA defined small companies as those employing fewer than fifty workers and did not include these businesses in the requirement for providing health insurance. As a result, small companies are less likely than larger ones to offer coverage for their workers. Still, those small employers that do offer insurance policies often contribute more toward the premium cost. Thirty percent of workers in small firms pay nothing toward the cost of their insurance, compared to five percent for larger ones. Also, if a small business chooses to offer insurance, it must still comply with the minimum essential requirements the legislation established.

Richmond VA Employee Benefit Plans and Employee Benefit Packages

Companies can go big or small when crafting an employee benefits package. Almost everyone puts health insurance at the top of their benefits wish list, and paid time off is a widespread request. If the company has those basics, it can deliberately choose additional perks to appeal to its’ specific employee population. The most common benefits include the following:

  • Help with retirement planning, including contributions from the company
  • Dental and vision insurance
  • A flexible working schedule
  • Remote work options
  • Assistance finding and paying for childcare
  • Tuition reimbursement

Who we are

With 30 years of experience in the industry, Taylor Benefits is a leader in providing affordable and comprehensive insurance policies. We serve both large and small businesses alike. We have lived through multiple health care reforms and continue to work with companies in Richmond to ensure they maintain their appeal as employers of choice. Our commitment to providing exceptional services is unwavering as we explore all options before presenting to you a benefits plan we deem as being most suitable for your business and employees’ needs.

Richmond Virginia group health benefits and employee insurance plans

Insurance products by Taylor Benefits

Our range of group health insurance and employee benefit plans includes the following:

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With all these plans to choose from, we are able to craft a plan that is in-line with your needs and the needs of your employees.

Why Taylor Benefits?

We are an independent insurance agent and can therefore, choose and pick components of your plan from a variety of top insurance carriers that we work with. This ensures we can guarantee you the best deal possible. Our approach of customizing a group plan for your specific needs ensures that you benefit from the comprehensive coverage without having to pay more. Our unparalleled knowledge of the Richmond healthcare law is another added advantage as we ensure compliance while you gain the most.

Relevant Statistics

  • Richmond group health insurance covers over 95% of medical expenses for its members.
  • More than 80% of businesses in Richmond offer group health insurance to their employees.
  • The average deductible for Richmond group health insurance plans is $500.
  • Approximately 90% of Richmond residents are enrolled in a group health insurance plan.
  • Richmond group health insurance provides access to a network of over 300 healthcare providers in the area.

General Facts

  • Richmond Group Health Insurance provides healthcare coverage to a group of people who are part of the same organization or company in Richmond.
  • The insurance plan usually offers a variety of benefits, including doctor visits, hospital stays, prescription medications, and preventive care.
  • It helps to distribute the cost of healthcare among members of the group, making it more affordable for individuals.
  • Employers in Richmond often offer group health insurance as part of their employee benefits package to attract and retain talented professionals.
  • Richmond Group Health Insurance typically requires participants to pay a monthly premium and may have co-pays or deductibles for certain services.

Let’s talk

Call us today for free consultation and a proposal on the benefit options that are available for you. Our licensed insurance agents will take you through the process while seeking to understand your unique needs before crafting a plan for you. Dial 800-903-6066 now.

Frequently Asked Questions About Health Insurance And Employee Benefit Plans in Richmond, VA

It is the responsibility of the employer to secure health insurance policies for its employees. This is a cost-effective method of delivering great healthcare to its employees. This insurance provides several benefits and is classified as small and large group insurance.

What Are Large Group Health Insurance Providers in Richmond, Virginia?

In Richmond, you can find a variety of major group health insurance companies:

  • Health Alliance Plan (HAP) 
  • PCP Focus are a few examples (Blue Care Network)
  • Blue PPO BCBSM
  • Blue Cross/Blue Shield Community 
  • 24-hour Nurse Line

How Do Small Business Group Health Insurance Plans Work in Richmond, Virginia?

When considering a small group health plan, four factors must be considered.

If you qualify for small business health insurance, you can expect the insurer to reimburse your medical expenses. It is illegal for an insurance company to refuse coverage based on a pre-existing medical condition. This covers both you and your family. Qualified employees and eligible dependents of your small business can enroll in the new plan regardless of their health status.

It would be beneficial if you paid at least half of your employees’ monthly health insurance premiums. The minimum percentage varies across states and insurance companies. You can deduct a percentage of your tips for any dependents you have.

To qualify for small business health insurance coverage, your company must normally have at least one person on the payroll. A certified insurance agent can help you determine whether you are eligible for coverage in your area.

Last but not least, as a small business owner, you can obtain health insurance at any moment. You are not eligible for the open enrollment period. Your premiums are normally fixed for the first year of coverage. Employers have the ability to add or remove employees and dependents from their health insurance plans at any time during the calendar year.

What Should Employee Benefits Packages Include in Richmond, Virginia?

Richmond has one of the best benefit packages in the country. Here are a few of the advantages of your employee benefits package:

  • Dental, medical, long-term disability and life insurance
  • Leave and Vacation

How Much Do Employers Pay for Health Insurance

To retain and attract the best employees, employers must budget for health benefits. The cost of insurance has increased by 22% over the past five years, with a family’s insurance covering 73% of the premium and an individual’s insurance covering 43%.

Written by Todd Taylor

Todd Taylor

Todd Taylor oversees most of the marketing and client administration for the agency with help of an incredible team. Todd is a seasoned benefits insurance broker with over 35 years of industry experience. As the Founder and CEO of Taylor Benefits Insurance Agency, Inc., he provides strategic consultations and high-quality support to ensure his clients’ competitive position in the market.

We’re ready to help! Call today: 800-903-6066