Best Virginia Beach Employee Benefit Packages Near Me – Premium Virginia Beach VA Employee Benefit Plans Provider

Thursday, October 26, 2023 16:36 Posted by Admin
Employee benefit packages Virginia Beach VA, Employee benefit plans Virginia Beach VA, Employee benefits Virginia Beach VA

Navigating the world of employee benefit benefits can be overwhelming, especially when it comes to understanding the various options available to employees in Virginia Beach, VA. In this comprehensive guide, we will explore the ins and outs of various employee benefit plans and packages Virginia Beach VA, and other benefits including health insurance, retirement savings, wellness programs, and additional employee benefits, that can make a significant impact on an employee’s quality of life. Get ready to unlock the full potential of employee benefit plans and packages in Virginia Beach, VA.

Key Takeaways

  • Virginia Beach, VA offers comprehensive health insurance and retirement/savings options for businesses of all sizes.
  • Employees have access to additional benefits such as dental care, legal plans, identity theft protection and life insurance choices.
  • Tax benefits & reimbursement accounts are available to help employees maximize their benefit packages while reducing taxable income.

Comprehensive Health Insurance Options in Virginia Beach, VA

Health insurance is a vital part of a comprehensive employee benefit package in Virginia Beach, VA. Employees have access to a wide array of group health insurance providers, which cater to businesses of all sizes and offer competitive coverage options. Employers in the area strive to maintain Affordable Care Act compliance, ensuring that employees receive adequate health insurance coverage and avoid penalties.

Group Health Insurance Providers

Group health insurance providers in Virginia Beach, VA, such as Friedman Associates Insurance, Benefit Plans Inc., Retha Rish Insurance Agency, and Sharon Lynch, offer a plethora of benefits to their clients. These benefits include discounted rates for medical care, protection against unforeseen medical costs, enhanced access to healthcare services, and coverage for employees and their dependents. Additionally, group health insurance providers offer premium sharing between employers and employees, ensuring that both parties reap the tax benefits.

For small businesses, there are tailored group health insurance plans designed to fit their specific needs. Some providers offering group health insurance plans for small businesses in Virginia Beach, VA include:

  • Jennings Insurance Agency
  • The Hartford
  • The Sholar Agency, Inc.
  • Morgan Marrow

Working collaboratively with these providers enables businesses, regardless of size, to create custom solutions that meet their specific needs while offering thorough group health insurance coverage for their workforce.

Affordable Care Act Compliance

The Affordable Care Act (ACA) has had a significant impact on businesses and employees alike. In Virginia Beach, VA, businesses must adhere to product filings and assess and report on employees’ eligibility to maintain ACA compliance. The Virginia State Corporation Commission website provides detailed and important information on how to achieve this compliance [https://www.scc.virginia.gov/pages/ACA-rate-form-filing-information].

Failing to comply with the ACA’ a health insurance part can result in penalties for businesses, such as a $2,970 penalty per full-time employee (for 2024) if the employer does not provide minimum essential part insurance coverage to 95% of their employees. Businesses must comply with the employer mandate to prevent penalties and guarantee adequate health insurance coverage for their workforce.

Retirement and Savings Opportunities

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In addition to comprehensive health insurance, employees in Virginia Beach, VA, can also benefit from retirement and savings opportunities. These opportunities include membership in the Virginia Retirement System (VRS) and access to defined contribution plans for retirement savings.

Virginia Retirement System (VRS) Membership

The Virginia Retirement System (VRS) is an independent state agency that provides retirement plans for public sector employees in Virginia. VRS membership offers the following benefits:

  • Life insurance
  • Death-in-service benefits
  • Severance benefits
  • Benefit payout options
  • Military leave benefits

Additionally, members can access myVRS Financial Wellness, a complimentary program designed to enhance their financial wellbeing.

Earning eligibility for VRS requires a minimum of five years of service to become vested in the VRS defined benefit plan. If you retire with at least 15 years of service, you may be eligible for a monthly health insurance credit. VRS offers retirement benefits based on age, service credit, and average final compensation at retirement, which are calculated using a specific formula.

Defined Contribution Plans

Defined contribution plans are another popular retirement savings option in Virginia Beach, VA. In these plans, employees contribute a portion of their salary to an individual account, which is then invested. The final retirement benefit depends on the performance of the investments. Examples of such plans include the Virginia Retirement System (VRS) Defined Contribution Plans and the Commonwealth of Virginia 457 Deferred Compensation Plan.

Defined contribution plans, as a type of employee benefit plans, offer several advantages, including:

  • Supplemental savings opportunities
  • Investment adaptability
  • Employer contribution
  • Portability

Additionally, employer contribution to contribute to the tax-deferred investment earnings growth in these plans allows for higher retirement assets. By contributing pre tax dollars, the pre tax dollars after-tax payroll deductions on these plans reduce an employee’s taxable income, leading to lower income taxes.

Supporting Employee Wellness and Work-Life Balance

A well-rounded employee benefit package in Virginia Beach, VA, and other benefits should also include employer contribution to resources focused on supporting employee wellness and work-life balance. Programs like the BEWell initiative and Employee Assistance & Work-Life Services offer employees access to resources designed to improve their overall wellbeing, both physically and mentally.

BEWell Program

The BEWell program is a wellness initiative service, also known as a wellness program, available to employees of Virginia Beach City and Schools. This program service offers a variety of health and well-being programs and classes free of charge, including educational classes and webinars on topics such as nutrition and resilience. Additionally, the wellness program also provides wellness events and resources to further support healthy living.

Eligibility for the BEWell program varies depending on the specific organization or institution. Generally, the program is available to benefits-eligible employees and retirees. For further information on eligibility criteria, it’s recommended to consult with your employer or visit the program’s website.

Employee Assistance & Work-Life Services

Employee Assistance & Work-Life Services provide employees with access to resources and services that support their work-life balance. The Employee Assistance Program (EAP) offers short-term counseling with a licensed counselor at no cost, assisting employees and their households in managing common work related illness and life challenges.

Work-Life Services offer a wide range of online resources to aid employees in maintaining a balanced work and home life. These resources are designed to help create a positive environment both at work and at home. Some of the resources available include:

  • Time management tools
  • Stress management techniques
  • Parenting resources
  • Financial planning resources
  • Health and wellness resources

These resources can make life for talented employees easier and alleviate high cost and stress for talented employees, and high cost and ultimately improving employee satisfaction and productivity.

Additional Benefits for Comprehensive Employee Packages

Besides the core employee benefits as discussed above, comprehensive full employee benefits packages in the city of Virginia Beach, VA, may also include:

  • Dental care options
  • Legal plans
  • Identity theft protection plans
  • Life insurance choices

These additional employee benefits to further enhance the overall value of an employee benefits package, making it even more attractive to current and prospective employees.

Dental Care Options

Dental care is an essential aspect of overall group health insurance, and comprehensive, employee benefit packages in Virginia Beach, VA, often provide coverage for various dental procedures. Dental care coverage is available through providers like MetLife, offering employees access to essential dental care services.

MetLife has an extensive selection of dental health insurance plans and service providers in Virginia, making it one of the most prominent dental insurance and service providers in the state. Employees can choose from a range of dental care insurance plans and service, tailored to their needs, ensuring they have access to the dental care they require.

Legal Plan and Courtroom Representation

Incorporating a legal plan in an an employee benefit package in Virginia Beach, VA, can offer employees access to high cost and-effective legal services and representation, reducing their stress associated with legal matters. Legal plans cover the individual, spouse, and qualifying dependents, and provide a broad selection of legal services.

Courtroom representation can provide employees in Virginia Beach, VA, with legal services important information, support and representation in court proceedings, especially in employment-related disputes, such as wrongful termination, discrimination, or wage disputes. Having an attorney represent the employee can ensure their rights are safeguarded and their case is presented competently in court.

Identity Theft Protection Plans

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Identity theft protection plans provide monitoring and restoration services to help safeguard employees’ personal information. Some of the highest-rated identity theft protection plans available in Virginia Beach, VA, include Aura, Norton LifeLock, and Identity Guard. These plans offer services such as credit monitoring, identity restoration assistance, and insurance coverage.

Implementing an identity theft protection plan offers the following benefits:

  • Reassures employees that their personal information is monitored and safeguarded
  • Lowers the risk of identity theft
  • Reduces the potentially devastating financial and emotional consequences of identity theft.

Life Insurance Choices

Life insurance or other optional life insurance, is often included in all pay or comprehensive employee packages, providing financial protection for employees and their families in the event of the pay or employee’s death. Basic group life insurance is typically provided at no cost to the employee and offers coverage amounts such as $20,000 or $50,000. It may also offer the option to purchase additional life insurance for oneself and one’s spouse.

Additional life insurance coverage options, including optional life insurance, are also available in Virginia Beach, VA, for employees who wish to further protect their loved ones financially. These options can vary in cost depending on factors such as:

  • age
  • gender
  • health
  • the amount of coverage desired.

Navigating Tax Benefits and Reimbursement Accounts

Understanding the tax benefits and reimbursement accounts available to employees in Virginia Beach, VA, can help them make the most of their benefit packages. Health Savings Accounts (HSAs), Health Care Flexible Spending Accounts (FSAs), and Dependent Care Reimbursement Accounts (DCRAs) offer employees the opportunity to save money on eligible expenses and reduce their taxable income.

Health Savings Account (HSA)

Health Savings Accounts, health savings account (HSAs) enable tax-free contributions to be made towards medical expenses when enrolled in a qualifying health plan. To be eligible for an HSA in Virginia Beach, VA, individuals must be enrolled in a high-deductible health plan (HDHP), have no other health coverage, and not be claimed as a dependent on someone else’s tax return.

HSAs offer numerous advantages, such as allowing individuals to save money on qualified medical expenses and reducing their taxable income. However, keep in mind that withdrawing HSA funds to pay for non-medical expenses may incur a 20% penalty on the withdrawn amount, in addition to taxes on the withdrawal.

Health Care Flexible Spending Account (FSA)

dumbbells, shoes, sneakers

A Health Care Flexible Spending Account (FSA) allows employees to set aside a portion of their income on a pre-tax basis for eligible group health insurance expenses. The health insurance plan year typically runs from July 1 to June 30, and the coverage period for incurring qualified medical expenses is based on the employee’s participation in the program. Employees can then use the FSA to reimburse themselves for eligible health care expenses not covered by their own health insurance plan.

Health Care FSAs offer the health savings account with several tax advantages over health savings account, such as reducing an employee’s taxable income and overall tax burden. These health savings account accounts can be used to the health savings account cover a wide range of qualified medical expenses, including:

  • Insurance copayments
  • Deductibles
  • Prescription drugs
  • Medical devices
  • Dental care
  • Vision care expenses

Dependent Care Reimbursement Account (DCRA)

Dependent Care Reimbursement Accounts (DCRAs) are designed to provide pre-tax payment for daycare services for eligible dependents while employees work. The individuals who qualify as eligible dependents for a DCRA include qualifying children, spouses, and/or relatives.

The DCRA is a valuable benefit that can help part time employees save money on the costs of childcare and/or adult daycare services for eligible dependents. By offering this benefit, employers can as part time employees provide additional support to part time employees, ensuring they can focus on their work while knowing their loved ones are well cared for long term care for.

Disability and Income Protection

Disability and income protection form an integral part of a comprehensive employee benefit package in the city of Virginia Beach, VA. These employee benefits also include Long-Term Disability (LTD) and the Virginia Local Disability Program (VLDP), which provide financial support for employees who become disabled and are unable to work.

Long-Term Disability (LTD)

Long-Term Disability (LTD) insurance provides income replacement for VRS Plan 1 and 2 members if they become sick or injured and without paid time off are unable to work. LTD insurance typically replaces 60% of an employee’s income and is available for both work-related and non-work-related disabilities.

The process for applying for LTD health insurance under VRS Plan 1 and 2 in Virginia involves submitting a State Health Benefits Program Enrollment form for Retirees, Survivors, and LTD Participants (A10601) within 60 days of the member’s disability onset. For further information and assistance, please contact VRS at 888-827-3847.

Virginia Local Disability Program (VLDP)

The Virginia Local Disability Program (VLDP) provides VRS Hybrid members with income protection options including short-term disability, long and short term disability, long term care-term disability, and long term care-term care. The program provides financial support for employees who are unable to work due to a non-work related or work-related illness, injury, or other condition, such as surgery, pregnancy, complications from pregnancy, or a catastrophic or major chronic condition.

To be eligible for the VLDP, applicants must be unable to perform at least two of six activities of daily living or have a severe cognitive disability or other condition or impairment. Additionally, the employer-paid program must adhere to the coverage set out in Chapter 11.1 of Title 51.1 of the Code of Virginia. The VLDP offers an income replacement rate of 80% of pre-disability income for catastrophic disabilities.

Summary

In conclusion, the employee benefit plans and packages in Virginia Beach, VA, provide a wide array of options to support employees’ health, retirement savings, wellness, and work-life balance. By taking advantage of these benefits and pay them, employees can achieve financial security, improved well-being, life together, and peace of mind, knowing they have access to the resources they need to thrive in their personal and professional lives.

Frequently Asked Questions

What is a standard benefit packages for employees?

Employee benefits typically include group health insurance, care coverage, retirement plans, paid time off, and compliance with federal and state mandates like COBRA, FMLA, disability, workers comp, and minimum wage.

What are the 4 major types of employee benefits?

Employee benefits typically include Health Insurance, Life Insurance, Short-Term and Long-Term Disability plans, and Retirement Plans.

What types of health insurance options are available in Virginia Beach, VA?

In Virginia Beach, VA, employees can access comprehensive group health insurance and ACA compliant health insurance options.

What are the benefits of the Virginia Retirement System (VRS) Membership?

VRS membership provides multiple advantages, including life insurance, death-in-service benefits, severance benefits, other employee benefit plans, payout options, and military leave benefits. Thus, members can receive a range of benefits from the VRS.

How can employees benefit from a Health Savings Account (HSA)?

Employees can benefit from a Health Savings Account (HSA) by using contributions or making tax-free contributions to pay for medical expenses and reduce their taxable income.

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.

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