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

One of the most effective ways for a Virginia business to attract and retain skilled employees is to offer a flexible and affordable health insurance and employee benefits plan. This step gives your employees better coverage and benefits options that will safeguard their health and financial futures at an affordable cost. You can obtain an ideal health plan that suits your company’s needs.

Virginia Group Health Insurance & Employee Benefit Plans

When you work with an insurance agency like Taylor Benefits, you can be confident that you’ll get a group health insurance and employee benefits plan that satisfies everyone. Taylor has almost three decades of experience crafting healthcare and benefits programs.

We have developed relationships with a large network of insurance carriers throughout the nation. As a result, you can be sure to get the right plan for your Virginia business and even negotiate the costs to help you get the lowest premiums and rates possible.

Some of Your Insurance and Benefits Choices for Small Business

  • Pension Plans and Retirement Plans
  • Group Benefits Plans (Group Health Insurance, Group Dental Insurance, and Group Vision Insurance
  • Short and long-term disability insurance
  • 401K Plans
  • Section 125 Cafeteria
  • Life Insurance
  • Long-Term Care
  • ACA Compliance
  • Worker’s Compensation
  • Virginia large group health insurance

After you’ve gone through all your coverage options and discussed your plan with one of our insurance agents, they’ll make sure that it is in line with the requirements stated in the Affordable Care Act. Compliance with the ACA provisions and other applicable regulations may help your business qualify for tax credit breaks.

Our insurance agents will even conduct annual audits to make any necessary changes to your group health insurance plan and employee benefits plan. Once your group health insurance coverage plan is perfected and you are satisfied with the results, you’ll be presented with a FREE estimate.

So call today if you wish to learn more and receive a quote on some of the best health coverage and employee perks available in Virginia.

Virginia Large Group Health Insurance Plans

Employer-provided coverage is widespread in Virginia, with nearly ninety percent of workers employed by companies that offer large group health insurance. However, not all who could take advantage of the employer coverage do so, with only 57 percent enrolled through their employer. Still, 75 percent of workers in those companies have a choice between at least two health insurance plans.

Cost and employee preference are two top concerns for employers wanting to offer a choice. Some workers prefer one delivery system type (PPO, HMO, or POS) over another. For any company, the cost is an ongoing issue.

As noted by the Kaiser Family Foundation survey, premiums for family coverage have increased by 22 percent in the last ten years, with employers and employees sharing the price increases.

In Virginia, the employer contribution is three-quarters of the premium cost for employees (for individual health insurance —most pay less for dependents). Many self-fund their coverage programs to save money and improve cash flow.

Large employers in Virginia (unless they self-fund) must offer minimum essential coverage benefits as required by the ACA. 

The additional services in Virginia are:

  • Bone and joint procedures
  • Clinical trials for the treatment of cancer
  • Diabetes Care Management
  • Early intervention services
  • Rape and incest coverage
  • Hospice care
  • Reconstructive surgery following mastectomy

Virginia Small Business Health Insurance Plans

One effective way for small business owners in Virginia to offer health insurance is by choosing a high-deductible plan for their workers. Combined with a health savings account (HSA), such small business health insurance offers robust coverage with reasonable premiums.

For a health plan to meet the IRS’ criteria for a high deductible, the individual deductible must be at least $1,500 ($3,000 for family coverage.) However, many have much higher deductibles. Furthermore, the small business health insurance plan can’t pay for any services aside from preventive health care until the deductible is paid, or it won’t qualify for the HSA, which is a crucial component.

Small businesses that cannot offer group coverage due to minimum participation or minimum contribution requirements can purchase family or individual health insurance plans. Talk to your Taylor Benefits Insurance for details and guidance.

Relevant Statistics

  • Over 90% of employers in Virginia offer group health insurance coverage to their employees.
  • The average premium for Virginia group health insurance plans is $400 per month per employee.
  • Approximately 80% of Virginians with employer-sponsored health insurance are satisfied with their coverage.
  • Virginia has seen a 25% decrease in the uninsured rate among companies offering group health insurance since 2010.
  • More than 70% of Virginians enrolled in group health insurance plans have access to preventive care services at no additional cost.

General Facts

  • Virginia group health insurance is a type of health coverage provided to a group of people, usually employees of a company.
  • It offers benefits such as medical, dental, and vision care to eligible members.
  • Employers often contribute towards the premium costs, making it more affordable for employees.
  • Group health insurance plans in Virginia must comply with certain regulations set by the state.
  • These plans typically provide coverage for preventive services, hospital stays, prescription medications, and other healthcare needs.

Virginia Employee Benefits Plans and Employee Benefits Packages

Like employees around the country, Virginia workers prioritize insurance and paid time off. Virginia doesn’t have any time off requirements except for unpaid time for things like military service, jury duty, and court appearances.

However, along with more traditional benefits like insurance, almost half of the workers in Virginia report that their employer offers a wellness program. Such offerings vary in scope but may include any of these perks:

  • Free or reduced-cost fitness memberships
  • Onsite fitness center
  • Yoga and meditation classes or apps
  • Onsite massages
  • Healthy food onsite at reduced or no cost
  • Onsite vaccination clinics
  • Nap rooms
  • Lactation rooms
  • Incentives for healthy habits like smoking cessation, exercise, and weight loss
  • Ergonomically correct workspaces

While these are all health benefits for workers, companies also recognize the advantage of supporting their employees’ efforts to improve health and well-being.


Are employers in Virginia required to offer health insurance?

Employers in Virginia are not required by state law to offer health insurance to their employees. However, under the Affordable Care Act (ACA), employers with 50 or more full-time employees are required to offer affordable health insurance coverage or face penalties. Additionally, some local Virginia jurisdictions may have their employers’ requirements to offer health insurance. It is recommended to consult with a legal professional or the Virginia Department of Labor for specific information on health insurance requirements for employers in the state. 


What is the average cost of small business health insurance?

The average cost of small business health insurance depends on whether you’re looking at coverage for individual employees or their families:

Individual Coverage: In 2022, the average annual cost for a small business to cover a single employee was around $6,584. Employers contribute an average of $6,485, or 83% of this cost.

Family Coverage: The average annual cost for a small business to cover an employee’s family was $16,357. Employers contribute an average of $13,737, or 63% of this cost.


How does Virginia Group Health Insurance comply with state regulations?

Virginia Group Health Insurance must comply with state regulations by ensuring their plans meet the minimum requirements of the Virginia Bureau of Insurance. This includes providing coverage for essential health benefits, following state guidelines for premium rates, and adhering to rules regarding network adequacy and provider networks. Insurers must also comply with state laws regarding consumer protections, such as guaranteed renewability and coverage for pre-existing conditions. Additionally, insurers must submit their plans for approval by the state before they can be offered to employers in Virginia. 


What coverage options are available under Virginia Group Health Insurance plans?

Virginia Group Health Insurance plans typically offer a range of coverage options, including:

1. Medical coverage: This includes coverage for doctor visits, hospital stays, surgeries, prescription medications, and other medical services.
2. Dental coverage: Some group health insurance plans may include dental coverage for preventive care, basic procedures, and major dental work.
3. Vision coverage: Group health insurance plans may offer coverage for eye exams, glasses, contact lenses, and other vision-related services.
4. Mental health coverage: Many group health insurance plans include coverage for mental health services, such as therapy and counseling.
5. Prescription drug coverage: Group health insurance plans often include coverage for prescription medications, with different tiers of coverage depending on the drug.
6. Wellness programs: Some group health insurance plans offer wellness programs and resources to help employees improve their health and well-being.
7. Telemedicine services: Many group health insurance plans now offer telemedicine services, allowing employees to consult with healthcare providers remotely.
It’s important to review the specific coverage options and benefits offered by each individual group health insurance plan to determine which plan best meets employees’ needs. 

How does Virginia Group Health Insurance support mental health services?

Virginia Group Health Insurance typically includes coverage for mental health services as part of its benefits package. This coverage may include therapy, counseling, psychiatric evaluations, and medication management. By providing access to these services, Virginia Group Health Insurance helps support its members’ mental health and well-being. Additionally, many insurance plans offer resources such as mental health hotlines, online therapy options, and wellness programs to support mental health further. 


Frequently Asked Questions About Health Insurance Plans for Small Business in Virginia

These are a few answers to some questions concerning health insurance plans in Virginia.

What are the benefits of large group health insurance plans in Virginia?

Large group insurance is usually purchased by companies and offered to their eligible employees. It is designed for companies with more than 50 employees to provide health insurance across the company. Members of a large group health insurance policy typically enjoy lower premiums because the insurers’ risk is distributed across a larger cohort.

Most group health plans require at least a 70 percent participation rate from members, but it may be lower or higher depending on the state and insurer. Also, insurers are constantly on the lookout for new clients because of the competitive market and may be happy to offer you a discount for large group plans.

In Virginia, How Much do Small Business Groups Insurance Plans Cost on Average?

The cost of small group health insurance depends on several factors, including the insurer and the benefits included in the plan for each employee. Small businesses may pay more per person than a large employer does because the smaller group increases the insurer’s risk for losses related to catastrophic claims.

Note that the eligibility of the claim is subject to medical underwriting.

Virginia Employee Benefits Packages: What Do They Include?

The benefits included in any employee benefits package depend on the company, its values, and what the employees prioritize. Employee benefits packages usually include elements to boost finances, health, and well-being. Employees often want to have access to health insurance, paid time off, retirement savings assistance, and more.

How Much Does It Cost to Offer Employees Health Insurance?

The cost of insurance depends on the insurer, the type of plan, and the features the company offers its employees. The average employer share of coverage in Virginia is approximately $5,249 annually, which covers about 75 percent of the per-person cost. The ACA requires that the subscriber cost for individual coverage not exceed 9.12 percent of their gross 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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