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.
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.
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.
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:
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.
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:
While these are all health benefits for workers, companies also recognize the advantage of supporting their employees’ efforts to improve health and well-being.
These are a few answers to some questions concerning 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.
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.
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.
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.
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