Virginia Group Health Insurance & Employee Benefit Plans

It is proven that one of the greatest ways to attract and retain skilled employees is by offering a flexible and affordable health insurance and employee benefit plan at your company in Virginia. This gives your employees better coverage and benefit options that will only enhance their health and futures at a more affordable cost. By going through an experienced insurance agency, you can have a plan created that suits your company’s needs.

Virginia Group Health Insurance & Employee Benefit Plans

By going through an insurance agency such Taylor Benefits, you can rest assured that you’ll get a group health insurance and employee benefit plan that satisfies everyone. Our history in the insurance industry extends for nearly three decades and we have formed relationships with a large network of insurance carriers throughout the nation. We can help you find 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 Benefit Choices

  • Pension Plans and Retirement Plans
  • Group Benefit 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

After you’ve gone through all your 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. Remaining obedient to the act’s laws will help your business qualify for tax breaks. Our insurance agents will even conduct annual audits to make any necessary changes to your group health and employee benefit plan. Once your 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 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, employers pay three-quarters of the premium cost for employees (for individual coverage—most pay less for dependents). Many self-fund their coverage programs to save money and balance cash flow.

Large employers in Virginia (unless they self-fund) must offer insurance that adds benefits to those 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 companies in Virginia to offer health insurance is by choosing a high deductible plan for their workers. Combined with a health savings account (HSA), such programs offer robust coverage with reasonable premiums. For a plan to meet the IRS’ criteria for a high deductible, the individual deductible must be at least $1,400 ($2,800 for family coverage.) However, many have much higher deductibles. In addition, the plan can’t pay for any services aside from preventive care until the deductible is paid, or it won’t qualify for the HSA, which is a crucial component. Talk to your Taylor Benefits Insurance for details and guidance.

Virginia Employee Benefit Plans and Employee Benefit Packages

As with employees in many states, 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 can 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 benefits for workers, companies also recognize the advantage of supporting their employees’ efforts to improve health and well-being.

Frequently Asked Questions About Health Insurance And Employee Benefit Plans 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 employees. It is designed for companies with more than 50 employees to provide health insurance to all their employees easily. Members of a large group health insurance receive the same benefits at minimal rates because the insurers’ risk is distributed across several individuals. Most group insurance 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 will be more than happy to offer you a discount for large group health insurance 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 like the insurer, the state, and the benefits included in the plan for each employee. If you’re thinking about getting a small group health insurance plan, you’ll need to budget $270 to $410 monthly per person premium. Small group health insurance plans also have an average annual deductible of $3000 to $4000 per individual. These prices are significantly lower when compared to individual health insurance coverage. 

Virginia Employee Benefits Packages: What Do They Include?

The benefits included in an employee benefits package generally depend on the company and what they want to add. Employee benefits packages can be broken down into financial, health, and wellbeing. Examples of what employees can expect in their benefits packages: pension, maternity/paternity pay, medical insurance, sick pay, and paid leave. Some companies may offer added benefits in their packages, including pet insurance and gym memberships.

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. But overall, health insurance plans can cost employers anything from $3000 to $5000 annually for family coverage and about $1000 to $2000 per annum for individual coverage per employee. While these costs can be split between employees and the employer, most of the cost falls on the employer, paying about 70 percent to 90 percent of the health insurance premiums.

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