West Virginia Group Health Insurance & Employee Benefit Plans

West Virginia Group Health Insurance & Employee Benefit Plans

Today’s executives and business owners in West Virginia are simply too busy to pay attention to the everyday logistics of their company’s health insurance and employee benefits plan. This is one reason you should hire a qualified insurance broker for help designing, implementing and managing your group plan. They’ll even have a larger variety of insurance and benefit options for you to take advantage of.

Taylor Benefits Insurance Agency has been helping businesses throughout the nation by helping them provide their employees with a way to care for the wellbeing of themselves and families. Being in the insurance industry for over 25 years has allowed us to network with some of the leading insurance carriers. Taylor Benefits offers the education, resources and expertise you need and deserve. Let our licensed and experienced insurance brokers guide you through a variety of insurance and benefits-related issues, including:

  • 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 Navigation
  • Worker’s Compensation
  • Employee Termination and More

We have remained at the forefront of the insurance industry and are committed to passing our knowledge on to our clients so they remain compliant with the frequently changing policies of the Affordable Care Act and other local, state and federal laws. Complying with ACA will lead to tax breaks. It’ll also keep you safe from government penalties.

West Virginia Large Group Health Insurance Plans

For large employers in West Virginia and elsewhere, rising costs are a constant concern related to offering health insurance that meets the needs of employees and follows the ACA requirements. Premiums have increased on average by 22 percent over the last ten years, even with many companies implementing cost-saving measures like higher deductibles. Even with the high pace of inflation, large employers note that spending on health insurance has been rising faster than overall inflation—with no signs of slowing, according to benefits adviser Mercer.

The ACA requires that insurance plans include coverage for ten essential benefit areas which are designated as necessary for patient protection:

  1. Ambulatory patient services (outpatient care)
  2. Emergency services
  3. Hospitalization, including surgical and medical
  4. Maternity and newborn care, including delivery
  5. Mental health and substance use disorder services
  6. Prescription drugs
  7. Rehabilitative services and devices
  8. Laboratory services
  9. Preventative and wellness services, including chronic disease management
  10. Pediatric services, including dental and vision care for children under the age of 19

Many states, including West Virginia, have added to that list. For example, West Virginia requires coverage for skilled nursing services, clinical trials, diabetes care, and reconstructive surgery following mastectomy. However, companies that self-fund their coverage (usually larger businesses) can avoid the state-specific requirements. For example, in West Virginia, 69 percent of employers fully self-fund their health insurance.

West Virginia Small Business Health Insurance Plans

Small companies have experienced an even more significant negative impact from inflation on the cost of offering health insurance to their workers than large businesses. In just a year, prices for smaller firms have shot up almost ten percent. Still, the ACA requires that companies providing insurance meet the affordability standard of a premium that does not exceed 9.61 percent of the employee’s gross income. The policy must also cover the ten essential benefit areas (and the West Virginia added benefit coverage mandates).

Smaller companies may find support through SHOP (Small Business Health Options), which your Taylor Benefits Insurance representative can help you navigate to find programs that meet your business needs.

West Virginia Employee Benefit Plans and Employee Benefit Packages

West Virginia doesn’t mandate paid or unpaid time off for workers, except for public interest requirements like jury duty, military service, and time to vote, all of which may be taken without pay. Still, many companies offer time off to stay competitive and provide their employees with the ability to refresh and relax, pursue personal interests, and seek a beneficial work-life balance.

In many cases, private employers in West Virginia offer other benefits, including dental care, vision coverage, and wellness programs.

Contact Taylor Benefits for the Right Group Health and Benefit Plan

Give us a call today to learn more about all our health and benefit options for employees. Our insurance brokers will help you create a plan that meets everyone’s needs. Then, once satisfied, we will provide you with a FREE estimate!

Frequently Asked Questions About Health Insurance And Employee Benefit Plans in Virginia

Here are some answers to common concerns regarding West Virginia health insurance plans and employee benefits:

What Large Group Health Insurance Providers Are in West Virginia?

In West Virginia, the market for large group health insurance providers is very competitive. Because there are so many providers competing for the same customers in the area, it may be challenging to find one that matches your requirements. Highmark, Humana CareSource, Golden Rule, and UnitedHealthcare are some of West Virginia’s most popular large health group insurance providers. Choosing health insurance providers is critical because it will determine how much you spend on your employee’s insurance premiums.

What Small Business Group Health Insurance Providers are in West Virginia?

There are tons of small business group health insurance providers in West Virginia that employers can choose from. However, some popular ones include Blue Cross Blue Shield, Aetna, Kaiser Permanente, CareSource, and UnitedHealthcare. You’ll need to find the best insurance provider that resonates with your needs and your budget, as they all offer very different prices for each of their packages. However, they may be able to develop a plan that matches your budget. Also, for a business to qualify for small group health insurance, it must have between 2 to 50 employees.

What Benefits do Employers Offer in West Virginia?

What an employee receives as part of their employee benefits package is primarily determined by their employer. Medical insurance, paid time off, life insurance, dental insurance, retirement, flexible savings accounts, paid vacations, and sick leave are some of the standard benefits that employers commonly provide to their employees as part of their benefits packages. Paid vacations, gym memberships, and even educational assistance are examples of other benefits. While these are the most common benefits, some companies may offer additional benefits.

How Much Are Your Employee Benefits Worth?

Employee benefits packages are generally valued based on what is included and what the company provides. A benefits package that includes pet insurance and gym membership in addition to the standard benefits like health insurance and retirement, for example, is worth more than one that only consists of the standard benefits. Employee benefits, on average, are estimated to be worth up to 31 percent of an employee’s total compensation, with wages accounting for the remaining 69 percent. To determine the value of an employee benefits package, add up the costs of all the benefits you want to include.

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