West Virginia Group Health Insurance

West Virginia Group Health Insurance

Today’s executives and business owners in West Virginia are often too busy to pay attention to the details of their company’s health insurance and employee benefits plan. This is one reason you should hire a qualified insurance broker for help in 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 their well-being and their families’ health. Our more than 25 years of experience in the insurance industry have 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 health insurance plans 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 

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 requirements is the best way to avoid government penalties and possibly qualify for tax credit breaks. 

West Virginia Large Group Health Insurance Plans

For large employers in West Virginia and elsewhere, rising costs are a constant concern related to offering a health insurance plan that meets the needs of employees and follows the Affordable Care Act 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 Affordable Care Act requires that insurance plans include coverage for ten minimum essential coverage 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 (individual health insurance) can avoid the state-specific requirements. As a result, in West Virginia, 69 percent of employers fully self-fund their health plan.

West Virginia Small Business Health Insurance Plans

Small businesses 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 Affordable Care Act requires that companies providing insurance meet the affordability standard of a premium that does not exceed 9.12 percent of the employee’s gross income. The policy must also cover the ten essential benefit areas (and West Virginia’s 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 small business health insurance programs that meet your business needs.

Small businesses that cannot offer group health insurance plans due to minimum participation (or minimum contribution) can purchase individual health insurance plans for themselves or dependents.

West Virginia Employee Benefits Plans and Employee Benefits 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.

Relevant Statistics

  • Over 80% of employers in West Virginia offer group health insurance to their employees.
  • The average deductible for group health insurance plans in West Virginia is $1,200.
  • Approximately 70% of West Virginians with employer-sponsored health insurance receive coverage through a group plan.
  • Group health insurance plans in West Virginia cover an average of 85% of medical expenses.
  • More than 90% of small businesses in West Virginia provide group health insurance options for their employees.

General Facts

  • West Virginia group health insurance provides healthcare coverage for a group of individuals, such as employees of a company.
  • The coverage typically includes medical services, prescription drugs, preventive care, and hospitalization.
  • Group health insurance in West Virginia is regulated by the state’s insurance department to ensure affordability and compliance with laws.
  • Employers often contribute towards the cost of premiums for their employees’ group health insurance plans.
  • West Virginia offers various group health insurance options, including HMOs (Health Maintenance Organizations) and PPOs (Preferred Provider Organizations), catering to different needs and preferences.

Contact Taylor Benefits for the Right Group Health and Benefit Plan

Give us a call today to learn more about group or individual health insurance and benefit options for employees. Our insurance brokers will help you create a plan that meets everyone’s needs. Then, once we have all the elements of your plan in place, we will provide you with a FREE estimate!

Frequently Asked Questions About Health Insurance And Employee Benefits 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 Insurance Company, and UnitedHealthcare are some of West Virginia’s most popular companies that offer group coverage.

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

There are many small business group health insurance providers in West Virginia for employers to 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 for your needs and your budget, as they all offer very different prices for each of their packages.

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 others.

How Much Are Your Employee Benefits Worth?

Employee benefits packages are generally valued based on the employer contribution. A benefits package that includes pet insurance and gym membership, in addition to health insurance and retirement assistance, 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.

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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