Newport News Group Health Insurance & Employee Benefit Plans

Newport News is a city located in Virginia. It has various industries and companies and it boasts of fast growth and rapid development. When looking for group health insurance in Newport News, you will want to look for a licensed, affordable and reliable insurance provider.

For any employer to have a competitive edge, they will need an incentive to lure job seekers and retain their employees. Group health insurance and employee benefits is one of the best ways to attract and maintain highly skilled hardworking employees.

Newport News VA Large Group Health Insurance Plans

Even before the Affordable Care Act implemented a mandate obligating large companies to offer health insurance, most already did. They are also more likely than smaller businesses to give employees a choice between plans. In addition, many big companies report that their workforce considers the upfront costs of insurance (premiums) more closely than the usage costs, like copayments and deductibles. This perception has helped companies shift to alternates of traditional indemnity and point-of-service structures.

Health Maintenance Organization (HMO) plans are becoming more widespread and accepted, but many consumers still choose a PPO (preferred provider organization) even at a higher cost. Employees’ explanation for this choice is that the HMO doesn’t include their medical provider, or they don’t want to go through a primary care physician to get a referral to a specialist. Still, surveys typically indicate comparable satisfaction with either type of plan. As a result, companies may be able to save money for their workers and their business by allowing a choice.

Newport News VA Small Business Health Insurance Plans

When small companies evaluate healthcare options, they often prioritize excellent coverage and reasonable costs. These companies don’t have to provide access to employer-based health care but choose to do so. Many employees prefer a Point of Service plan, which offers a combination of the PPO’s flexibility and the savings of an HMO. With a POS, there is a minimal or no deductible for in-network care, with higher charges for care outside the network, much like a PPO. A POS can be an excellent option if your employees want flexibility in access to providers.

Newport News VA Employee Benefit Plans and Employee Benefit Packages

Cafeteria plans allow employees to choose the benefits they want on an a la carte basis. They can usually also pay for some benefits using pre-tax income, which saves money. These programs are called “cafeteria plans” because the employees decide whether to participate and which benefits to select. The employer benefits by reducing their payroll taxes. These plans may include a choice of several benefits, including health insurance, flexible spending accounts, vision, dental, and life insurance, and sometimes cash.

Each business that uses a cafeteria plan must satisfy nondiscrimination standards similar to those for other employee benefits like a company retirement plan. However, companies with fewer than 100 employees can offer a simplified Cafeteria Plan with easier compliance with nondiscrimination testing by following some administrative rules. Talk to your Taylor Benefits Insurance consultant about options.

Group Health Insurance and Employee Benefits

Both small and big businesses stand to gain a great deal by offering group health insurance and employee benefits. Besides retaining top talent, any expenses related to health insurance are tax deductible as part of business expenses.

Group health commands cheaper rates and increases productivity among employees. This is due to a healthier workforce as prevention and wellness are implemented.

Who We Are

We are a top brokerage firm in group health insurance and employee benefits, with a presence throughout the United States. We offer unique plans tailored to suit your employees’ needs and budget. With over 25 years of experience in writing group health insurance, we craft the best possible plan after taking our time to understand your needs.

We work with varied insurance carriers in the market so as to come up with the best plans that fit your company and employees. We provide administration for all the plans throughout the year so that you our clients do not have to deal with them.