Small Business Group Health Insurance

Virginia Small Business Health Insurance


Coverage costs for Virginia small business health insurance is becoming more affordable everyday. Companies are always looking for way to curb costs and finding the best rates for Virginia group health insurance is a great viable option. The Internet is a great resource for companies and employees looking for the best option in Virginia small business health insurance.

Having Virginia small business health insurance should be a priority for companies. Everyone needs health coverage of some sort because everyone gets sick. Medical coverage can be expensive, but insurance makes it more affordable. That is only possible however, when companies offer medical coverage that is affordable for their employees. The sooner companies start to look for Virginia group health insurance the better chance they have of finding a plan that will work for both their work force and their accounting department.

You can start your search today and you can find the best Virginia rates available online. Coverage options are out there and in order to find the best medical coverage possible for you as an employer and for your employees, you will want to learn about all your options

How to Qualify for Virginia Group Health Insurance

Companies that want to have Virginia group health insurance must meet a few requirements. First, their employee base must be a certain size. Businesses with at least two and no more than 50 employees are seen as a small business. Now while that fits your company into the small business realm that does not mean the business is capable of having group health insurance. The employee count is only based on employees that are eligible for medical coverage. Full time employees, who are not season or contract, can be counted towards Virginia small health insurance.

Another speculation is that a certain percentage of employees have to opt-in to the Virginia group health insurance coverage plan. Most Virginia providers require that a range of 50 to 75 percent of full-time employees choose to participate in the coverage before they can offer the discounted Virginia small business health insurance. This is why companies must review the plans carefully so they can find the most appealing one for their workforce. If they do not have the necessary participation, they may have to go with a plan that is higher in cost.

The most common plans for Virginia group health insurance to choose from are Health Managed Organizations (HMO), Preferred Provider Organizations (PPO), Point-of-Service (POS), independent plans and Health Savings Accounts (HSA). As an employer or an employee, you must know what the best options are before you decide on a plan. The following will give a brief overview of each plan. For further explanation you may want to consider speaking with an insurance advisor.

Types of Coverage for Virginia Small Business Health Insurance

The most restrictive of the managed care options is a Health Managed Organization. An HMO receives negative attention because of its restrictive nature, but it can be beneficial. Employees can only receive benefits if they receive medical care in the specified network. If an employee goes outside of the network then they will not receive benefits. That means even in case of an emergency, benefits cannot be used unless it is within the network.

An upside to having an HMO plan for your Virginia small business health insurance is that they offer very low copayments. Essentially, you could visit a doctor in Virginia for the same price as a medium pizza. There is also no deductible so premium rates should be low for this restrictive coverage.

A Preferred Provider Organization (PPO) offers more flexibility. Employees do not have to sacrifice all their benefits when they go out of network. They can also stay with their doctor as their primary care giver, but they still have to have referrals to go outside of the network or their benefits will not work.

This is very similar to the HMO plan in cost, but it does use coinsurance, which means there will be a deductible. The deductible is the amount an individual has to pay for Virginia health services before the provider will pay. The higher the deductible the lower the premium, so for employees wanting to have a cheaper plan, they may want to consider increasing their deductible.

A Point-of-Service (POS) plan for Virginia small business health insurance offers employees the greatest amount of flexibility. Employees can still use their personal physician as their primary doctor and not have to worry if he or she is not in the preferred network. Also, employees can always use their benefits no matter which doctor they visit. However, if your primary doctor does not refer you then your benefits may be reduced.

The same as a PPO plan, a POS plan uses coinsurance and a deductible for Virginia group health insurance. The copayment may also be higher than an HMO or PPO option for Virginia group health insurance. This is the costliest of the Virginia small business health insurance plans, so again you may want to consider a higher deductible to have a lower premium rate.

If organized plans do not work for your employees, you may want to consider an independent plan. The only downside to an independent plan is that it is based on medical history and may not be available to your spouse and/or dependants. The great thing about Virginia group health insurance plans is that it is automatically extended to your spouse and dependants regardless of their medical needs and/or history.

The upside to an independent plan is that employees have more control over their medical coverage. They are not restricted by networks and can see whichever doctor is necessary or desired. However, the premium rates may be higher.

Another option would be a Health Savings Account (HSA). This puts employees in the driver seat for their health coverage needs. A portion of their paycheck is put into a savings account that can be used to pay for routine health needs. For example, a physical or checkup can be covered under a health savings account. Most often employers will also contribute to this plan to make it more a benefit for their employees.

Benefits for Companies Offering Medical Coverage

Virginia small business health insurance can help attract employees to your business. Job candidates look at more than just salary when they look for work. Even in a downturn economy, more has to be considered than take home pay. Having quality health insurance is more of a benefit than say a parking spot. In addition, small companies have to be able to compete with larger businesses, and offering quality medical care is one way to do just that.

Companies may also receive a tax break for offering coverage. Consult a tax official to learn how you can use your premium contribution on your tax returns.

Another benefit for companies, who offer Virginia group health insurance, is that it is good for the community where they are based. It helps more people get coverage, because as stated above some independent plans cannot be extended to spouses and dependants. So offering good small business health insurance helps a company have a more positive image within the community.