Help wanted? Attract and retain employees with a group insurance plan

BY NICOLE ZEMA

Employment is plentiful in the post-COVID economy, giving workers desirable options in the job market. Businesses that offer competitive benefits like group health insurance have an advantage as employers vie for good candidates.

Offering coverage to employees is an important recruitment decision, said Brett Denton, vice president of Virginia Farm Bureau Health Insurance Solutions. “For employers it’s a win-win,” he said. “They have a strong recruitment tool and tax benefits.”

VAFB Health Insurance Solutions offers access to group health, dental, vision and life insurance, plus short- and long-term disability to businesses.

Business owners work with Farm Bureau’s statewide agents to help design a benefits package that works best for their company’s needs. Farm Bureau works through most major insurance companies.

Account executive Dawn Simmons recalled speaking with a local contractor in February whose company was struggling to retain reliable workers.

“We talked about setting up different benefits from medical to disability,” she said. “We discussed his company’s budget, what his employees’ needs were, and I was able to set a great benefits package in place. The nice thing about it, we were able to fit a full benefits package into his financial budget and timeline. When we spoke to the group the other day, he said he’s up to 10 employees!”

Products are updated annually, and brokers undergo training year-round with different carriers, plans and enhancements.

Plans can range from high-deductible ones to those with a traditional co-pay. The company can pay up to 100% of whatever plans are selected, with a minimum of 50%.

“The employer doesn’t have to pay the total cost, which can be a misconception about group coverage,” Denton said. “And businesses can choose the type of plans they offer.

“It’s attractive to offer two or three plans as a business,” he said. “By offering group coverage, you have access to richer networks and more plans.”

VFB staff also can help business owners change to a different group plan if they’re unhappy with current coverage.

“If they already have an existing plan, we can compare different carrier options,” Denton continued. “If we show you something of value, you can sign a ‘broker of record’ to move the business to us and start fresh with a new agency.”

To request a free quote on a complete suite of coverages for your business and employees, call 800-229-7779 or visit vafb.com/health.

BY CHRISTINA AMANO DOLAN

It can be challenging to navigate the health insurance markets. Fortunately, Virginia Farm Bureau health insurance agents can help identify the right plan for you.

VFB agents have helped more than 28,000 families and 2,000 businesses throughout Virginia secure health insurance coverage. Partnering with multiple insurers, VFB offers everything from traditional, comprehensive benefits to High-Deductible Health Plans with health savings accounts representing:

• Aetna

• Anthem Blue Cross and Blue Shield

• CareFirst

• Cigna

• Kaiser

• National General

• Optima (Sentara)

• Piedmont Community Health Plan

• United Healthcare

Traditional vs. High-Deductible Health Plans

In general, traditional plans have lower deductibles and higher premiums while High-Deductible Health Plans can have higher deductibles and lower premiums, according to Gina Gentilini, senior account executive for VAFB Health Insurance Solutions.

Traditional health plans vary with deductibles, co-insurance and copays that can apply to a primary care doctor, specialist, emergency room or hospital visit. Depending on the plan, you may pay only a co-pay for a primary care physician or specialist visit.

“For a High-Deductible Health Plan, you must pay for everything out of pocket until you hit a deductible,” Gentilini said. “After that deductible, approved in-network services are either covered at 100% or you have a coinsurance to satisfy, which varies by the plan. The exception is certain routine preventive services, which are covered at 100% before the deductible when in-network.”

Individual budgets and health needs should be considered when selecting either a traditional plan or HDHP. When meeting with your agent, you’ll want to have a “needs assessment” to see which plan is right for you.

Traditional health plans may be a good option for those who visit the doctor frequently or anticipate major medical costs. HDHPs may be a good option for those looking to save money in the long run and have a health savings account to cover their medical costs up front. Health savings accounts also have tax benefits.

“A High-Deductible Health Plan can be paired with a health savings account, which not only offers tax benefits, but also can make you more proactive when it comes to your own healthcare,” Gentilini said.

To request a free quote from your local agent, visit vafb.com/health or call 800-229-7779 to speak with a representative.

Traditional Health Insurance

Patient has deductible, co-insurance and co-pays. Some services may not be subject to the deductible.

Lower deductible

Higher premiums

Health Savings Account not available

High-Deductible Health Plan

Patients pay full cost until deductible is met

Higher deductible

Lower premiums

Often paired with Health Savings Account