Governor Glenn Youngkin ceremonially signed House Bill 884 and Senate Bill 195 on June 1, 2022. This new state law aims to create benefits consortiums for Virginia’s small businesses, in addition to nonprofits. According to the governor’s news release, these consortiums allows these entities to come together as a single large pool to offer employees comprehensive and affordable group health care coverage. The ambition is to improve the ability of small businesses to share risk, streamline administration and reduce the costs of coverage.
Since 2018, the Virginia Chamber, in partnership with Virginia’s Farm Bureau, Virginia’s Realtor community, and more than 100 local and regional chambers across the Commonwealth have advocated for this health care solution. The small business and nonprofit communities will need to be patient just a little longer to access the benefits. The product will hit the market in the first quarter of 2023.
If affordable benefits are of interest to you, what can you do while you wait? Local chambers of commerce will be the primary access to the consortiums, so until early 2023 there is an opportunity for Virginia’s small businesses and nonprofits to strategically position the organization and grow resources by building relationships. Relationships are at the heart of any small business or nonprofit’s success. Meanwhile, Virginia Main Street will share new information as available.