Finding the Right Health Insurance for Your Small Business in Alaska

As a small business owner in Alaska, providing quality health insurance for your employees is essential for attracting and retaining top talent. With so many plan options to pick from, it can feel overwhelming trying to determine the right coverage that fits both your budget and your employees’ needs.

This article will walk you through key factors to consider when choosing a small business health insurance plan in Alaska. We’ll also explore the offerings from top providers like Premera Blue Cross Blue Shield to help you make the best decision for your company.

Overview of Small Business Health Insurance in Alaska

In Alaska, small businesses with 1-50 employees have the option to purchase group health plans on the small group insurance market. Here’s a quick overview:

• Eligibility: To be eligible for small group coverage in Alaska, your business must have at least 1 common law employee (not including yourself or your spouse). The group size includes full-time, part-time, and seasonal workers.

• Plan Types: Small businesses can select from a range of plan types including PPOs, HMOs, POS plans, and high deductible health plans paired with health savings accounts (HSAs).

• Carrier Options: Top insurance carriers in Alaska’s small group market include Premera, Aetna, and Moda Health. Many small businesses use insurance brokers to shop plans from multiple carriers.

• Benefits: Small business health plans must cover essential health benefits including emergency care, prescriptions drugs, mental health services, maternity care, and more.

• Rates: Premium rates for small groups are based on your employees’ demographics, locations, and other risk factors. Alaska has modified community rating rules in place which limit how much rates can vary.

Key Factors to Consider

As you evaluate health insurance options, here are some important considerations:

• Coverage needs: Assess what benefits and cost-sharing levels (deductibles, copays, coinsurance) make sense for your workforce. Consider medical conditions common amongst your team.

• Network: Look for carriers with provider networks that include doctors/facilities your employees already see or prefer. This ensures a smooth transition.

• Prescription drugs: Check formulary coverage for medications your employees need. Look for plans with affordable prescription copays and coinsurance.

• Wellness programs: Many plans offer incentives like premium discounts for employees who partake in wellness activities. See if these programs appeal to your workers.

• Budget fit: Calculate total estimated monthly and yearly costs for premiums and other expenses to ensure the plan aligns with your budget.

• HSA eligibility: If interested in pairing a high deductible health plan with HSAs for tax benefits, ensure the plan meets IRS requirements.

• Dependent coverage: Evaluate how much dependent coverage (for spouses, children etc) will cost per employee.

Premera Blue Cross Blue Shield Alaska

One leading insurance carrier for small business health insurance in Alaska is Premera Blue Cross Blue Shield. Here is an overview of Premera’s key advantages:

• Local experience: Premera has served Alaskans for over 65 years. Their plans are tailored for the Alaska market.

• Strong provider network: Premera offers access to Alaska’s largest network of doctors, hospitals, and other providers located throughout the state.

• Range of plan types: Premera offers small business health plan options including PPOs, deductible plans, HSAs, HMOs, and more.

• Health support resources: Premera provides tools and programs to help employees improve health and manage healthcare expenses. Resources cover chronic condition management, maternity support, transparency tools, and more.

• Virtual care access: All Premera plans include telehealth benefits like 24/7 nurse hotlines and online care platforms.

• Wellness incentives: Premera’s plans offer discounted premium rates to groups with higher employee participation in wellness activities.

• Pharmacy network: Employees get access to the extensive Alaska Blue Cross pharmacy network with cost savings benefits.

• Dental/vision options: Premera allows small groups to bundle medical coverage with dental and vision insurance.

• Life and disability offerings: Premera also offers group term life, disability insurance, AD&D, and supplemental life insurance options.

Getting Started with Premera

Ready to explore Premera’s small group health insurance options for your Alaska business? Here are some tips for getting started:

• Work with an agent: Connect with an independent insurance agent or broker who can walk you through Premera’s offerings and make impartial plan recommendations.

• Review options: Have the agent provide quotes across a range of Premera plan designs so you can compare features and pricing. Ask them to break down total estimated costs.

• Assess networks: Confirm Premera’s provider network includes your employees’ existing doctors and hospitals. Review pharmacy formulary coverage for your team’s medication needs.

• Consider add-ons: Discuss the value of bundling dental, vision, life or disability offerings to create a comprehensive benefits package.

• Prepare for open enrollment: Your agent can assist with materials to clearly communicate Premera’s benefits and provide enrollment guidance to employees.

• Manage account: Premera provides online tools and resources to help you easily administer the health plan throughout the year.

Choosing Premera means not just gaining access to Alaska’s top doctors and hospitals, but also leveraging local expertise from a carrier dedicated to the Alaska marketplace for 65+ years. Reach out to an agent today to see how Premera’s small business health insurance can benefit your company and employees.