Private Health Insurance Alaska

Affordable Individual Health Insurance Alaska

According to the Affordable Care Act, every state needs to have a health insurance marketplace or health insurance exchange from where individuals and families can shop for private health insurance plans for themselves and their families. Private individual health plans are usually purchased by self-employed individuals, early retirees, or individuals employed by small businesses that do not provide health insurance benefits to their employees. The federal government runs Alaska’s health insurance marketplace, so residents looking for affordable individual health plans can enroll through Nearly 17,000 people enrolled in private individual health insurance plans in 2020 through the Alaska exchange and all of them obtained coverage for the ACA’s essential health benefits. Around 84% of these people were eligible for premium subsidies that further reduced their monthly premiums and nearly one-fourth of the enrollees were also eligible for cost-sharing reductions that reduced their out-of-pocket healthcare costs.

Vital Updates of Alaska Health Insurance Marketplace

  • Alaska is known to have one of the smallest populations in the U.S. with just 700,000 residents living in the state.
  • Half of Alaska’s residents receive health coverage through their employers.
  • One in five people in the state is covered by Medicaid, and one in ten people is covered under Medicare.
  • The average cost of the health insurance plan for the 2021 plan year for a 40-year old in Alaska is $583 per month.
  • After careful research, it was found that the Premera Blue Cross Preferred Silver 3000 HSA is the cheapest Silver plan available in the state in 2021.
  • The cheapest plan available in the state in 2021 is Premera Blue Cross Preferred Bronze 5800 HSA having a monthly premium of $430 for a 40-year old.
  • Uninsured Alaskans have another chance to enroll in health plans, as the federal government has reopened health insurance enrollment through May 15, 2021.

Different Tiers of Metal-Plans available in Alaska

Individual health insurance plans in Alaska are offered at three different metal-tiers, Expanded Bronze, Silver, and Gold metal-tier plan. Gold plans are though costly but cover 80% of the total cost of health care. Bronze plans are the most cost-effective plans in terms of monthly premiums but cover only 60% of the total cost of healthcare. Thus, among all the three options, Silver health plans turn out to be the most affordable health plan that offers the best value. This plan has a mid-range monthly premium and covers about 70% of the total cost of healthcare.

Average Health Insurance Cost in Alaska by Metal-tier for Different Age-group in 2021

Metal-tiers Monthly Premium for 21-Year Monthly Premium for 40-Year
Expanded Bronze $351 $449
Silver $535 $683
Gold $482 $616

Private Health Insurance Options in Alaska

Alaska residents have plenty of options as far as health insurance coverage is concerned. No matter whether they are seeking a plan from a specific carrier or they prefer to have a specific type of health plan, people are sure to find the right health plan fitting their budget and requirements in Alaska. Living without health insurance coverage is risky because just one trip to the hospital can turn out to be an expensive affair. With so many health insurance options available throughout Alaska, people should avoid taking any risk.

Popular Private Individual Plans available for the plan year 2021:

  • Premera Blue Cross Preferred Bronze 6350
  • Premera Blue Cross Preferred Bronze 5800 HSA
  • Premera Blue Cross Preferred Silver 3000 HAS
  • Moda Pioneer Silver 4500
  • Premera Blue Cross Preferred Gold 1500

Health Insurance Companies offering Health Insurance Plans in Alaska

In Alaska, two health insurance carriers are offering individual health plans for the plan year 2021. Moda Assurance health carrier is limited to offering plans in some specific locations whereas Premera Blue Cross Blue Shield of Alaska offers health coverage throughout the state. The state for 2021 has approved a premium rate decrease of 7.13% for Premera Blue Cross Blue Shield of Alaska and an increase of 0.68% for Moda Assurance Company.

Find a Right Affordable Plan For You