The Cost of Small Business Health Insurance in Alaska

how much do small business health plans cost? Monday, November 12, 2018

The average cost for the lowest-priced small business health insurance plan in Alaska is $715.21 per employee each month, according to Plans are priced based on an enrollee’s age. For example, the cost for employees up to age 20 on the lowest-priced plan is $443.91. An employee age 60 would cost $1,319.56.

The price of $715.21 is an average of all age ranges on the lowest-cost bronze small business health plan. You could expect significant variance from this estimate, depending on the ages of your employees.

A company with 5 employees could pay about $3,576 a month or $42,912 a year to cover employee healthcare, based on this estimate for the lowest-priced bronze plan. The same company could pay $4,784 per month or $57,417 for the lowest-priced gold plan.

It’s important to note that these are averages and costs can vary significantly across different health plans.


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Financial support

The Small Business Health Care Tax Credit can cover up to 50% of the costs for your company’s monthly health plan costs (premiums) if you qualify.

You may qualify for a tax credit if your company meets these conditions:

  • You employ less than 25 full-time equivalent employees
  • The average salary of your employees is no more than $50,000 a year
  • You pay a minimum of 50 percent of your employees’ premiums
  • You offer Small Business Health Options Program (SHOP) coverage to all full-time employees
  • A full-time equivalent employee works at least 30 hour per week.

Why should you offer a health plan at your small business?

Here are just a few of the many benefits.

  1. Healthier employees are more productive
  2. 89 percent of workers prefer better benefits to more pay
  3. 87 percent of small business owners currently hiring have trouble finding the right talent
  4. Health insurance is the number one benefit to employees; you’ll retain and attract talent
  5. You might be eligible for a tax credit, referenced above

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