Alaska Group Health Insurance & Employee Benefit Plans

The best way to find lower insurance premiums and prices on group health and employee benefit plans in Alaska is by going through a dependable and licensed insurance broker. When you go through an insurance broker or agency, you are likelier to find a plan that’s perfect for your business and its employees. Having a comprehensive employee benefit plan in place is one of the greatest ways to keep your hardworking employees around. It gives them a way to better care for themselves and their families at home.

Alaska Large Group Health Insurance Plans

Large businesses in Alaska, like other states, must offer health insurance to their employees to comply with the Affordable Care Act or pay a penalty for noncompliance. Most large companies prefer to offer the insurance, and many pay a portion of the cost for their workers. Across the U.S., 95 percent of large employers make some contribution to the premium cost, with three-quarters of those employers subsidizing as much as twenty-five percent of the cost for individual coverage. These figures come from the well-regarded Kaiser Family Foundation Benefits Survey.

In 2021 large employers offered a variety of insurance options to their workforce. Forty-six percent of covered workers in large firms participate in a PPO (preferred provider organization) with another eighteen percent in an HMO (health maintenance organization) and over thirty percent enrolled in a High Deductible Health Plan/Savings Option. What sets the HDHP/SO plans apart from others is that in many cases the employer is contributing a substantial amount to the savings option, thereby reducing the burden on the subscriber. That’s not necessarily the case for workers enrolled in other plans which may also have high deductibles but don’t include the has option and to which the employer isn’t contributing.

Alaska Small Business Health Insurance Plans

One way that small businesses in Alaska can try to reduce their health insurance costs is by offering a selection of plans to employees. If the employer offers the same subsidy for each plan, the worker can then choose how much they want to spend and decide between options based on cost and coverage. For this strategy to work, it’s essential that the employer provide comprehensive education for the employees about how each plan operates.

For example, despite growing use, many employees still aren’t fully aware of the details of a high deductible health plan with an HSA. The deductible amount seems intimidating, and the employee may not consider the balance offered by a lower premium. Also, some workers may not understand the difference between the HSA and older FSA accounts, which have unpopular “use it or lose it” provisions. Your Taylor Benefits Insurance can help you design educational material and communications to ensure that employees are fully up to speed on the differences between the plans available.

Alaska Employee Benefit Plans and Employee Benefit Packages

Aside from compensation, one way that employers can compete to attract talented employees is by offering a comprehensive benefits plan. The foundation often starts with health insurance, particularly for companies required by the ACA to provide the coverage. Beyond health coverage, employees’ wish lists usually rank paid time off for vacation, holidays, and illness at the top. No paid time off is required in Alaska, but many employers provide some. Other benefits that can offer a competitive advantage include:

  • Family leave
  • Retirement savings support
  • Dental and vision insurance
  • Flexible working schedules/remote work options
  • Childcare support (and elder care assistance)

Health Insurance and Benefit Plan Options

  • Group health insurance
  • Group dental insurance
  • Group vision insurance
  • Group short and long term disability insurance
  • Group 401(k)
  • Group retirement and pension planning
  • Group long term care
  • ACA compliance
  • Workers compensation
  • HMO and PPO plans
  • Managed care and indemnity plans
  • Section 125 cafeteria plans
  • HSA and FSA accounts
  • Group life insurance
  • Medicare options

The insurance plans and benefits you see listed above are just some of the options available to you when you go through Taylor Benefits Insurance, one of the leading insurance agencies around. We will help you create a plan that meets the needs and expectations of your company and its employees. After over 25 years in the insurance industry, we have formed a large network with the leading insurance carriers which allow us room for negotiations and modifications to our clients’ health insurance and employee benefit plans.

Alaska group health insurance plans

Guaranteed Affordable Care Act Compliance

Taylor Benefits ensures consistent compliance with all local, state and federal laws including the Affordable Care Act. Although the policies for the ACA are constantly changing, complying with the laws is essential. By remaining in compliance with the laws, you’re not only avoiding astronomical financial penalties, but your business will qualify for annual tax breaks. We want to make sure your Alaska business is able to take advantage of these tax breaks.

To find out more about the health insurance and employee benefit options offered through Taylor Benefits, give us a call today. We will even offer a FREE estimate for services when you call in to discuss your options!

Frequently Asked Questions About Health Insurance And Employee Benefit Plans in Alaska

The following are answers to some frequently asked questions regarding health insurance coverage in Alaska.

Which Large Group Health Insurance Providers Are in Alaska?

With Taylor Benefits Insurance, you can connect with some of the country’s largest health insurance companies. Whenever you need large group coverage, you can always count on us to get you a great deal. 

Some of the top insurance providers we work with are:

  • Blue Cross
  • Blue Shield
  • eHealthInsurance
  • Humana Group
  • Kaiser Foundation Group
  • Unitedhealth Group
  • State Farm
  • Coventry Corp. Group
  • HIP Insurance Group
  • Carefirst Inc. Group
  • UHC of California
  • Metropolitan Group
  • HCSC Group

How Do Small Business Group Health Insurance Plans Work in Alaska?

Small business owners have different insurance plans that they might profit from in Alaska.

Small businesses have several options for health insurance. The first option is a widely applicable group health insurance plan. Employers pay a specified health plan premium, a portion of which may be paid by employees, in exchange for providing health benefits to their employees and, in some instances, their families.

Another option is the Qualified Small Employer Health Reimbursement Arrangement (QSEHRA). Employers can offer employees a certain amount of money in benefits each month (at their discretion).

You can also purchase a Group Coverage Health reimbursement plan. In this scenario, the employer would offer group health insurance along with a monthly allowance to cover deductibles, copays, and other costs.

Small businesses are at greater risk with self-funded health insurance. With this plan, medical bills or prescriptions are presented instead of monthly premiums, and employers compensate their employees accordingly.

As a final option, Associate Health Plans (AHPs) are also risky for smaller companies. An association health plan (AHP) is when a group of smaller businesses within an industry or location join forces to procure a larger group health plan.

What Are the Different Types of Health Benefits Offered in Alaska?

Taylor Benefits Insurance Agency offers benefit plans for companies and employees in Alaska for the following:

  • health coverage
  • dental coverage
  • vision insurance
  • Disability insurance, both short and long term
  • 401k
  • retirement & pension
  • section 125 cafeteria
  • HSA
  • life insurance
  • long term care
  • ACA (Affordable Care Act)
  • Corporate health insurance & employee benefits
  • large groups

How Much Do Employers Pay for Health Insurance?

Group health insurance programs allow employees to make any amount of contribution. The average employee spends about $3240 per year, more than three times less than the average American’s annual healthcare expenditures.

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