The Cheapest Alaska Health Insurance for Individuals and Families
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The Alaska insurance exchange is where you can purchase private health plans if you don’t qualify for any government programs such as Medicare or Medicaid or if your employer doesn’t provide health insurance. The cost of health insurance in Alaska varies, but the cheaper the monthly premium, the more you’ll have to pay out of pocket if you have medical expenses. Plans with low monthly premiums typically have higher deductibles and out-of-pocket maximums.
MoneyGeek determined the cheapest health insurance in Alaska by comparing several plan types for various ages, making it easier for you to find a plan that matches your preferences and medical needs from the Alaska Health Insurance Marketplace.
The Cheapest Health Insurance in Alaska by Metal Tier
Health plans in the insurance exchange are classified in various levels or tiers, each named after precious metals. Less valuable metals typically have lower premiums, but you’ll end up paying more if you need medical care.
Tiers do not impact the quality of care you receive but affect the cost of health insurance in Alaska because they determine the share of your medical expenses shouldered by your provider. Private plans in Alaska are either Expanded Bronze, Silver or Gold. On average, the monthly premium for each is:
- Expanded Bronze: $444 per month
- Silver: $680 per month
- Gold: $616 per month
Monthly premiums should be directly proportional to the value of the metal the tier represents. Some markets, however, do not follow this rule. For instance, in Alaska, Silver plans can often have a higher premium than Gold policies.
The cheapest health insurance plans for each tier in Alaska are shown in the table below. In addition to the monthly premium, it’s crucial to look into deductibles and out-of-pocket maximums as these vary significantly within the same metal tier.
If you have a low income, make sure to check if you’re eligible for cost-sharing reductions (CSR). These give you lower deductibles compared to a typical plan in the same tier.
The table above shows PPO plans for a 40-year-old male looking to purchase affordable health insurance in Alaska.
Cheapest Health Insurance in Alaska by Metal Tier
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- Metal TierPlanCompanyMonthly CostOOP Max
- Expanded BronzeModa Pioneer Bronze 6500Moda Health$436$8,000
- SilverPremera Blue Cross Preferred Silver 3000 HSAPremera Blue Cross Blue Shield of Alaska$675$6,600
- GoldPremera Blue Cross Preferred Gold 1500Premera Blue Cross Blue Shield of Alaska$608$6,000
The Cheapest Health Insurance in Alaska by Age and Metal Tier
Insurance providers use several factors when setting monthly premiums, and your age is one of them. The older you are when you enroll in a plan, the higher the rate becomes. For example, the cost of Silver-tier health insurance in Alaska for a 60-year-old is $1,444 per month on average, while a 26-year-old will pay around $545 for similar coverage.
Health Insurance Costs in Alaska by Age and Metal Tier
Monthly premiums are more expensive for older buyers, making Bronze plans look attractive. But plans in this tier have high deductibles, which result in you paying more out of pocket if you have a lot of medical expenses.
The rates shown in the table are averages based on varying ages but don’t factor in your unique combination of income and age. You may be able to find cheaper plans for older people in the Alaska Health Insurance Marketplace because of specific regulations. Older Alaskans can also be eligible for tax premiums. Given all these variables, you need to apply for a plan to know your exact quote.
Use the table below to switch between different metal tiers and buyer ages. If you want more information to help you figure out which metal tier to choose, you can read our extensive guide on health insurance in Alaska.
Cheapest Health Insurance in Alaska by Age And Metal Tier
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- PlanCompanyMonthly Rate
- Expanded BronzePPOModa Health$311
- Expanded BronzePPOPremera Blue Cross Blue Shield of Alaska$315
- Expanded BronzePPOModa Health$319
- Expanded BronzePPOPremera Blue Cross Blue Shield of Alaska$323
- SilverPPOPremera Blue Cross Blue Shield of Alaska$482
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The Cheapest Health Insurance in Alaska by County
Different areas in Alaska have different health insurance costs. For example, Alaska has 30 counties divided into three rating areas, which insurance providers use to determine premium prices. Counties within those rating areas calculate rates the same way.
The most affordable Silver health insurance plan in Alaska for those residing in Anchorage Municipality — the state’s most populous county — costs an average of $658 per month. It is the Premera Blue Cross Preferred Silver 3000 HSA plan by Premera Blue Cross Blue Shield of Alaska.
You can use the table below to find the most affordable health insurance plans in Alaska for your county for each of the metal tiers.
The plans reflected on the table use the profile of a 40-year-old male looking to purchase a health insurance plan in that county.
Cheapest Health Insurance Plans in Alaska by County
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- Metal TierCompanyCheapest PlanMonthly Premium
- $995Expanded BronzePremera Blue Cross Blue Shield of AlaskaPremera Blue Cross Preferred Bronze 5800 HSA$430
- $996Expanded BronzeModa HealthModa Pioneer Bronze 6500$436
- $997Expanded BronzeModa HealthModa Pioneer Bronze 6500$436
- $998Expanded BronzeModa HealthModa Pioneer Bronze 6500$436
- $999Expanded BronzeModa HealthModa Pioneer Bronze 6500$436
The Cheapest Health Insurance in Alaska With High Out-of-Pocket Maxes
If you get a low-premium plan with a high out-of-pocket maximum, you may pay more if you have a medical emergency. But if you’re young and in good health, this may be a cost-effective way to ensure you have health coverage.
Alaska’s most affordable health insurance plan with a high out-of-pocket maximum is Premera Blue Cross Preferred Bronze 6350. Premera Blue Cross Blue Shield of Alaska offers this plan for an annual premium of $362 to 26-year-old buyers.
In Alaska, MoneyGeek considers a plan with an $8,250 threshold or higher as having a high out-of-pocket maximum.
Premera Blue Cross Blue Shield of Alaska
Premera Blue Cross Blue Shield of Alaska offers the most affordable health insurance in Alaska for plans with high out-of-pocket maximums. You may spend more if you have high medical expenses, but the Premera Blue Cross Preferred Bronze 6350 plan requires a low monthly premium.
The Cheapest Health Insurance in Alaska With Low Out-of-Pocket Maximums
If you have more health expenses than an average person, you may want to consider purchasing a plan with a low out-of-pocket maximum. It may save you more money in the long run, despite having to pay for a higher premium. In addition, a low out-of-pocket maximum means your insurance provider will begin covering your medical expenses sooner as it will take less time to reach their limit.
Alaska’s cheapest health insurance plan with low out-of-pocket maximums is Premera Blue Cross Preferred Gold 1500 by Premera Blue Cross Blue Shield of Alaska. Its monthly premium is $608 per month for a 40-year-old.
MoneyGeek defines ‘low out-of-pocket’ as having a threshold of $4,250. Although Premera Blue Cross Preferred Gold 1500’s maximum is $6,000, this plan already has the lowest out-of-pocket max in Alaska as well as the cheapest premium.
Premera Blue Cross Blue Shield of Alaska
Gold plans typically have low out-of-pocket maximums. Premera Blue Cross Blue Shield of Alaska offers the cheapest health insurance in Alaska for plans with low out-of-pocket maximums. Purchasing this plan means you’ll pay a higher rate per month but may save money in the long run as your insurance provider will begin covering costs earlier compared to those in other metal tiers.
Cheapest PPO Health Insurance Plan in Alaska
Other than your age and where you reside, the share of medical expenses you want your insurance provider to cover dictates which metal tier you should choose. In Alaska, all plans on the exchange are Preferred Provider Organization plans or PPOs.
The Premera Blue Cross Preferred Silver 3000 HSA by Premera Blue Cross Blue Shield of Alaska is the cheapest PPO Silver plan in Alaska. It costs an average of $675 per month for a 40-year-old.
Cheapest Plan in Alaska With an HSA
If you’re in good health and don’t go to the doctor regularly, a Health Savings Account may work for you. HSA plans are cheaper compared to others. You can also make pre-tax contributions, which can become a nest egg. If you don’t use your savings for medical expenses, you’ll have something set aside for a rainy day.
Expanded Bronze and Silver tiers have HSA options. The cheapest available plan for each category is:
- Expanded Bronze: Premera Blue Cross Preferred Bronze 5800 HSA by Premera Blue Cross Blue Shield of Alaska costs an average of $441 per month for a 40-year-old
- Silver: Premera Blue Cross Preferred Silver 3000 HSA by Premera Blue Cross Blue Shield of Alaska costs an average of $675 per month for a 40-year-old
The risk with HSA plans is you may have to pay out of your savings if you have a health emergency that results in high medical costs.
What to Know About Health Insurance in Alaska
For this study, MoneyGeek used private plans from the Alaska Health Insurance Marketplace. However, you may find more affordable options for health insurance once you apply for plans in the insurance exchange. Older buyers or those with lower incomes may even find cheaper alternatives, like Medicaid or Medicare, if they qualify. These are government health programs and tend to be cheaper than private plans in the Marketplace.
Private Health Insurance on the Alaska Marketplace
In Alaska, health plans are classified into several levels or tiers named after precious metals. The more valuable the metal, the higher the premium typically is.
Here’s a better idea of what each tier has to offer:
Expanded Bronze – Expanded Bronze plans require insurance providers to shoulder around 65% of health expenses. These plans typically have high deductibles and out-of-pocket maximums.
Silver – Silver plans have lower premiums than Gold and ones. They also have lower deductibles than Expanded Bronze plans. Depending on your income, you may qualify for cost-sharing reductions. These can save you thousands of dollars per year as they lower your deductible, out-of-pocket maximum and copayments or coinsurance.
Gold – Compared to metal tiers named after less valuable metals, Gold plans have higher monthly premiums. However, purchasing a Gold plan allows around 80% of your medical expenses to be covered by your insurance carrier once your policy takes effect.
Depending on your income level, it is possible to get an increase in coverage or to find more affordable health insurance in Alaska outside of the plans shown in our study. For example, households with incomes ranging between 100% and 400% of the poverty level may qualify for premium tax credits, such as a two-person household in Alaska with annual earnings from $21,770 to $87,080. You can use the HealthCare.gov calculator to get specific calculations.
Open enrollment, the period where you can enroll in a new plan or renew your existing one, happens each year, typically between November and December. Due to COVID-19, however, enrollment dates have been expanded.
Another option to find cheaper health insurance in Alaska is checking if you are eligible for cost-sharing reductions. These apply if your income falls between 138% and 250% of the federal poverty level. For example, a buyer from a two-person household earning between $30,043 and $54,425 each year can qualify for this if he purchases a Silver plan.
These reductions make it possible to experience a Gold plan coverage with the costs of a Silver plan because of the decrease in deductibles, copayments or coinsurance and out-of-pocket maximums.
Medicaid in Alaska
It’s worth checking your eligibility for Medicaid since it’s the cheapest option for health insurance in Alaska. In addition, if your income falls below 138% of the federal poverty level, it automatically qualifies you for the government health program.
Medicare in Alaska
If you’re 65 and above, you may be eligible for Medicare. You may also be eligible if you have a qualifying disability or illness. Unlike Medicaid, Medicare requires you to pay for some coverage, but it still comes out cheaper than purchasing a private plan.
Medicare has three parts, each covering a specific area of services:
- Part A — covers costs from in-patient stays in hospitals, care from a skilled nursing facility or a hospice and some home care services
- Part B — covers costs from outpatient care, doctor’s and preventive services and medical supplies
- Part D — covers costs from prescription drugs, vaccines and other recommended shots
Methodology
MoneyGeek's research is based on estimates, and the cheapest plan for you will depend on your individual needs and characteristics. This analysis is intended to serve as a guide and no single plan is guaranteed to be the cheapest in Alaska for you
MoneyGeek collected plans and premiums for health insurance in Alaska from the Health Insurance Exchange Public Use Files (Exchange PUFs) for all available metal tiers and across several age groups.
Health insurance premiums on this page are an estimate and exclude potential premium tax credits and cost-sharing subsidies that users may be eligible for.
About Mark Fitzpatrick
sources
- Healthcare.gov. "Cost-Sharing Reductions." Accessed June 16, 2021.