Health Insurance

Best Cheap Health Insurance in Alaska 2021

Best Cheap Health Insurance in Alaska 2021

Find Cheap Health Insurance Quotes in Alaska

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Health insurance in Alaska can be purchased through the state health insurance marketplace; however, some residents can qualify for Medicaid if their income levels fall below 138% of the federal poverty line.

For the 2021 plan year, the average cost of health insurance is $583 per month for a 40-year-old. This is a decrease of nearly 7% from 2020.

Select a plan tier to learn more:

We conducted research on all health insurance plans to help you find the best policy that fits your needs. We found that the Premera Blue Cross Preferred Silver 3000 HSA is the cheapest Silver health plan in the state. Other tiers of health coverage are available; the availability of some plans will depend on where you live within Alaska.

Cheapest health insurance by metal tier

To help you find the cheapest health insurance, we identified the lowest-cost policies at every metal tier offered in Alaska. The table below shows the different policy prices along with their corresponding deductibles, out-of-pocket maximums and premium costs. We recommend using this information as a starting point for the coverage you can expect from a given metal tier.

For example, the Moda Pioneer Silver 4500 policy has a deductible of $4,500 and a monthly premium of $689. But you may decide that you would prefer a lower deductible amount to save money in the future, so you could instead consider a Gold policy, such as the Moda Pioneer Gold 1500 health plan, which has a deductible of $1,500.

Metal tierCheapest planDeductibleMaximum out of pocketMonthly cost for a 40-year-old
Expanded BronzePremera Blue Cross Preferred Bronze 5800 HSA$5,800$7,000$430
SilverPremera Blue Cross Preferred Silver 3000 HSA$3,000$6,600$658
GoldPremera Blue Cross Preferred Gold 1500$1,500$6,000$593

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Health insurance in Alaska is offered at three tier levels: Expanded Bronze, Silver and Gold. The graph below shows the average cost of monthly premiums depending on your age and selected metal tier. For example, 60-year-olds could expect insurance premiums to be 112% more expensive, on average, than 40-year-olds with the same coverage. Similarly, 21-year-olds can expect their health insurance costs to be $127 less, on average, than 40-year-olds with the same coverage.

Average Monthly Cost of Health Insurance Plans by Metal Tier in Alaska

Finding the best health insurance coverage in Alaska

Finding the best health insurance for you will depend on your level of income, your expected medical expenses and your county of residence. Alaska did approve to expand Medicaid coverage under the Affordable Care Act. Therefore, Medicaid is available to anyone with an income level below 138% of the federal poverty level. For people that do not qualify for Medicaid, individual coverage will have to be purchased on the Alaska health insurance marketplace.

The health insurance options on the marketplace are broken down into metal tiers, each with different levels of premiums, deductibles and out-of-pocket expenses. For example, higher-level tiers, like Gold, will require higher upfront costs in the form of premiums, but they come with lower deductibles, which will reduce your medical expenses in the future if you need medical care.

Gold plans: Best if you expect large medical costs

Gold level plans have the highest premiums and the lowest deductibles out of all the metal tiers. People that select Gold health plans will have a low deductible and be able to save money on each additional visit to their health care provider once the deductible has been reached. Therefore, Gold plans are usually best suited for individuals that expect large medical costs throughout the year. For instance, a Gold policy is great for people with routine monthly prescription needs.

The cheapest Gold plan in Alaska is Premera Blue Cross Preferred Gold 1500. Compare all tiers in Alaska above.

Silver plans: Best for modest premiums and deductibles

Silver level plans are a middle-ground policy, falling between Bronze and Gold policies in terms of its premiums and deductibles. Gold, Silver and Bronze health insurance plans all include premium tax credits, but Silver plans offer extra cost-sharing reductions.

If you fall below 250% of the federal poverty line, you would be eligible to receive discounts on the amount you would need to pay for deductibles, copayments and coinsurance.

The cheapest Silver plan in Alaska is Premera Blue Cross Preferred Silver 3000 HSA.

Bronze plans: Best for young and healthy individuals

Bronze level plans are the cheapest health insurance policies on the state insurance exchange in terms of monthly rates. They are usually best for younger and healthier individuals who do not expect to incur many medical expenses.

Bronze plans have cheap premiums, which can save you money, but also have the highest deductibles. A high deductible can lead to significant out-of-pocket expenses if you face a significant health issue or have to visit your primary health provider on a regular basis.

The cheapest Bronze plan in Alaska is Premera Blue Cross Preferred Bronze 5800 HSA.

Health insurance rate changes in Alaska

Health insurance rates in Alaska are set by individual insurance companies and then reported to the federal exchange for approval.

In 2021, Gold and Expanded Bronze health insurance rates have both declined by close to 15% and 12%, respectively. Silver plans have increased drastically, rising 19% since 2020.

Metal tier2020 premium2021 premium% change
Expanded Bronze$513$449-12%
Silver$573$68319%
Gold$728$616-15%
2020 and 2021 premiums are for a 40-year-old adult.

Best cheap health insurance companies in Alaska

In Alaska, Premera Blue Cross Blue Shield of Alaska and Moda Assurance Co. are the only health insurance companies on the state insurance exchange. This provides a little flexibility for comparison shopping between the plans offered by the two providers. However, some counties — such as Aleutians East — will only have access to Premera Blue Cross policies.

Overall, we would recommend going with Premera Blue Cross Blue Shield, since the company provides the cheapest policies at all metal tiers of coverage.

Cheapest health insurance plan by county

The best cheap health insurance plan for you will depend on the county you live in, along with your age and expected medical costs. To help you get started finding the right policy, we have provided a list of the cheapest Silver tier health plans available in Alaska. The table is broken down by county and then analyzed by family size, varying from single to a couple with a child.

CountyCheapest planAge 40Couple, age 40Couple, age 40 + child
Aleutians EastPremera Blue Cross Preferred Silver 3000 HSA$692$1,384$1,798
Aleutians WestPremera Blue Cross Preferred Silver 3000 HSA$692$1,384$1,798
AnchoragePremera Blue Cross Preferred Silver 3000 HSA$658$1,316$1,710
BethelPremera Blue Cross Preferred Silver 3000 HSA$658$1,316$1,710
Bristol BayPremera Blue Cross Preferred Silver 3000 HSA$692$1,384$1,798
DenaliPremera Blue Cross Preferred Silver 3000 HSA$692$1,384$1,798
DillinghamPremera Blue Cross Preferred Silver 3000 HSA$658$1,316$1,710
Fairbanks North StarModa Pioneer Silver 4500$689$1,378$1,790
HainesPremera Blue Cross Preferred Silver 3000 HSA$675$1,350$1,754
Hoonah AngoonPremera Blue Cross Preferred Silver 3000 HSA$675$1,350$1,754
JuneauPremera Blue Cross Preferred Silver 3000 HSA$675$1,350$1,754
Kenai PeninsulaModa Pioneer Silver 4500$689$1,378$1,790
Ketchikan GatewayPremera Blue Cross Preferred Silver 3000 HSA$675$1,350$1,754
Kodiak IslandPremera Blue Cross Preferred Silver 3000 HSA$692$1,384$1,798
KusilvakPremera Blue Cross Preferred Silver 3000 HSA$692$1,384$1,798
Lake And PeninsulaPremera Blue Cross Preferred Silver 3000 HSA$692$1,384$1,798
Matanuska SusitnaModa Pioneer Silver 4500$689$1,378$1,790
NomePremera Blue Cross Preferred Silver 3000 HSA$692$1,384$1,798
North SlopePremera Blue Cross Preferred Silver 3000 HSA$692$1,384$1,798
Northwest ArcticPremera Blue Cross Preferred Silver 3000 HSA$692$1,384$1,798
PetersburgPremera Blue Cross Preferred Silver 3000 HSA$675$1,350$1,754
Prince Of Wales HyderPremera Blue Cross Preferred Silver 3000 HSA$675$1,350$1,754
SitkaPremera Blue Cross Preferred Silver 3000 HSA$675$1,350$1,754
SkagwayPremera Blue Cross Preferred Silver 3000 HSA$675$1,350$1,754
Southeast FairbanksPremera Blue Cross Preferred Silver 3000 HSA$692$1,384$1,798
Valdez CordovaPremera Blue Cross Preferred Silver 3000 HSA$658$1,316$1,710
WrangellPremera Blue Cross Preferred Silver 3000 HSA$675$1,350$1,754
YakutatPremera Blue Cross Preferred Silver 3000 HSA$692$1,384$1,798
Yukon KoyukukPremera Blue Cross Preferred Silver 3000 HSA$692$1,384$1,798

Average cost of health insurance by family size in Alaska

Along with your county of residence and age, health insurance costs are dependent upon the size of your family. For example, if you had a family of five — two adults and three children — your average health insurance cost would be $2,593 with a Silver plan in Alaska. This is 46% more expensive than the cost for a family of three, which is $1,775.

The table below shows the average monthly cost of health plans depending on the size of the family. As you can see, the average cost to add one adult to an insurance policy in Alaska would be $794. This is much higher than the average cost to add a child under the age of 15, which is only $409.

Family sizeAverage monthly cost of health plan
Individual + child$1,092
Couple, age 40$1,366
Family of three (adult couple and a child)$1,775
Family of four (adult couple and two children)$2,184
Family of five (adult couple and three children)$2,593
Adults are assumed to be 40 years old. Sample rates are based on the average cost for a Silver plan in Alaska.

Methodology

Health insurance plans and rates for Alaska in this report can be found on the Centers for Medicare and Medicaid Service government website. On the database, public use files (PUF) were downloaded and aggregated across different states. Using these plans, premiums were averaged across a variety of metrics, such as by metal tier, family size and county.

Sterling Price

Sterling Price is a research analyst at ValuePenguin specializing in health and life insurance. He graduated from Syracuse University with a bachelors degree in Finance and Accounting and has previous experience as a licensed life insurance representative.

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any of our network partners.