The average cost for the lowest-priced small business health insurance plan in Alaska is $715.21 per employee each month, according to Healthcare.gov. 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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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.
- Healthier employees are more productive
- 89 percent of workers prefer better benefits to more pay
- 87 percent of small business owners currently hiring have trouble finding the right talent
- Health insurance is the number one benefit to employees; you’ll retain and attract talent
- You might be eligible for a tax credit, referenced above