Our Blue Cross Blue Shield health insurance plan is open to all PRA employees and families. Participation is elective, and employees who choose not to participate will have this component of their compensation allocated to their W-2 income and SEP. Our group insurance plan:
HSA plans are beneficial in several ways:
- Allows employees to pay for out-of-pocket expenses with pre-tax monies.
- Allows premiums to be paid pre-tax and pre-markup (a savings of ~37% to the employee)
- Has a flexible spending account.
- Provides quality health care coverage at a competitive price.
- Includes a Health Savings Account (HSA plan).
contributions are 100% tax deductible, withdrawals are tax-free for eligible healthcare expenses, and it allows for tax-free growth from interest earned and any earnings from investments.
Money in your account may be spent on qualified health care expenses (deductibles, dental, prescription drugs, eye exams and glasses, etc.).
If this money is not used that year, the money remains in the account and the additional monies can be deposited into the account in the next year. Monies in the account can be spent whenever needed for qualified medical expenses; it is NOT a "use or lose" account.
HSA funds are owned by the member, so the money never expires
- even if they change jobs, health plans, or retire. Additionally, HSA funds can be invested in a variety of mutual funds with no transaction fees. Unused HSA funds accrue interest over time. Members who are 65 or older, or permanently disabled, can use HSA funds for nonmedical expenses without penalty.
The plan is suitable for employees who reside out of state (except Hawaii).
Because we are part of the Blue Cross network; a member can get services from a provider with a preferred contract with a Blue Cross plan anywhere in the US and have the claim paid as if it were in Alaska using a preferred provider.
Group Health Plan enrollment is elective for eligible PRA employees,
and premiums are paid by PRA as a component of total employee compensation (W-2 payroll, SEP contribution and Insurance).
Further information about the PRA Group Health Insurance Plan is available upon request.