Maintaining health insurance in New Jersey is an integral part of staying healthy and managing medical costs. Whether you opt for coverage through a public program such as Medicare or Medicaid, or purchase a private plan through the exchange, there are plenty of choices available to choose from.
Governor Murphy unveiled a strategy earlier this year to improve the Garden State’s healthcare market. This includes increasing enrollment, strengthening the risk pool and relieving pressure on premiums.
Cost-effectiveness
New Jersey health insurance rates have been rising, but there are still ways to find cheaper coverage. For instance, those eligible for Medicaid or Medicare can get subsidized plans at a lower cost.
Silver plans offer a cost-effective option for people with lower incomes, as they balance monthly premiums with benefits. Furthermore, those plans qualify for additional cost sharing reduction subsidies that reduce out-of-pocket expenses.
Gold plans are typically the most costly, but they’re often the best option for those who anticipate needing medical care frequently. While these premiums may be higher, they offer lower deductibles, copays and out-of-pocket maximums.
ValuePenguin collected 2023 health insurance rates from New Jersey’s state exchange, GetCoveredNJ, and analyzed plan details across all metal tiers and age groups. We then calculated average monthly premiums and cheapest costs for each county, metal tier, and age group.
Eligibility
The New Jersey health insurance marketplace is a state-based website where residents can purchase a health insurance plan. During open enrollment period from November 1 – January 31 every New Jerseyan can apply for an affordable health plan and see if they qualify for financial assistance to cover their premiums.
Most individuals shopping the New Jersey health insurance marketplace will qualify for three types of financial assistance to reduce their healthcare expenses. The first is federal premium tax credits, which are awarded to those who meet income eligibility criteria.
Second, the New Jersey government offers subsidies through NJ FamilyCare. These payments are based on an individual’s income and household size.
The state also offers Medicaid, which is free to low-income individuals and families. Unfortunately, this coverage has income limits as well as limitations on what cash, stocks, and other assets you can keep.
Coverage options
The new jersey health insurance marketplace provides a range of coverage options to fit your needs and budget. Plus, financial assistance is available to reduce monthly premiums and out-of-pocket expenses.
The state-run exchange, Get Covered NJ, allows you to compare plans based on your income, household size and county of residence. Additionally, NJ FamilyCare provides free or low-cost coverage for eligible people through its program.
Purchasing health insurance through the New Jersey health insurance marketplace is the simplest way to get coverage that works for your family. You have a range of plan options, including employer-sponsored and private plans.
Through the state-run exchange, you can enroll in Medicare and Medicaid. These programs offer free or low-cost medical care to low-income residents who don’t have other affordable coverage options. Furthermore, the exchange provides information about government financial aid available to help pay for your coverage. Those who buy their policy through the exchange qualify for federal tax credits which could save money on premiums as well as out-of-pocket expenses.
Subsidies
If you qualify, the new Jersey health insurance marketplace can lower your premiums and out-of-pocket expenses. These include premium tax credits and cost sharing reductions (CSRs).
Residents in California can receive more than $10 a month in financial assistance to cover their coverage through the state exchange. On average, individuals are saving $573 each month on average according to data compiled by the Department of Banking and Insurance.
Those who do not qualify for a subsidy can still purchase an insurance plan through the marketplace and pay their own money. Depending on income levels, residents may also be eligible to enroll in public health insurance programs like NJ FamilyCare or Medicaid.
If you’re in the market for health coverage in 2023, open enrollment begins November 1 and concludes on December 5. To do so, head over to Get Covered New Jersey – the state-run exchange.
