In New Jersey, you can purchase a health insurance plan through the state’s Affordable Care Act (ACA) marketplace. Here, you’ll find various options and financial assistance such as cost-sharing reductions (CSRs) and premium tax credits.
The Affordable Care Act created exchanges in every state to provide people with affordable health insurance. GetCoveredNJ, located in New Jersey, acts as a one-stop shop for residents who do not have coverage through an employer or another program.
GetCoveredNJ
New Jerseyans can get assistance applying for health insurance through the state-run exchange, GetCoveredNJ. The site features a “Shop and Compare” tool that will give price estimates based on household size, income level and preferences.
If you need assistance selecting a plan, the Customer Call Center and health insurance agents (brokers) or certified assisters in your area are all available to provide free assistance. These trained professionals can help match up the right plan with what meets your needs and within budget.
In March 2021, Congress passed and President Biden signed into law the 2021 American Rescue Plan Act which added federal tax credits to make insurance premiums more affordable. As a result, hundreds of thousands of Americans – many in New Jersey – can now afford comprehensive coverage at lower out-of-pocket costs through Get Covered NJ programs.
To further boost affordability, the Biden-Harris Administration is working to resolve a “family glitch,” which prevented some families from receiving financial assistance to purchase marketplace plans even though their employer offered affordable self-only coverage. If this proposal becomes law, New Jersey consumers will have more plans and choices than ever before.
NJ FamilyCare
NJ FamilyCare is the state health insurance program for low-income residents who don’t have coverage through their employers. Additionally, it offers Medicaid and Children’s Health Insurance Program (CHIP) benefits to qualifying families.
For affordable healthcare coverage in New Jersey, you have two options: shop online at Get Covered NJ on the state exchange or utilize a navigator to enroll in a plan. Navigators are trained professionals who can assist you understand your coverage options and guide you through the application process.
If you qualify for financial assistance, such as tax credits or a state subsidy, it could reduce your premiums and out-of-pocket expenses. These programs are based on income and can make all of your plans much more affordable.
The Affordable Care Act has enabled more people to afford health coverage, but the law also brought about some major modifications. One such innovation was the creation of the health insurance marketplace – a state-based market where individuals can purchase private plans and receive subsidies to help pay for them.
Minimum Essential Coverage
New Jersey requires that most residents obtain health insurance coverage by January 1, 2019, unless they qualify for an exemption. This law closely mirrors the ACA individual mandate.
Noncompliance with health insurance regulations can result in fines of either 2.5 percent of a household’s income or an individual charge – whichever is greater. There are also options to receive assistance with paying your premiums.
Minimum essential coverage (MEC) is a term used by the Affordable Care Act to designate what must be included in an insurance plan. It includes benefits like doctor’s visits, emergency room visits and preventive services like flu shots.
Employer-sponsored plans and small group policies that began in 2014 or later typically provide this coverage; however, it can also be purchased through New Jersey’s exchange, GetCoveredNJ.
If you’re uncertain if your current plan meets the MEC criteria, consult with your administrator. It may be possible to convert your old plan in order to meet these standards.
Marketplace Plans
The New Jersey health insurance marketplace provides a range of plans to suit any budget or needs. Plus, you may qualify for state subsidies which can reduce your monthly premiums.
Marketplace plans come in three flavors: Bronze, Silver and Gold. Each offers a distinct level of coverage at distinct costs.
A Bronze plan typically offers the lowest monthly premium, but higher deductibles. It also has higher out-of-pocket maximums and costs for medical care.
If you can afford a higher monthly premium and want lower out-of-pocket expenses, then opting for the Gold plan may make more financial sense. These plans have lower deductibles and out-of-pocket limits than other metal tiers, making them more budget friendly.
Are you uncertain which Marketplace plan is ideal for your requirements? MoneyGeek has done the legwork to analyze 2023 rates from Get Covered New Jersey’s state exchange, helping you discover the cheapest options based on age and income level.
