If you’re in the market for a new policy or looking to upgrade your current one, it’s essential that you know what to look for. This guide will assist you in navigating the New Jersey health insurance marketplace and finding the perfect plan for yourself and your family.
The new jersey health insurance marketplace is an excellent way to find affordable coverage in New Jersey. You can compare plans and apply for state or federal subsidies that will lower your costs.
Get help paying for your health care
If you don’t have health insurance through your employer, Medicaid, or another program, the government may help cover some of your costs. Referred to as “Obamacare subsidies,” these funds reduce monthly premiums and sometimes out-of-pocket expenses.
During open enrollment in New Jersey, you can apply for health coverage through Get Covered NJ’s marketplace. Additionally, you can use the state’s Shop and Compare Tool to find a plan that meets your requirements.
New Jerseyans now have greater financial assistance than ever before, thanks to new state subsidies passed by the Legislature and signed into law by Governor Phil Murphy in 2023. These savings are available for individuals earning up to $81,540 or families of four earning up to $166,500 in 2023.
Find a plan that fits your needs
Finding the ideal health insurance plan requires some research. The state-based marketplace Get Covered NJ can assist you in finding a plan that meets both your budget and healthcare requirements.
When selecting a health insurance plan, take into account both premiums and out-of-pocket expenses. If you use health insurance frequently, a Gold plan may be more advantageous than a Bronze one since there is less out-of-pocket expense when visiting the doctor.
ValuePenguin collected 2023 health insurance rates from New Jersey’s state exchange, Get Covered NJ. We calculated monthly averages and the cheapest costs for plans based on county, metal tier and age group.
Avoid health care sharing ministries
Health care sharing ministries are organizations that enable members to pool the cost of medical care. Their membership fees are similar to insurance premiums, yet they’re exempt from certain laws and regulations.
These unregulated groups have seen their membership numbers soar, now exceeding 1 million.
However, there are a number of drawbacks to these programs that you should weigh before enrolling in one.
One major drawback of these plans is that they aren’t covered by the Affordable Care Act (ACA). That means they don’t offer pre-existing condition protection and often don’t cover essential health benefits like mental health services. Furthermore, rates may differ based on location.
Don’t miss open enrollment
Every year during open enrollment in the New Jersey health insurance marketplace, from November 1 – January 31 you have one last opportunity to enroll or switch plans unless you experience a qualifying life event. Navigators is here to help with enrollment – they’re trained experts who offer free and impartial guidance.
The State of New Jersey offers financial assistance through the Affordable Care Act (ACA) and Medicaid to reduce health insurance costs for many citizens. If you qualify, Get Covered New Jersey can help you shop for a plan and estimate how much assistance is available to you.
Thanks to new state subsidies passed by the Legislature and signed into law by Governor Murphy, more people may qualify for financial assistance based on income this year. Check out our 2023 Shop and Compare tool to determine how much assistance you could potentially qualify for.
Don’t forget about special enrollment periods
If you experience a qualifying life event, such as marriage, having a baby or losing employer-sponsored health coverage, you can enroll in a new plan outside of open enrollment during what’s known as a special enrollment period.
You may also qualify for financial assistance during this transition period. Visit Get Covered NJ to determine if you qualify.
In many states, you may also be eligible to enroll in Medicaid or the Children’s Health Insurance Program (CHIP) during this time if you meet eligibility requirements.
You have the flexibility to alter your Medicare Advantage and prescription drug plans during these Special Enrollment Periods, too. Utilize our Shop and Compare tool to preview options based on your income level.
