Private Health Insurance New Jersey

Affordable Individual Health Insurance New Jersey

New Jersey is not just the Garden State or the Jersey Shore but this state is home to the longest-running health programs offering comprehensive affordable private health coverage to its residents. Residents of this state are required to have health insurance and New Jersey is one of the states that have mandated for their residents to have health insurance. Even before the Affordable Care Act became law in 2010, the Garden State enacted its own healthcare legislation offering ACA-like protections to its residents. The state established the Individual Health Coverage (IHC) Program in 1992 to give its residents access to private health insurance, those who were not eligible for government-sponsored plans or were not getting coverage through their employers. New Jersey’s IHC members just like the ACA were able to purchase affordable individual and family health plans from private carriers irrespective of their age and health status. Thus, residents of this state must have health insurance and they have several options available as far as affordable private health plans are concerned. All the residents of the state can purchase the private individual plan during the open enrollment period provided they are not eligible for Medicare.

Vital Statistics about New Jersey Health Insurance Marketplace

  • New Jersey has a completely state-run exchange having its own enrollment period called GetCoveredNJ that became operational by the fall of 2020.
  • New Jersey’s average individual market premiums increased by almost 9% for 2020 and increased by more than 3% for 2021.
  • More than 250,000 residents have enrolled in New Jersey for the 2021 coverage through the exchange, with the COVID-related enrollment period remaining opened till May 15, 2021.
  • In most parts of the state, the cheapest Silver plan is OMNIA Silver Value
  • The cheapest Bronze health plan in New Jersey is IHC Bronze EPO HSA AmeriHealth Advantage $25/$50.

Different Metal-tiers of Plans available in New Jersey

While shopping for a health insurance plan in New Jersey, individuals will find multiple types of health plans in different metal-tiers. The main difference among the plan types is the size of the network of doctors and specialists, and the benefits offered under each category of the plan. It is necessary for individuals to carefully compare rates and understand the benefits they are entitled to before purchasing a plan. Individuals can find affordable health insurance plans by comparing the options available.

Individual health plans in New Jersey are available in four metal-categories, Gold, Silver, Bronze, and Catastrophic. Though catastrophic health plans are available to some people only. Individuals while shopping for health plans need to understand that higher-tier health plans cost more but have the lowest out-of-pocket expenses. Besides the type of metal-tier, the costs of these plans also depend upon the individual’s age.

Average Cost of Private Health Insurance in New Jersey by Metal-tier

Metal-Tier Monthly Premium for 21 Years Monthly Premium for 40 Years
Bronze $298 $381
Silver $409 $523
Gold $615 $786

Private Health Insurance Options available in New Jersey in 2021

New Jersey is also providing state-funded premium subsidies for the first time for 2021 coverage that will keep the monthly premium cost affordable for individuals buying private plans. In New Jersey, three health carriers, Amerihealth, Horizon BCBS, and Oscar Health are offering health plans in the state, though Oscar Health is not offering plans in southern New Jersey. Nearly 225,000 residents of New Jersey enrolled in private health plans as of 2020 through the state exchange and all these people have coverage for the ACA’s essential health benefits without annual caps on the benefits. Around 175,000 enrollees are receiving premium subsidies and around 108,000 are receiving cost-sharing reductions. These make health insurance affordable and accessible for the majority of people.

Some Popular Affordable Individual Plans of New Jersey are:

  • IHC Bronze EPO HSA AmeriHealth Advantage $25/$50
  • OMNIA Silver Value
  • Oscar Gold Classic Option 1 (Free 24/7 Virtual Visits + Free Personal Care Team)

Find a Right Affordable Plan For You