New Jersey Health Insurance Marketplace in 2023

Key Points:

• Over 300 thousand New Jersey residents enrolled
• 5 insurance companies to choose from
• $0 deductible Silver plans available in all but 7 NJ counties, where the lowest possible deductible is $1,700

Changes in the cheapest Silver plans on the New Jersey health insurance marketplace (GetCoveredNJ):

• Monthly premium has gone up across the state, by an average of 5%,
• Annual deductible amount has gone down by an average of $110,
• Maximum out-of-pocket amount has gone up on average by $288.

All health insurance plans sold on Get Covered NJ are compliant with the Affordable Care Act.

Does New Jersey Have a HealthCare Marketplace?

Yes, New Jersey operates a state-based health insurance marketplace - Get Covered New Jersey, which opened up as a replacement of the federal marketplace, for coverage starting on 1 January, 2021 or later. All major health insurance plans sold on the marketplace meet or exceed the requirements of the Affordable Care Act.

Who Is Eligible to Enroll on Get Covered New Jersey?

All residents of New Jersey are eligible for coverage on Get Covered New Jersey, as long as they are not incarcerated or already enrolled or eligible for Medicare or Medicaid.

How Many People Have Enrolled Through New Jersey’s Health Insurance Marketplace in 2023

During the open enrollment period of 1 November, 2022 - 31 January, 2023 (which is one of the longest in the country) - 325,534 New Jersey residents signed up for private individual and family health insurance coverage for 2023 through the state’s marketplace.

Which Health Insurance Companies Offer Coverage on the New Jersey Marketplace in 2023?

In 2023, five insurers offer health insurance plans to the residents of New Jersey through the Get Covered New Jersey health marketplace:

• Aetna (CVS) (New for 2023)
• Ambetter (WellCare of New Jersey)
• AmeriHealth
• Horizon Healthcare Services (Blue Cross Blue Shield)
• Oscar Health

Cheapest Silver Health Insurance Plans in New Jersey in 2023

The cheapest silver plans on the New Jersey health insurance marketplace (PDF) have changed:

While in 2022, Ambetter, Horizon, and AmeriHealth presented the lowest-priced plans across the state, in 2023, Aetna CVS, as the new entrant to the state’s market, became the cheapest. It secured the cheapest spot in 18 of the 21 counties (86% market share). AmeriHealth remained the lowest-priced in 3 (Cape May, Monmouth, and Ocean Counties) - keeping 14% of the market.

Note: Comparison is made using the cheapest Silver plan for a 35-year old individual.

How Did Individual Health Insurance Premiums Change in New Jersey in 2023

In 2023, the cost of the cheapest Silver plans has gone up compared with 2022, at an average of $21.88 per month ($262.56 per year). The lowest price hike (of $10.48 per month) was in Salem County, while the largest increase was seen in Ocean County - at $30.19 per month ($362.28 per year).

2023 Subsidies for Health Insurance in New Jersey

Since New Jersey is running a state-owned health marketplace exchange, it is able to set its own rules. Unlike the states that use the federal exchange, which provide subsidies for anyone earning between 100% and 400% of the Federal Poverty Level, New Jersey offers an additional subsidy program - “New Jersey Health Plan Savings” (NJHPS). NJHPS provides monetary assistance to residents who earn up to 600% of the Federal Poverty Level.

Speak with a New Jersey-licensed health insurance agent for more details.

How Did Health Insurance Annual Deductible Change in New Jersey in 2023

In 2023, the annual health insurance deductible has decreased by $110 on average in most of the New Jersey counties by $150. In 3 counties (Cape May, Monmouth, and Ocean) the lowest available deductible stays unchanged - at $2,500, while in Salem County alone, it has gone up by $250 (from $2,100 to $2,350).

For those looking for the New Jersey plans with the lowest possible annual deductible, most New Jersey counties offer a $0 deductible plan through Oscar Silver Classic. In the seven counties that do not offer zero-deductible plans in 2023, the lowest deductible is $1,700, through Horizon BCBS.

Health Insurance Maximum Out of Pocket (MOOP) Change

The federally-set maximum out of pocket amount has increased from $8,700 (in 2022) to $9,100 in 2023. Some NJ health plans offer lower options:

Comparing the lowest-priced silver plans in all New Jersey counties, individual MOOP has gone up by at least 1.7% and a maximum of 4.6%. The lowest possible MOOP on the cheapest NJ Silver health plans in 2023 is $8,850 (from Aetna / CVS), while AmeriHealth offers the lowest MOOP of $9,050.

The most significant change of MOOP in New Jersey in 2023 was observed in Salem County, where MOOP of the cheapest Silver plan has gone up by 25%, from $7,070 (offered by AmeriHealth in ‘22) to $8,850 (by Aetna / CVS in ‘23).

Health Insurance Outside of the New Jersey Marketplace

No supplementary policies, other than dental, can be purchased on the New Jersey’s health marketplace. To shop for supplementary health insurance, contact an insurance agent or a broker licensed in the state.