GetCoveredNJ is New Jersey’s official health insurance marketplace, where you can shop, compare, and enroll in a quality health plan. You can also get financial help to lower your costs. Financial assistance includes premium tax credits, cost-sharing reductions, and New Jersey Health Plan Savings, a state subsidy. These are available to residents who meet certain income and household size requirements.
Last year, the federal American Rescue Plan Act dramatically increased the amount of financial assistance available for consumers through GetCovered New Jersey and removed the income cap that previously prevented families from receiving assistance. The state also expanded its financial help, New Jersey Health Plan Savings, to increase affordability at higher income levels. This year, these increases make it possible for residents to receive financial help to reduce their monthly premiums and out-of-pocket costs (like deductibles and co-pays).
Individuals and families can only buy a plan during the open enrollment period, which begins November 1 and ends January 31. However, certain life events, such as a marriage, pregnancy, a move, or the loss of job-based coverage, can qualify individuals for a Special Enrollment Period and allow them to purchase or change a plan outside of the normal enrollment window.
Eligibility
To determine whether you are eligible for financial help, GetCoveredNJ considers your total monthly income. This includes your earned and unearned income, such as wages, interest on savings, dividends, alimony, child support, and unemployment benefits. It also considers the value of your assets, such as cash, investments, and property. You must not have more than $6,000 in assets for a single applicant or $16,000 for a married applicant to qualify for help.
Shop and Compare Tool
You can use GetCoveredNJ’s online “Shop and Compare Tool” to estimate your potential savings based on your income, household size, and location. You can also create an account and submit an application to enroll in coverage during the open enrollment period, which runs from November through January. Some major life events can qualify you for a Special Enrollment Period, allowing you to sign up at any time of the year.
Cheap Health Insurance in NJ
Individual and family health insurance plans bought on the marketplace must cover at least 60% of average per-person out-of-pocket health care costs. These out-of-pocket expenses include deductibles and copays. New Jersey residents are eligible for a number of financial benefits on their plan purchase, including premium tax credits and cost-sharing reductions, to help offset the costs of these high-deductible, low-premium plans.
The cheapest health insurance in NJ depends on the type of plan you choose and your age. Silver plans typically cost the most for people under 40, while Gold plans are cheaper for older individuals. However, the deductibles on higher-tier plans are usually much higher than on Bronze or Silver plans.
Open enrollment for 2023 is now over, but certain life-changing events can qualify you for a special COVID-19-related Special Enrollment Period and allow you to sign up for or change your coverage. If you are experiencing one of these qualifying life-changing events, please visit our special COVID-19 website for more information on how to get covered. During this special SEP, you can receive immediate financial help to lower your monthly premiums and out-of-pocket healthcare costs.