New Jersey to Lower Health Insurance Costs for Residents

By: Joshua Gras, Writer / Follow South Jersey News Reporting Intern

Photo: Jon Bradley | Follow South Jersey

TRENTON, N.J. — New Jersey Governor Phil Murphy unveiled a new plan on April 14 that aims to help New Jersey residents afford health insurance, a problem that many across the country face. According to the state, nine out of 10 New Jersey residents will be eligible for financial assistance thanks to state and federal financial aid for health insurance.

The previous financial assistance capped off at $51,040 for an individual and $104,800 for a family of four, but now, residents are eligible to pay no more than 8.5% of their income on insurance. This makes policies cheaper for residents in all income levels, and savings on health insurance from the state will extend to higher income levels for the first time ever.

“President Biden’s COVID-19 relief law makes health insurance more affordable for millions of Americans, including hundreds of thousands of New Jersey residents who can access new savings at Get Covered New Jersey. We are proud to work alongside the administration to put health coverage in reach for more residents, by providing even more help to many of our residents and expanding our state subsidy program to more New Jerseyans,” Gov. Murphy said in a press release. “As we respond to the pandemic, we continue to be guided by the principle that health care is a right.”

Get Covered New Jersey is helping people get financial help for residents who are shopping for insurance through the state as well. Financial assistance for families whose income is 200% of the poverty level or fewer could possibly pay no money in insurance premiums under this plan including those collecting unemployment within the year of 2021. The current poverty line in the United States is $12,880 for individuals and $26,500 for a family of four.

Existing enrollees who have not received financial help will have to apply, and those receiving unemployment need to update their applications in order to receive the benefits from this plan.

New Jersey insurance holders who wonder if they may be eligible for assistance can use the “Shop and Compare” tool here. More information for those interested can also be found at Get Covered New Jersey’s website.

This article was produced by a Follow South Jersey news intern thanks to a grant provided by the Robert Wood Johnson Foundation through the New Jersey Health Initiatives program to create hyper-local news to meet the informational and health needs of the City of Bridgeton, N.J.