Financial Assistance in the Marketplace

February 14, 2014

Financial Assistance in the Marketplace

One of the most common questions we hear from uninsured people across New Jersey is, “Just how much is health insurance going to cost me?” through the Affordable Care Act (ACA). No one wants to live without the security of health care but many New Jerseyans are afraid of what the out-of-pocket costs will be for health care. Yet the option to go without insurance is unthinkable, imagine having to face being buried in debt due to an accident that leaves you with a broken arm, for someone uninsured this could mean medical bills of more than $7,500.

What New Jersey residents need to know is that financial help is here! Nearly 79 percent of New Jersey residents who have already enrolled in health care through the Marketplace have received financial assistance. The only way to find out how much help you are eligible for is by taking the next step and submitting an application. You can apply online at, by phone at 1-800-318-2596 where help is available in 150 languages, or with in-person help in your local community from a trained professional, to find help in your community use our assistor locator.

 Here are three important facts that every New Jerseyan should know:

1) New Jersey expanded Medicaid, this means that if you make up to 138 percent of the federal poverty level, up to $15,856 annually, you may be eligible for coverage under Medicaid expansion.

2) You also may be eligible for financial assistance if you make up to 400 percent of the federal poverty level a year, this translates to $44,680 for a single adult and $92,200 for a family of four. If you are eligible for financial help you can even select how you receive it – either as monthly help towards your premium or a tax credit at the end of the year to help make your coverage more affordable. In fact, six out of every 10 people who purchase insurance through the marketplace can find coverage for $100 a month or less. You can estimate the financial assistance you’ll receive with our calculator tool.

3) You can get in-person help from a trained professional right in your community who will help you complete your application, review your options, and assist you in finding out if your are eligible for financial help towards the cost of your new quality coverage. These folks are trained to assist you in navigating the Marketplace to find a health plan that meets your medical needs and your pocketbook and best of all this professional assistance is completely free!

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A recent poll conducted by PerryUndem Research and Communication, determined that the number one reason that uninsured people had not enrolled in health coverage yet was concerns over the price of insurance. You can find the full poll here and will see that 69% of people did not realize that tax subsidies or financial help was available. If you don’t have health insurance or if you know someone who doesn’t have health insurance, share this information with them and let them know there is financial help available too them.

Please keep in mind that you still have time to select a health insurance plan that fits your needs although open enrollment for 2014 ends on March 31st, 2014.

For information about informational and enrollment events in your community visit

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