HHS Report Shows Significant Drop in New Jersey’s Insurance Premiums for Marketplace Shoppers

July 24, 2014

Get Covered America New Jersey State Director Justine Ceserano issued the following statement regarding premium affordability for New Jersey Marketplace consumers announced by the Department of Health and Human Services (HHS):

“Today’s announcement from HHS proves what we knew all along, the Affordable Care Act is driving down the cost of health insurance premiums to ensure that more New Jersey residents can afford quality health care. The great news is that the average cost of premiums in New Jersey is $127 per month after tax credits. In fact, one out of five New Jersey residents is paying $50 a month or less after tax credits. We are excited to see so many New Jerseyans realizing the benefits of the ACA and finally having the security that having health insurance brings. We will continue to hit the pavement in communities across the State to bring the message to even more of New Jersey’s under and uninsured that financial help is here! It is critical that every New Jersey resident is aware that 84 percent of New Jerseyans who found insurance through the Marketplace are receiving financial assistance with their plan.”

NEW JERSEY BY THE NUMBERS:

For all Marketplace Plans

Average Premium before Tax Credits: $465

Average Tax Credit Amount: $317

Average Premium after Tax Credit: $148

Average Percent Reduction in Premium after Tax Credits: 68%

Percent of Individuals Who Selected Plans with Tax Credits: 84%

 

Among those who chose ‘Silver’ Plans (the most popular plan selected in the marketplace)

Average Premium before Tax Credits: $457

Average Tax Credit Amount: $330

Average Premium after Tax Credit: $127

Average Percent Reduction in Premium after Tax Credits: 72%

Percent of Individuals Who Selected Plans with Tax Credits: 91%

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