For the year 2023, nearly 300,000 New Jersey residents have signed up for health coverage through the state’s marketplace, Get Covered NJ. It’s up 4 percent from the same time last year.
The commissioner of the New Jersey Department of Banking and Insurance, Marlene Caride, made an announcement this week saying, “We are thrilled to have connected so many residents to quality, affordable health insurance for 2023.”
Caride urged Garden State locals to get protected in time for the start of the new insurance year in 2023 by enrolling in a plan by Saturday, December 31.
The Inflation Reduction Act, according to the state government, is to thank for the fact that people in New Jersey with incomes up to six times the federal poverty threshold are eligible for financial aid.
Previously, only those who earned less than $51,040 an individual or $104,800 a family of four (about four times the federal poverty level) were eligible for subsidies to help pay for health insurance acquired through the marketplace.
The maximum amount an enrollee will pay for health insurance will not exceed 8.
5 percent of their annual income. Students enrolling in 2023 will receive $573 in monthly aid, on average. Officials in the Garden State estimate that for certain residents, the subsidy will bring the monthly premium down to $10.
By law, every single one of New Jersey’s residents must be covered by medical insurance. Those who do not have health insurance must pay a tax penalty, with some exceptions.
Late last month, NJ.com announced that beginning in the near future, abortion coverage must be included in all marketplace-sold health insurance plans.
Separately, beginning in 2019, municipal employees would be subject to a 20% increase in premiums for their state health insurance coverage.
In need of 2023 medical coverage? You have until the end of January to sign up at nj.gov/getcoverednj if you want coverage to begin on January 1, but you need to do it by December 31st if you want coverage to begin on January 1st.