New Jersey: Over 330K have enrolled for 2024 health insurance via GetCovered NJ, up 11% y/y so far

Tue, 12/26/2023 - 12:28pm

via the NJ Dept. of Banking & Insurance:

NJ residents must enroll by Dec. 31 for coverage starting Jan. 1

9 in 10 People Who Enroll Qualify for Savings; Many Pay $10 a Month or Less for Health Coverage

TRENTON — New Jersey Department of Banking and Insurance Acting Commissioner Justin Zimmerman today announced that more than 330,000 New Jersey residents signed up for a 2024 health insurance plan through the state’s Official Health Insurance Marketplace, Get Covered New Jersey, in the first five weeks of the Open Enrollment Period that started on November 1, 2023. Total signups have increased compared to the same timeframe last year, as residents continue to take advantage of record levels of financial help available from the State of New Jersey and the federal government and more plan options to choose from.

Open Enrollment for 2024 health insurance ends January 31st, but residents must enroll in a plan by December 31, 2023 for coverage to take effect on January 1, 2024.

“We are thrilled to see how many residents enrolled in coverage so far through Get Covered New Jersey for 2024,” said Acting Commissioner Zimmerman. “Get Covered New Jersey was established to connect residents to quality, affordable health insurance, and participation in this program continues to grow—allowing more families to enjoy the peace of mind that comes with knowing they are covered for whatever life brings. While it is a busy time of year, if you are in need of health insurance there is still time to enroll by Dec. 31st to ensure coverage at the start of the new year. There are expanded plan options available, and most enrolling qualify for financial help to reduce costs.”

During the first five weeks of the annual Open Enrollment period from November 1st to December 5th, 330,901 New Jerseyans signed up for 2024 health coverage, including 51,432 new or existing consumers who actively selected a plan and 279,469 who were automatically renewed. Overall plan selection totals are up 11.1 percent compared to this time last year.

New Jerseyans continue to receive historic levels of financial help, and the average amount of financial help for 2024 coverage is at a record high of $585 per person per month or $ 7,020 per year. Nine out of 10 enrollees will qualify for financial help, and many individuals will have access to a health plan at a cost of $10 a month or less.

To further reduce costs for some consumers, the department is taking advantage of a new federal rule that permits Marketplaces to transition eligible consumers from a bronze plan to a silver plan upon automatic renewals. Through this affordability measure adopted by the department, consumers who are eligible for extra savings will be renewed into a silver plan with the extra savings, called cost-sharing reductions (CSRs), with the same insurance carrier and the same coverage with a lower or equivalent premium. This policy change will help lower out of pocket health care costs for New Jerseyans.

Annually, the Open Enrollment Period at Get Covered New Jersey runs from November 1st through January 31st. Consumers must enroll by December 31st for coverage beginning January 1st; those who enroll by January 31, 2024 will have coverage beginning on February 1, 2024.

Open Enrollment is the only time of year residents can enroll in a plan, unless they have a major life event, such as getting married, moving, having a baby, losing employer-sponsored coverage, or if they meet certain income standards that qualify them for a Special Enrollment Period. Additionally, losing NJ FamilyCare coverage also qualifies residents for a Special Enrollment Period, and those who no longer qualify because their income is too high may be able to get help paying for premiums.

Established by Governor Phil Murphy and operated by the Department of Banking and Insurance, Get Covered New Jersey provides New Jerseyans with access to quality, affordable health insurance options for themselves and their families. All plans offered through GetCovered.NJ.gov cover preventive services, emergency services, prescription drugs, prenatal and pediatric care, and more, and no one can be denied coverage due to a pre-existing condition.

In New Jersey, there remains a requirement to have health coverage. Residents who do not qualify for an exemption from the Shared Responsibility Payment will pay a penalty at tax time.

Consumers can find more information by visiting GetCovered.NJ.gov or:

Find free local assistance on the Get Covered New Jersey website;

Browse plans now and find out if they qualify for financial help with the Shop and Compare Tool.

From the actual Week 5 snapshot report itself:

As of December 5th, 2023, a total of 330,901 residents are signed up for 2024 health coverage with Get Covered
New Jersey, including 23,647 new consumers and 27,785 existing consumers who actively selected a plan.

New Jerseyans continue to receive historic levels of financial help and the average amount of financial help for
2024 coverage is at a record high of $585 per person per month or $7,020 per year.

9 in 10 people enrolling in a health plan at Get Covered New Jersey qualify for financial help, and many people
receiving assistance can find a plan for $10 a month or less.

Residents with an income up to 600% of the Federal Poverty Level ($87,480 for an individual and $180,000 for a
family of four) qualify for New Jersey Health Plan Savings (NJ state subsidies) in addition to the federal Advance
Premium Tax Credit (APTC). More than 31,000 people eligible for expanded financial help over 400% FPL
received $302 per person per month in savings or about $3,624 per year.

Medicaid Outbound: 16,425

Medicaid Inbound: 8,936

Financial Assistance Type* / Enrollees / Percentage
APTC + CSR + NJHPS / 171,788 / 52%
APTC + NJHPS / 109,939 / 33%
NJHPS / 4,659 / 1%
APTC / 5,669 / 2%
QHP / 38,846 / 12%