Obamacare New Jersey
The Obamacare New Jersey state exchange is run by the federal government. This is because New Jersey’s government has opted out of running their own exchange. So, the Federal government runs the Obamacare New Jersey exchange for them.
The healthcare marketplace in New Jersey is responsible for signing up the people who lack healthcare insurance. The Obamacare New Jersey exchange is a place where private health insurance polices–that have met Affordable Care Act regulations–can be purchased.
New Jersey Gov. Chris Christie says that Obamacare is extortion:
New Jersey is one of 36 states that will let the Federal government run their healthcare marketplace. The Obamacare New Jersey state exchange for New Jersey residents can be found at: Healthcare.gov.
Here Gov. Chris Christie talks about what Obamacare is–he says it is both a tax and a penalty:
For a 27 year old (cheapest age) the weighted average in the state of New Jersey (monthly premiums before federal tax credits) the:
- Cheapest Bronze plan costs $219
- Cheapest Silver plan costs $253
- Cheapest Gold plan costs $303
- Cheapest catastrophic plan (under 30) is $186
The New Jersey healthcare exchange is simply a store where you can purchase Obamacare plans. 85% of Americans already have insurance, and have little need for the healthcare exchange (other than to shop for a cheaper plan). 15% of Americans don’t have insurance. These are the ones who really need to use the healthcare exchange to get coverage.
How Do I Sign Up For Obamacare In New Jersey
How do I sign up for Obamacare in New Jersey?
Sign up for New Jersey Obamacare by going to Healthcare.gov. You can get healthcare on the Obamacare New Jersey state exchange 3 ways:
- by mail
- in person
Calling 800-318-2596 (TTY:1-855-889-4325) is the phone number for individual Obamacare help. Small businesses can call 800-706-7893 (800-706-7915) for assistance. You can also find Local Obamacare help here.
Open enrollment begins October 1st of each year. Healthcare coverage begins January 1st. You must apply for healthcare via open enrollment by March 31st. You must have health coverage or pay a penalty due to the Individual Mandate. By applying for coverage, you will find out if you qualify for:
- Subsidized Private Insurance Plan
- Private Insurance Plan (likely cheaper premiums than private offerings)
Obamacare For New Jersey Residents
Obamacare for New Jersey residents can be bought at Healthcare.gov. You can go there to see what plans you qualify for, and how much they cost. New Jersey residents with lower incomes are eligible for subsidies or Medicaid.
Do I Need To Sign Up For Obamacare?
To answer the question, “Do I need to sign up for Obamacare?” consider the following:
- If you have insurance through your employer or government, you don’t have to do anything with Obamacare. See how Obamacare affects you here.
- If you don’t have insurance–and you are low income ($15,282 for an individual)–you may qualify for the expansion of Medicaid (see below).
- If you don’t qualify for Medicaid, you will likely qualify for subsidies to buy health insurance when you sign up on the state exchange at Healthcare.gov.
Obamacare New Jersey Rates
Obamacare New Jersey rates vary by the same factors that exist in most states. In New Jersey, the rate you pay for health insurance varies by:
- your age
- your income
- where you live in New Jersey
- if you smoke
- the level of coverage you pick
Federal tax credits will help people with low to mid incomes pay for heath insurance. Obamacare New Jersey tax credits are the same as in other states. The only difference is how the poverty level is defined in each state.
New Jersey rates are also determined by insurance companies who divide New Jersey into regions when setting the rates. New Jersey rates are coming in higher than expected. New Jersey doesn’t have much competition. The differences between high and low rates for healthcare insurance in each region include:
- regional differences in medial costs
- disease/mortality rates of the region
- relative health and age of the population
- having to pay for people with preexisting conditions
- increased competition between health insurance companies
New Jersey Premiums
New Jersey premiums for insurance are coming in higher than expected. The best way to get lower premiums is to qualify for Medicaid. The next best way is to qualify for Federal subsides by falling into the income ranges below.
Subsidies on New Jersey premiums are for individuals and families who make between:
- $11,490 to $45,960 for individuals
- $15,510 to $62,040 for a family of 2
- $19,530 to $78,120 for a family of 3
- $23,550 to $94,200 for a family of 4
- $27,570 to $110,280 for a family of 5
- $31,590 to $126,360 for a family of 6
- $35,610 to $142,440 for a family of 7
- $39,630 to $158,520 for a family of 8
Individuals and families that make less than this range may be eligible for the expansion of Medicaid (detailed below). Those that make more than this range are not eligible for Federal subsidies. But, you should still be able to find cheaper plans than in the private sector.
Those that do fall into this range will get Federal subsidies on their health insurance. Obamacare New Jersey premiums also depend on the type of plan you choose. See more about Obamacare plans here. Recent data from the RAND Corporation on New Jersey premiums shows that in New Jersey (before Federal subsidies):
For all age groups and plans combined in New Jersey:
- The Lowest Cost Weighted Average Premium (Bronze) in New Jersey is $332/month (national average is $249).
- The Lowest Cost Weighted Average Premium (Silver) in New Jersey is $382/month. (national average is $310).
- The 2nd Lowest Cost Weighted Average Premium (Silver) in New Jersey is $385/month. (national average is $328).
For a 27 year old (cheapest age) weighted average in New Jersey (monthly premiums) before federal tax credits:
- The cheapest Bronze plan costs $219
- The cheapest Silver plan costs $253
- The cheapest Gold plan costs $303
- The cheapest catastrophic plan (under 30) is $186.
For a family of 4 ($50,000 income) weighted average in New Jersey (monthly premiums):
- The cheapest Bronze plan costs $131/monthly after tax credits
- The 2nd cheapest Silver plan costs $943/month before tax credits
- The 2nd cheapest Silver plan costs $282/month after tax credits
These premiums are the weighted averages for most people. Results will vary based on a few factors for your personal situation. The bad news about New Jersey premiums is that they are higher than the national average.
In New Jersey, premiums are going up to account for people with preexisting conditions. In New Jersey, these protections increase the cost of premiums for everyone.
The good news about New Jersey premiums is that Federal subsidies will help to lower costs for many people. Individuals making less than $45,960 are eligible for subsides in New Jersey. Families of four making less than $94,200 should also qualify for subsidies on premiums.
In New Jersey, premiums are going down because of increased competition. The market forces have lead to cheaper insurance premiums in New Jersey. They come in right at the national average, which is a change from before Obamacare when rates were much higher.
Medicaid Expansion In New Jersey
On June 28, 2013, Gov. Chris Christie signed the Medicaid expansion in New Jersey bill. This will help 104,000 low income people to get health insurance. But, Chris Christie vetoed a Democrat bill to make the Medicaid expansion in New Jersey permanent.
Medicaid expansion in New Jersey is going to happen. Under Obamacare, people making less than $15,282 (133% of Federal Poverty Line) will qualify for the Medicaid expansion.
Although all of this may sound complicated, what you have to do is sign up at Healthcare.gov. The Obamacare exchange in New Jersey will help you see what Obamacare can do for you.