Pallone Announces New Report on Low Cost Premiums in New Jersey's Health Insurance Marketplace

Press Release

Congressman Frank Pallone, Jr. (NJ-06), top Democrat on the House Energy and Commerce Subcommittee on Health, announced a new report released today by the Department of Health and Human Services (HHS) that finds New Jersey consumers will see increased competition in the Health Insurance Marketplace, leading to new and affordable choices for consumers. According to the report, New Jersey consumers will be able to choose from an average of 29 health plans in the Marketplace.

"With low cost rates, I'm excited New Jersey's online health insurance marketplace will open next week with affordable choices for the uninsured and underinsured to gain the coverage they need. This is very good news for New Jersey's hard working families and further evidence of the many benefits of the Affordable Care Act despite Republican's repeated effort to undermine, defund, and obstruct the implementation of this historic law," said Pallone.

Beginning October 1, the new Marketplace will be open for business where New Jerseyans will be able to shop for and purchase health insurance coverage in one place. Consumers will be able to find out whether they qualify for premium assistance and compare plans side-by-side based on pricing, quality and benefits. No one can be denied coverage because of a preexisting condition. The first open enrollment period runs through March 2014, and coverage begins as early as January 1.

Plans in the Marketplace will be categorized as either "gold," "silver," or "bronze." Young adults will also have the option of purchasing a "catastrophic" plan, increasing their number of choices.

In New Jersey, the average premium for the lowest-cost silver plan will be $382 per month and for the lowest cost bronze plan it will be $332 per month. For example, the report shows that a 27-year old living in New Jersey who makes $25,000 per year will pay $145 per month for the second lowest cost silver plan and $103 per month for the lowest cost bronze plan, taking into account tax credits. For a family of four in New Jersey with an income of $50,000 per year, the lowest bronze plan would cost only $131 per month.

Consumers can get help finding Marketplace coverage through a number of different resources. They can get more information through HealthCare.gov, or cuidadodesalud.gov. They can participate in an online web chat, or call 1-800-318-2596 toll free (TTY: 1-855-889-4325) to speak with a trained customer service representative with translation services available in 150 languages.

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