Health insurance for the average family of four in New Jersey costs $15,589 a year, a 53 percent hike since 2003, according to a new study by the Commonwealth Fund, a private foundation that supports research on health policy.
Indeed, the study shows that premiums as a percentage of income have risen to 17.1 percent in the Garden State for families. In 2003, it was 12 percent. It is even higher for singles — 18.9 percent, up from 13 percent in 2003.
Deductibles have also risen dramatically in the past eight years. The average family deductible is nearly $2,000 ($1,993), a 99 percent increase since 2003. The average deductible for single plans is $1,113, a 111 percent increase.