Obamacare NJ: 7% Rate Increase in ‘Benchmark’ Plan

NJTV News | October 28, 2016 | Health Care
But as new premiums come into effect, some New Jerseyans are experiencing sticker shock

Greg Toombs of Basking Ridge got sticker shock when he opened this year’s policy renewal for his health insurance: “A 28.6 percent increase announced that will take effect January 1.” That translates to a rise in the cost of his premium from just over $2,000 a month to more than $2,600; he and his wife make too much to qualify for subsidies through the Affordable Care Act, but as realtors they have no employer-based option.

Most New Jerseyans are getting better news. According to Joel Cantor, director of the Center for State Health Policy at Rutgers University, “New Jersey is seeing about a 7 percent increase in what’s called the benchmark plan.” That contrasts with an average increase nationally of about 25 percent through the ACA’s federal marketplace.

Health and Human Services Secretary Sylvia Burwell said, “Thanks to financial assistance, most current marketplace consumers in New Jersey will be able to find plans with premiums between $50 and $100 per month.” And most will qualify for a subsidy.

Read the full story on NJTV Online, a content partner of NJ Spotlight.