A recent study by the Kaiser Family Foundation found that the health insurance market in New Jersey for individuals is decidedly non-competitive. Indeed, only two healthcare insurance carriers currently have more than 5 percent of the market for offering insurance for individuals and the largest has 73 percent of the market.
The Herfindahl-Hirschman Index, which measure competitiveness in the insurance market, awards New Jersey a 5,717 score on a scale of 0 to 10,000. The more competitive, the closer to zero your score is. Nationally, the score is 3,761.
New Jersey performed slightly better with offering small group plans but again, only four carriers have more than 5 percent of the market. New Jersey’s 3,325 score is slightly better than the national score of 3,595.