Health Insurance Plans in New Jersey

Health insurance companies in New Jersey offer policies on the state exchange, and the most affordable policy depends on where you live. Silver plans are among the most popular, and the cheapest Silver plan might be the IHC Silver EPO HSA Tier 1 Advantage $50/$75, OMNIA Silver HSA, or IHC Silver EPO AmeriHealth Advantage $15/$35. You also might qualify for Medicaid.

Before buying one of the health insurance plans in New Jersey, look at the cheapest plans by tier and learn more about the coverage you need. This will make it much easier for you to select the right policy.

Cheap Health Insurance Plans in New Jersey by Metal Tier

When looking for cheap health insurance in New Jersey, it’s a good idea to begin with the most affordable plans for each metal tier. These plans might not be available in your county of residence, but this information will help you understand how much insurance costs. The quotes are based on an average 40-year-old New Jersey resident.

New Jersey offers four metal tiers. First, is Catastrophic insurance. The cheapest is Classic Secure, with a monthly premium of $231 and a deductible and an out-of-pocket maximum of $7,350.

Expanded Bronze is the next tier. IHC Bronze EPO HSA AmeriHealth Advantage $25/$50 is the cheapest of the Expanded Bronze health insurance plans in New Jersey. The monthly premium is $322, the deductible is $3,000, and the out-of-pocket maximum is $6,550.

Health insurance companies in New Jersey also offer Silver tier plans. IHC Silver EPO AmeriHealth Advantage $15/$35 has a monthly premium of $399, making it the most affordable Silver plan. The deductible is $2,500, and the out-of-pocket maximum is $7,350.

Classic Gold is the most affordable Gold plan. The monthly premium is $646, the deductible is $1,000, and the out-of-pocket maximum is $5,000.

Rates are based on your age. If you are 21, you will pay $171 less for a Gold plan and $83 less for a Bronze plan. If you are 60 years old, you will pay $885 more for a Gold plan. It’s important to get quotes for various health insurance plans in New Jersey to determine how much you will pay.

Choosing Health Insurance Plans in New Jersey

If your household income is 138 percent under the federal poverty level, you should apply for Medicaid. You will likely qualify for this coverage.

If you can’t get Medicaid, you will need to choose a policy by metal tier. Some people gravitate toward the Bronze and Catastrophic plans since they have the cheapest premiums, but these plans aren’t the most affordable for all New Jersey residents. If you have a lot of healthcare needs, you can end up spending more due to the high out-of-pocket costs. Take a closer look at the metal tiers to determine which option is right for you.

Gold Plans — Ideal for High Medical Costs

Do you tend to use your insurance quite a bit throughout the year? Maybe you have a chronic health condition or need expensive medical equipment. You might simply take a lot of prescriptions. If any of the above applies to you, you need a plan that has a low out-of-pocket maximum. You will have to pay higher premiums with a Gold plan, but you will still save money since these plans cover so much of your healthcare costs.

Silver Plans — Ideal for Average Medical Costs and/or Low Incomes

Silver plans offer a balance between Gold and Bronze plans. The premiums are lower than Gold plans and higher than Bronze plans. The out-of-pocket maximum might be higher than they are with Gold plans, but these costs are significantly lower than they are with Bronze plans. That makes these plans ideal for those who have standard medical expenses. Silver plans offer enough coverage to keep your out-of-pocket expenses affordable, and you won’t have to pay sky-high premiums.

Low-income families can also qualify for cost-saving reduction subsidies when they get a Silver plan. Subsidies reduce out-of-pocket expenses. The reduction is so great that policyholders have fewer out-of-pocket expenses than they would with a Gold plan. These subsidies are only available with Silver plans.

Catastrophic and Bronze Plans — Ideal for Healthy Young People

If you are young and healthy, you don’t want to budget for a high premium. It doesn’t make sense if you don’t use your insurance very often. Catastrophic and Bronze plans have low premiums and high out-of-pocket costs. You can expect the deductible to be $5,000-$7,000 for one of these plans, and you will need to pay that amount before your coverage kicks in. It is smart to have money in savings to cover the deductible in case of an emergency. If you don’t have the money readily available, you could end up with huge medical bills.

Short-Term Health Insurance in New Jersey

At one time, you could buy short-term health insurance in New Jersey, but that is no longer the case. The state government now prohibits the sale of these policies. Insurance companies in New Jersey are only allowed to sell guaranteed-issue policies that include comprehensive benefits and full-year coverage.

Get Help Comparing Health Insurance Plans in New Jersey

Do you feel overwhelmed when comparing health insurance plans in New Jersey? Are you confused about which tier to choose or how to find the most affordable option? Insurance coverage can be challenging to understand, and it’s essential that you choose the right policy so you don’t end up spending more than you can afford. Fortunately, you don’t have to make this decision on your own.

Speak to a licensed insurance agent by calling 1-888-497-1683. The agent will ask you a few questions to determine your healthcare needs and provide you with quotes for the best policies in New Jersey.

Information on New Jersey Health Insurance Plans