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Overpaying for Health Insurance in New Jersey? Here's What You Can Do
If your premium went up again and your coverage didn't, you're not imagining it. Here's the checklist we walk clients through.
Are you getting a subsidy you qualify for?
A surprising number of self-employed New Jerseyans buy full-price plans directly from a carrier and never apply through Get Covered New Jersey. If your income is under the 400% line, you're leaving money on the table.
Are you paying full price while healthy?
If you're above the subsidy line and in good health, you're paying a guaranteed-issue price for a risk you don't represent. Private shared-network PPOs on MagnaCare and Cigna PPO price on health and are routinely hundreds less per month.
Is your network the one you use?
Many New Jersey marketplace plans are HMOs centered on one hospital system. If you drive past in-network hospitals to reach your doctor, or travel, you're paying for a network you can't use. A national PPO fixes that.
Is your deductible matched to your usage?
Healthy people on low-deductible plans overpay every month for a deductible they never reach. Moving to a mid-deductible plan plus an HSA is often the right trade.
New Jersey specifics
New Jersey does not allow short-term medical plans, so the private alternatives here are the shared-network PPO plans rather than short-term coverage. New Jersey has its own individual mandate: residents without qualifying coverage owe a Shared Responsibility Payment on their state return.
We do this review free, in 15 minutes, for anyone in New Jersey. Check your options.