New Jersey is a part of the federal health insurance marketplace. NJ residents who want to get subsidized health insurance must use healthcare.gov to enroll during the open enrollment period. The open enrollment—not only for NJ residents but for everyone is between November 1 and December 15. During the open enrollment, you can select a plan and your plan will start on January 1st, 2021.
To get coverage, all NJ residents must get on healthcare.gov and create an account. After an account is created, you can provide basic information such as income, number of people in the household, and their information. What you’ll need to provide is the same answers to when purchasing health insurance. This includes tobacco usage, age, pre-existing conditions, etc.
Based on the information you provided on healthcare.gov, you will see plans that are available to you. Again, same as purchasing any other health insurance, you will be offered HMOs and PPOs. You can select any plan that covers your needs the most and your coverage will start in two weeks to one and a half months—depending on when you purchase the plan.
NJ Marketplace Insurance Costs
On average, New Jersey residents pay about $250 for health coverage with a subsidy. Those who don’t qualify for getting government-subsidized health insurance can expect to pay upwards of $400. Although there isn’t going to be a significant difference in what the plan covers, the $150 difference can be a worthy amount over time.
Since all Americans are mandated to carry some form of health insurance, getting subsidized coverage is always going to be less costly. In fact, depending on the area you live in, you may pay less than half the price in monthly premiums.
With that said, if you qualify for health coverage through the Marketplace, you should get coverage to save money. Especially if you live in New Jersey or other states that have a high cost of living.