Home > Department Press Releases/Newsletters/Reports | |
News Release |
New Jersey Department
of |
For Immediate Release: |
For Further Information: |
Department of Banking & Insurance Gives Healthcare Insurers Option
|
|||
Decision Consistent With Christie Administration’s Previous Actions On Obamacare |
|||
TRENTON – Banking and Insurance Commissioner Ken Kobylowski announced today that health insurers may choose to renew existing health plans as announced by President Obama on November 14, 2013.
Because of these changes, despite what the President and the Obama administration has recently claimed, it is anticipated that health insurance costs will increase for New Jersey consumers. The most popular plan in the New Jersey individual market is the Basic and Essential Plan, which covers more than 109,000 consumers and currently includes annual limits as a means to keep the premium affordable. Obamacare’s elimination of the annual limits will devastate this plan, and rates may require adjusting to cover the cost of additional requirements. Today's decision is consistent with the administration's previous actions concerning Obamacare. In December 2012 when the Governor announced that New Jersey would join 33 other states in choosing a federally-run exchange, he specifically cited the federal government’s inconsistency and inability to explain the costs associated with a state-run version. The most recent developments regarding Obamacare continue to bear this out. From his December 2012 announcement: “I will not ask New Jerseyans to commit today to a State-based Exchange when the federal government cannot tell us what it will cost, how that cost compares to other options, and how much control they will give the states over this option that comes at the cost of our state’s taxpayers.” In 2010, New Jersey alerted the Center for Consumer Information and Insurance Oversight of the Center for Medicare and Medicaid Services that many policyholders would not be able to keep their coverage and that the Obama Administration’s grandfathering rules were going to make the problem worse. In a July 15, 2010 letter, then Commissioner Tom Considine proposed five steps the federal government could take to minimize the number of people who would lose their existing coverage, of which the federal government accepted only one. The letter can be found here: http://www.dol.gov/ebsa/pdf/1210-AB42-0095.pdf.
|
![]() |
||||
OPRA is a state law that was enacted to give the public greater access to government records maintained by public agencies in New Jersey. | ![]() |
You will need to download the latest version of Adobe Acrobat Reader in order to correctly view and print PDF (Portable Document Format) files from this web site. |
![]() |
||
Copyright © 2011,
State of New Jersey New Jersey Department of Banking and Insurance |