Lower Your Monthly Premiums with the NJ Health Plan Savings

On July 31st, 2020 Governor Phil Murphy signed into law legislation restoring a key funding source of the Affordable Care Act that will be used to make health coverage more affordable.

For the first time this year, New Jerseyans will have access to a state subsidy – called New Jersey Health Plan Savings (NJHPS) – that will lower the cost of health insurance. These new savings are only possible because New Jersey is now operating the Health Insurance Marketplace through GetCovered.NJ.Gov.

The NJ Health Plan Savings (NJHPS) will decrease the costs of premiums for current Marketplace enrollees and for new enrollees. NJHPS will start lowering premiums for coverage that starts January 1, 2021 or after.  The Open Enrollment Period for 2021 coverage starts November 1, 2020 and ends January 31, 2021.

Similar to the Advance Premium Tax Credit (APTC), New Jersey residents will qualify for these new savings based on income.  Individuals whose annual income is under 400% of the FPL will be qualified to get this financial help in addition to the APTCs. The estimated average subsidy for an individual with annual income up to 400% of the FPL ($51,040) is projected to be at least $578 a year, and at least $2,313 a year for a family of four with an annual income up to 400% FPL ($104,800). Anyone who qualifies will be able to see a lower premium when using our plan comparison tool or after filling out an application.

Nearly 8 in 10 consumers purchasing coverage on the Marketplace will qualify for these new subsidies. This new law is an important part of New Jersey’s effort to reduce the uninsured and underinsured populations and improve health equity throughout the state.

How do I know if I qualify to receive these subsidies?

Apply for coverage through GetCovered.NJ.Gov and you will find out if you qualify. You can use the GetCoveredNJ Plan Comparison Tool to get an estimate of how much financial help you may get to lower premiums. Generally, if your yearly income is up to $51,040 for an individual or under $104,800 for a family of four, you may qualify for this new financial help from New Jersey. 

Will this affect my current Federal Subsidies (APTC)?

The New Jersey Health Plan Savings will be financial help in addition to the federal APTC. It will not affect how much APTC you receive. NJHPS is designed to ensure that residents of the State of New Jersey are eligible to the most affordable healthcare coverage.

How can I figure out how much of the subsidy I would be qualified for?

Starting in mid-October, consumers will be able to get estimates of financial help and health plan costs on the GetCoveredNJ website. NJ residents will receive up to $20-$95 per month per person, per month depending on income.

What does this mean for NJ?

New Jersey Health Plan Savings will make health coverage more affordable and improve the health plan options that consumers have available. This will make sure that more people throughout the state have opportunities to purchase affordable coverage to protect themselves and their families. Overall, this new policy ensures that coverage is affordable and accessible to both new enrollees as well as existing consumers of the Marketplace.

Why shop for health insurance on GetCoveredNJ?

GetCoveredNJ is the only place where you can apply for financial help to lower the cost of your monthly premiums and out-of-pocket costs for health insurance.  Open Enrollment starts November 1, 2020. You can browse health plans starting in mid-October.


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