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 is making health coverage more affordable in New Jersey.

New Jerseyans now have access to a state subsidy – called New Jersey Health Plan Savings (NJHPS) – that lowers the cost of health insurance. These savings are only possible because New Jersey is operating the Health Insurance Marketplace through GetCovered.NJ.Gov.

The New Jersey Health Plan Savings (NJHPS) decreases the cost of premiums for current Marketplace enrollees and for new enrollees. NJHPS began lowering premiums for coverage starting January 1, 2021. 

Similar to the Advance Premium Tax Credit (APTC), New Jersey residents will qualify for these savings based on income. Tax households with annual incomes up to 600% of the federal poverty level will receive NJHPS. An individual with an income of up to $87,480 and a family of four who makes up to $180,000 can receive state subsidies to lower the costs of health coverage. These savings are in addition to federal financial help. Anyone who qualifies will be able to see a lower premium when using our plan comparison tool or after filling out an application.

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 Shop and Compare Tool to get an estimate of how much financial help you may get to lower premiums. Generally, if your yearly income is up to $87,480 for an individual or under $180,000 for a family of four, you may qualify for this financial help from New Jersey.

Will this affect my current Federal Subsidies (APTC)?

The New Jersey Health Plan Savings (NJHPS) 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 for the most affordable healthcare coverage.

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

Consumers can get estimates of financial help and health plan costs by using the GetCoveredNJ Shop and Compare Tool.

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 policy ensures that coverage is affordable and accessible to both new enrollees as well as existing consumers of the Marketplace.

Major life event? See if you qualify for a Special Enrollment Period.

Open Enrollment for 2024 has now closed. You may be eligible for a Special Enrollment Period if you have a major life event or meet a certain income level.

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