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Residents in the Garden State will see double-digit premium increases this year, on average, when they shop for 2027 health insurance coverage on Get Covered New Jersey, the state’s Affordable Care Act marketplace.
Premium prices will jump by an average of 20% statewide, according to final rates recently published by the New Jersey Department of Banking and Insurance. Roughly half a million residents purchase their health insurance on the marketplace, state data shows.
People will see the new costs reflected in individual health plans offered on the insurance exchange during annual open enrollment, which runs from Nov. 1 through Jan. 31.
Most people — about 8 in 10 residents — will still qualify for some level of federal or state financial assistance, but New Jersey leaders said the increases come at a time when many residents are already struggling with the rising cost of living.
“These health insurance rate increases will place extraordinary pressure on household budgets and drive more New Jerseyans to make the heartbreaking choice to drop coverage altogether,” acting insurance commissioner Susan Ochs said in a statement.
