Health Insurance

Best Cheap Health Insurance in New Jersey 2022

Best Cheap Health Insurance in New Jersey 2022

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In 2022, the average cost of health insurance in New Jersey across all metal tiers is $583 per month for a 40-year old, a 3% increase from 2021.

The cheapest health insurance in New Jersey for most people is the IHC Silver EPO AmeriHealth Advantage $45/40% plan, costing $398 for a 40-year old. This is the most affordable Silver plan in 14 out of the state's 20 counties. In the other counties, the cheapest Silver plans are OMNIA Silver Value and Horizon Blue Cross Blue Shield's Value Access Silver.

The rates for these plans are low, and most Silver plans range from $500 to $1,000 per month. However, the price you actually pay for health insurance depends on your age, location and the best coverage for your medical needs.

Cheapest health insurance coverage by metal tier

To help you compare policies, we looked at the cheapest health plans by metal tier available on the New Jersey state exchange. The cost of coverage in New Jersey will depend on the type of plan you choose and your age.

Average cost of health insurance in New Jersey by metal tier

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Higher-tier plans will cost more each month, and a 40-year old will spend nearly twice as much for a Gold plan than a Bronze plan. However, higher-tier plans usually have better benefits, so those with a Gold plan would pay less to receive medical care.

The cost of health insurance also increases as you age. On average, a 40-year old in New Jersey spends 28% more on a Silver plan than a 21-year old. Moreover, someone aged 60 pays an average of 77% more than a 40-year-old for a SIlver insurance plan.

Below are the cheapest plans in New Jersey by metal tier. These plans may not be available in all areas of the state, but they're a good starting point for the types of benefits and costs you can expect.

Metal tier
Cheapest plan
Monthly cost
Deductible
Out-of-pocket maximum
BronzeIHC Bronze EPO HSA AmeriHealth Advantage $25/$50$337$6,000$7,050
SilverHorizon Blue Cross Blue Shield Value Access Silver$380$2,500$8,700
GoldOscar Gold Classic ($0 Virtual Care)$595$2,000$5,700

As you can see, while the monthly cost for a Bronze plan is cheaper than a Gold plan, the deductible for a Bronze plan is $4,000 more than the Gold plan. That means with a Bronze plan, you'd pay for much more of your medical care out of pocket before the cost-sharing benefits begin.

Finding your best health insurance coverage in New Jersey

Your cheapest options for health care coverage will depend on your income level. The state of New Jersey has expanded its Medicaid coverage as part of the Affordable Care Act (ACA), which means people whose income is under 138% of the federal poverty level may qualify for subsidized coverage at reduced or no cost.

If you don't qualify for Medicaid, then your best options for cheap health insurance coverage will be a Bronze or Silver plan through the New Jersey health insurance marketplace. These plans have lower rates, and those with low or moderate incomes can qualify for tax subsidies to reduce monthly costs.

When it comes to the cost of health care, you should take both premiums and out-of-pocket costs into account. Getting the best health plan for your situation is about finding the right balance between the two.

Plans with lower premiums will generally have higher deductibles, copays and coinsurance, which means you will be responsible for a larger portion of costs before the plan's benefits kick in.

For those people with higher expected medical costs, the best health insurance plan would usually have a lower deductible and a higher monthly premium. Those who are healthier and rarely use medical care should look for the opposite type of plan: low monthly costs with a higher deductible.

Silver plans: Best if you have standard medical expenses

Silver plans are a good middle ground for most consumers because they balance the cost of monthly premiums with the plan's cost-sharing benefits. They are also the only type of plan that's eligible for additional cost-sharing reduction (CSR) subsidies that kick in if your income is low.

The CSRs can actually improve the benefits of these plans to be comparable to higher-priced Gold plans. People who qualify for subsidies are almost always better off choosing a Silver plan because it will outperform more expensive plans.

The cheapest Silver plan in New Jersey is Value Access Silver from Horizon Blue Cross Blue Shield. Compare all tiers in New Jersey above.

Healthier and younger consumers should consider cheap Bronze plans

At the lower end of the premium spectrum are the Bronze plans, which cost less, but you'll generally pay more for routine medical care. In New Jersey, these plans usually have deductibles in the $3,000 to $6,000 range, and the plan will start covering your medical care only after you’ve spent that amount.

Even so, there are two major financial benefits of having a higher deductible plan. First, the plans can protect you from the high cost of emergency care or a catastrophic expense, which can range in the tens or hundreds of thousands of dollars. Second, even if you're paying for an expense out of pocket before meeting the deductible, the amount you will pay is based on the cost negotiated between the insurance company and the medical provider. This negotiated price can be much lower than what the service provider usually charges.

The cheapest Bronze plan in New Jersey is IHC Bronze EPO HSA AmeriHealth Advantage $25/$50. Compare all tiers in New Jersey above.

Health insurance rate changes in New Jersey

In New Jersey, the average cost of all health insurance plans increased by 3% from 2021 to 2022. Bronze plans saw the largest price jump, increasing 7% from the previous year.

Metal tier
2021
2022
% change
Bronze$381$4067%
Silver$523$5373%
Gold$786$8042%

Average premiums are for a 40-year-old adult.

Short-term health insurance in New Jersey

Due to long-standing health insurance laws, New Jersey prohibits the sale of short-term health insurance. All health policies in the state must provide full-year coverage, comprehensive benefits and be guaranteed-issue. Typically, short-term plans do not cover the essential benefits and require medical underwriting to be issued. Due to these reasons, these types of plans cannot be purchased in New Jersey.

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Best cheap health insurance companies in New Jersey

This year, there are four health insurance companies on the New Jersey state exchange:

  • AmeriHealth
  • Horizon Blue Cross Blue Shield of New Jersey
  • Ambetter
  • Oscar

Cheapest health insurance plan by county

The insurers and health plans available will vary depending on where you live. To help you get started in your search for health insurance, we compared all New Jersey policies and identified the cheapest Silver plan in every county, along with sample rates.

County
Cheapest plan
Age 40
Couple, age 40
AtlanticIHC Silver EPO AmeriHealth Advantage $45/40%$398$796
BergenOMNIA Silver Value$422$844
BurlingtonIHC Silver EPO AmeriHealth Advantage $45/40%$398$796
CamdenIHC Silver EPO AmeriHealth Advantage $45/40%$398$796
Cape MayIHC Silver EPO AmeriHealth Advantage $45/40%$398$796
CumberlandIHC Silver EPO AmeriHealth Advantage $45/40%$398$796
EssexIHC Silver EPO AmeriHealth Advantage $45/40%$398$796
GloucesterIHC Silver EPO AmeriHealth Advantage $45/40%$398$796
HudsonIHC Silver EPO AmeriHealth Advantage $45/40%$398$796
HunterdonHorizon BCBS Value Access Silver$380$759
MercerIHC Silver EPO AmeriHealth Advantage $45/40%$398$796
MiddlesexIHC Silver EPO AmeriHealth Advantage $45/40%$398$796
Show All Rows

Average monthly cost in 2022

Recap of the best cheap health insurance in New Jersey

  • Bronze: IHC Bronze EPO HSA AmeriHealth Advantage $25/$50
  • Silver: Horizon BCBS Value Access Silver
  • Gold: Oscar's Gold Classic ($0 Virtual Care)

Frequently asked questions

What are the best individual health insurance plans in New Jersey?

The best individual health insurance in New Jersey depends on your health care needs. If you use insurance frequently, you may do best with a Gold plan. Gold plans have higher monthly rates but can be cheaper for frequent users because you pay less for deductibles and office visits. Bronze plans have cheaper premiums but higher deductibles and copays, so they are usually best for people who use their insurance less often.

Is there a penalty for not having health insurance in New Jersey?

Yes, New Jersey is one of five states that impose a penalty for not having ACA-compliant health care coverage. Unless you have health insurance or qualify for an exemption, you must pay a penalty (called a Shared Responsibility Payment) when you file your New Jersey tax return. The penalty is based on income, family size and the average cost for Bronze health plans in New Jersey.

Does New Jersey have free health care?

New Jersey provides free or low-cost health care through its Medicaid program called NJ FamilyCare. Eligibility and cost are based on your income and family size, and you can enroll any time of year. If you think you might be eligible, you can apply through NJ FamilyCare.

How do I apply for health insurance in New Jersey?

In New Jersey, you apply for ACA coverage through the state health insurance exchange. After you create an account and provide basic information, the exchange will guide you through options and help you to choose a tier and plan type that best fits your health care and budget needs.

Methodology

ValuePenguin gathered 2022 health insurance rates from New Jersey's state exchange, GetCoveredNJ. Using the plan details, we calculated monthly averages and cheapest costs based on county, metal tier and age.

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any of our network partners.

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