Health Insurance

Best Cheap Health Insurance in New Jersey 2021

Best Cheap Health Insurance in New Jersey 2021

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In 2021, the average cost of health insurance in New Jersey across all metal tiers is $534 per month, a 7% increase from 2020.

The cheapest health insurance in New Jersey for most people is the OMNIA Silver Value plan, the most affordable Silver plan in every county in the state. While the rates for this plan are uniformly low, the price you actually pay for health insurance depends on your health and medical needs, among other factors.

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.

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Higher-tier plans will cost more, as will older individuals shopping for these plans. The cost of health coverage a 40-year-old would pay, on average, is $113 more for a Silver plan in New Jersey than for a 21-year-old. However, that same 40-year-old would pay $588 less per month than a 60-year-old.

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
Deductible
Out-of-pocket max
Premium
BronzeIHC Bronze EPO HSA AmeriHealth Advantage $25/$50$6,000$7,000$319
SilverOMNIA Silver Value$2,500$8,550$388
GoldOscar Gold Classic Option 1 (Free 24/7 Virtual Visits + Free Personal Care Team)$2,000$4,500$637

As you can see, while the cost of coverage for Bronze plans remains cheaper than Gold plans, the deductible one pays for lower-metal tier plans is higher than the one they would pay for higher-tier plans. The deductible for the cheapest Bronze plan is $4,000 more expensive than the cheapest Gold.

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, which means people with an income 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. Only plans through the exchange will allow low-income households to qualify for tax subsidies to reduce premium costs.

When it comes to the cost of health care, you should take both premiums and out-of-pocket costs into account. Getting a cheap 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 higher proportion of costs before the plan's benefits kick in.

Generally, for those people with higher expected medical costs, the best health insurance plans have higher premiums and lower cost-sharing. Those who are healthier and rarely use medical care should look for the opposite type of plan: low premiums and high cost-sharing features.

Silver plans: Best if you have standard medical expenses

Silver plans are a good middle ground for most consumers, as they balance premiums and out-of-pocket cost-sharing. 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 and Platinum 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 OMNIA Silver Value. 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 have very high cost-sharing benefits but cheaper premiums. These plans usually have deductibles in the $5,000 to $7,000 range, and the plan will start covering your medical care only after you’ve spent that amount.

Even so, there are two major economic benefits of having a higher deductible plan. In the case of emergency care or a catastrophic expense, you will be protected from bills that may range in the tens or hundreds of thousands of dollars. And 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 is 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, health insurance rates and policy offerings are provided by each health insurance provider. These are submitted yearly to the federal exchange and approved.

The cost of all health insurance plans increased by 7% from 2020 to 2021. Silver and Gold plans increased by 5%, and the cost of Bronze plans rose by 2% from last year.

Metal tier
2020 premium
2021 premium
Change
Bronze$372$3812%
Silver$499$5235%
Gold$747$7865%

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 three health insurance companies on the New Jersey state exchange:

  • AmeriHealth New Jersey
  • Horizon Blue Cross Blue Shield of New Jersey
  • Oscar Health Insurance

Cheapest health insurance plan by county

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

County
Cheapest plan
Age 40
Couple, age 40
AtlanticOMNIA Silver Value$388$777
BergenOMNIA Silver Value$388$777
BurlingtonOMNIA Silver Value$388$777
CamdenOMNIA Silver Value$388$777
Cape MayOMNIA Silver Value$388$777
CumberlandOMNIA Silver Value$388$777
EssexOMNIA Silver Value$388$777
GloucesterOMNIA Silver Value$388$777
HudsonOMNIA Silver Value$388$777
HunterdonOMNIA Silver Value$388$777
MercerOMNIA Silver Value$388$777
MiddlesexOMNIA Silver Value$388$777
Show All Rows

Recap of the best cheap health insurance in New Jersey

  • Bronze: IHC Bronze EPO HSA AmeriHealth Advantage $25/$50
  • Silver: OMNIA Silver Value
  • Gold: Oscar Gold Classic Option 1 (Free 24/7 Virtual Visits + Free Personal Care Team)

Methodology

ValuePenguin gathered rates for health insurance in New Jersey from the state's exchange, GetCoveredNJ. Once we had quotes, we organized them according to average by county and metal tier.

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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