Best Cheap Health Insurance in New Jersey 2024

Aetna's Silver 1 plan is the best cheap health insurance in New Jersey, at rates as low as $458 per month.

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AmeriHealth has the cheapest Bronze plan in the state, and Ambetter from WellCare has the cheapest Gold plan. But Silver plans are the most popular option in New Jersey, and they are the best for most people with moderate health needs. Prices for Silver plans range from $458 to $1,030 per month, so comparing your options is a good way to get the best deal.

A Silver plan in New Jersey costs an average of $550 per month for a 40-year-old.

Aetna and UnitedHealthcare are the best health insurance companies in New Jersey. Both companies have cheap average rates, good quality plans and good customer satisfaction.

How much does health insurance cost in New Jersey?

The average cost of health insurance in New Jersey is $550 per month for a 40-year-old with a Silver plan. The level of coverage you buy has one of the biggest effects on your rate. Plans that give you more coverage, like Gold, cost more each month.

Average cost of health insurance in New Jersey by age and plan tier

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Your age affects health insurance rates, too. Older people are more likely to have health issues, which means they pay higher rates. A 60-year-old pays over $600 more per month for a Silver plan, on average, compared to a 40-year-old.


Cheapest health insurance in New Jersey

The best cheap health insurance in New Jersey is the Silver 1 plan from Aetna. This plan offers a good balance between low rates and robust coverage.

If you want a Bronze plan, which has less coverage than a Silver plan, AmeriHealth has the cheapest option. Ambetter from WellCare has the cheapest Gold plan — the tier that gives you the highest level of coverage — in New Jersey.

Tier
Cheapest plan
Monthly cost
Bronze AmeriHealth Bronze HSA $25/$50 $379
Silver Aetna Silver 1 $458
Gold Ambetter from WellCare Gold 1008 $623

Monthly costs are for a 40-year-old.

Savings

Most people who buy health insurance from New Jersey's health insurance marketplace, GetCoveredNJ, qualify for discounts on their monthly rate. These are called premium tax credits or subsidies. Eligibility is based on income. The less you make, the more you could save on your monthly rate.


Finding your best health insurance coverage in New Jersey

To choose the best health insurance for you, think about your budget and medical needs. If you need more medical care, you might want to choose a Gold plan. But if you are generally healthy, a Bronze plan could be a good fit.

If you aren't sure what plan level to choose, start by considering Silver plans. These plans give you good coverage but also have lower monthly rates than Gold plans. Comparing a Silver plan against your monthly budget and health care needs could help you decide if you need more or less coverage.

Gold plans: Best for high medical costs

Gold plans are best if you need complex, expensive or frequent medical care. They offer the highest level of coverage in New Jersey, which means you'll pay a lower share of your medical bills. Gold plans also cost the most each month. But if your medical costs are high, a Gold plan will usually save you more money than it costs. That's because Gold plans usually have the lowest overall out-of-pocket costs.

Silver plans: Best for standard medical costs

Silver plans are a good choice for most people who have average medical needs. These plans give you good coverage at a relatively low rate. They're also the most popular option in New Jersey. About 80% of people who get coverage through GetCoveredNJ choose a Silver plan.

They are also the only type of plan that's eligible for discounts called cost-sharing reductions (CSRs), which lower the amount you pay when you go to the doctor. Eligibility is based on how much you make. If you qualify for CSRs, you'll have a lower deductible, lower coinsurance and lower copays. You may even end up with coverage that is similar to a more expensive Gold plan.

Bronze and Catastrophic plans: Best for low medical costs

Bronze plans are some of the cheapest options, but they also mean you have to pay more for your health care. That's because they usually have high deductibles, coinsurance and copays. If you don't go to the doctor often, a Bronze plan could be good. But you'll want to make sure you have the money to pay for higher medical costs if you need an expensive treatment.

Catastrophic plans have the lowest level of coverage. You can only buy a Catastrophic plan if you are under 30 or otherwise qualify for an exemption. These plans can be cheap, but you'll have to pay a large share of your medical bills if you are seriously ill or injured or need other medical care. You also can't lower your monthly rate through tax credits with Catastrophic plans.

Medicaid: Best for people with low incomes

Medicaid is a good option if you have a low income. You have to make less than about $20,000 as an individual or less than about $41,000 as a family of four to qualify for Medicaid in New Jersey. If you are eligible, Medicaid can reduce or even eliminate the cost for medical care.

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Health insurance is required in New Jersey. If you don't buy health insurance, you'll pay a fine based on your family size, your annual household income and the average cost for a Bronze plan. You can calculate your estimated fee using a free tool on New Jersey's state website.


Are health insurance rates going up in New Jersey?

Health insurance rates in New Jersey increased for the 2024 plan year. Silver plans cost 3% more than they did in 2023. Gold plans had the largest increase, at 5%. The higher rates are likely due to the increased cost for medical care.

Tier
2022
2023
2024
Change (2023 vs. 2024)
Bronze$406$426$4403%
Silver$537$535$5503%
Gold$804$841$8795%

Monthly costs are for a 40-year-old.


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Best cheap health insurance companies in New Jersey

Aetna and UnitedHealthcare are the best health insurance companies in New Jersey.

Both companies have cheap rates, good-quality plans and good customer service. Aetna's rates tend to be cheaper, and it has the cheapest Silver plan in most of NJ. But comparing options from all the companies in your area can help you find the best plan for your needs.

Best health insurance companies in New Jersey

Company
Cost
Aetna logo
Aetna
$459
UnitedHealthcare logo
UHC
$489
Oscar logo
Oscar
$500
Ambetter from WellCare of NJ logo
Ambetter from WellCareNot yet rated$516
Horizon Blue Cross Blue Shield of New Jersey logo
Horizon BCBSNot yet rated$596
Show All Rows

Average monthly cost for a 40-year-old buying a Silver plan in NJ. Ratings are based on editor reviews of the company.


Cheapest health insurance plan by New Jersey county

Aetna Silver 1 is the best cheap plan for most people in New Jersey. In some of the counties near New York City, however, Horizon BCBS has the cheapest Silver plan.

Where you live affects what plans are available to you. Some insurance companies only sell plans in certain areas, while others sell plans throughout the state. Comparing your options is the best way to find the cheapest plan.

County
Cheapest plan
Monthly rates
AtlanticAetna Silver 1$458
BergenAetna Silver 1$458
BurlingtonAetna Silver 1$458
CamdenAetna Silver 1$458
Cape MayAetna Silver 1$458
Show All Rows

Cheapest Silver plan with rates for a 40-year-old


Short-term health insurance in New Jersey

New Jersey banned the sale of short-term health insurance plans. All health policies in the state must provide full-year coverage and have comprehensive benefits. Insurance companies also can't refuse to sell you a policy, which means plans are "guaranteed issue." Typically, short-term plans don't fit these requirements, so they can't be purchased in NJ.

If you need health insurance coverage for a short period of time, such as between jobs, you can buy a plan on GetCoveredNJ. Once you no longer need the coverage, you can cancel the plan.


Frequently asked questions

What is the best health insurance in New Jersey?

The best health insurance companies in NJ are Aetna and UnitedHealthcare. But the best health insurance for you is a plan that fits your medical needs and your budget. Getting quotes from all the companies in your area can help you find the best plan

How much is health insurance per month in New Jersey?

Health insurance in New Jersey costs $550 per month, on average, for a 40-year-old with a Silver plan. Your rate depends on where you live, what company you choose, what plan tier you buy, how many people you insure, your age and whether or not you use tobacco.

What is Obamacare called in New Jersey?

In New Jersey, the Affordable Care Act marketplace is called GetCoveredNJ. This is the website you use to view the health insurance plans in your area, get quotes, check your eligibility for monthly rate discounts and apply for coverage.


Methodology

ValuePenguin gathered 2024 health insurance rates from New Jersey's state exchange, GetCoveredNJ. Using the plan details, our experts calculated monthly averages and cheapest costs based on county, metal tier and age. Kaiser Family Foundation provides information for the most popular plan tier in the state.

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.