Find Cheap Health Insurance Quotes in New Jersey
In 2023, the average cost of health insurance in New Jersey across all metal tiers is $470 per month for a 40-year-old, a 3% increase from 2022.
The cheapest health insurance in New Jersey for most people is the Silver 1: Aetna Whole Health network plan, costing $432 for a 40-year-old. This is the most affordable Silver plan in 17 of the state's 20 counties. In the other counties, the cheapest Silver plans are IHC Silver EPO AmeriHealth Advantage $45/40% and Silver Simple- PCP Saver ($0 Virtual Care).
The rates for these plans are low, and most Silver plans range from $450 to $1,000 per month. However, the price you actually pay for health insurance depends on your age, your 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.
Find Cheap Health Insurance Quotes in New Jersey
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 Gold plans 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 71% 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.
|Bronze||Bronze: Aetna Whole Health network HDHP||$356||$6,000||$7,000|
|Silver||Silver 1: Aetna Whole Health network||$432||$2,350||$8,850|
|Gold||Gold Classic- PCP Saver ($0 Virtual Care)||$669||$1,750||$7,000|
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 $4,250 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 Silver 1: Aetna Whole Health network ($0 MinuteClinic + $0 CVS Health Virtual Care). 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 from tens to 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 Bronze: Aetna Whole Health network (MinuteClinic + CVS Health Virtual Care) HDHP. 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 2022 to 2023. Bronze plans saw the largest price jump, increasing 5% from the previous year, though Gold plans followed closely.
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 and 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.
Find Cheap Health Insurance Quotes in New Jersey
Best cheap health insurance companies in New Jersey
This year, there are five health insurance companies on the New Jersey state exchange, as Aetna CVS Health joined for 2023:
- Aetna CVS Health
- AmeriHealth Ins Company of NJ
- Ambetter from WellCare
- Horizon Blue Cross Blue Shield of New Jersey
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.
Monthly cost (age 40)
Couple, age 40
|Atlantic||Silver 1: Aetna Whole Health network ($0 MinuteClinic + $0 CVS Health Virtual Care)||$432||$863|
|Bergen||Silver 1: Aetna Whole Health network ($0 MinuteClinic + $0 CVS Health Virtual Care)||$432||$863|
|Burlington||Silver 1: Aetna Whole Health network ($0 MinuteClinic + $0 CVS Health Virtual Care)||$432||$863|
|Camden||Silver 1: Aetna Whole Health network ($0 MinuteClinic + $0 CVS Health Virtual Care)||$432||$863|
|Cape May||IHC Silver EPO AmeriHealth Advantage $45/40%||$453||$906|
|Cumberland||Silver 1: Aetna Whole Health network ($0 MinuteClinic + $0 CVS Health Virtual Care)||$432||$863|
|Essex||Silver 1: Aetna Whole Health network ($0 MinuteClinic + $0 CVS Health Virtual Care)||$432||$863|
|Gloucester||Silver 1: Aetna Whole Health network ($0 MinuteClinic + $0 CVS Health Virtual Care)||$432||$863|
|Hudson||Silver 1: Aetna Whole Health network ($0 MinuteClinic + $0 CVS Health Virtual Care)||$432||$863|
|Hunterdon||Silver 1: Aetna Whole Health network ($0 MinuteClinic + $0 CVS Health Virtual Care)||$432||$863|
|Mercer||Silver 1: Aetna Whole Health network ($0 MinuteClinic + $0 CVS Health Virtual Care)||$432||$863|
|Middlesex||Silver 1: Aetna Whole Health network ($0 MinuteClinic + $0 CVS Health Virtual Care)||$432||$863|
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 imposes 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.
ValuePenguin gathered 2023 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.