TRENTON — New Jersey Department of Banking and Insurance Commissioner Marlene Caride today released the following statement on the signing by President Biden of the Inflation Reduction Act:
With the signing of the Inflation Reduction Act, President Biden and Congress have preserved a lifeline to health insurance for millions of Americans. For New Jersey, this means the preservation of record levels of financial help that have made health insurance through Get Covered New Jersey more affordable for hundreds of thousands of New Jersey residents.
The federal subsidies, now extended through this law, significantly increased the amount of financial help available to consumers and removed the income cap to receive assistance — allowing New Jersey to increase the amount of state subsidies, called New Jersey Health Plan Savings, available to eligible consumers and to extend the state savings to residents at higher income levels for the first time last year. As a result, there has been record enrollment in coverage through Get Covered New Jersey, nine in 10 people enrolling now qualify for financial help, and many can find a plan for $10 a month or less. Due to the increased subsidies, New Jerseyans enrolled in coverage at Get Covered New Jersey received historic levels of financial help during the last Open Enrollment Period, with an average savings of $545 per person each month, or $6,540 a year, compared to $485 a month a year prior.
We are grateful for the President’s action to preserve this generous financial help that supports the Murphy Administration’s goal of ensuring New Jerseyans have access to quality and affordable health insurance, and that will allow our state to continue to provide enrollees with historic levels of financial help. With Open Enrollment around the corner, the department looks forward to building on New Jersey’s progress to connect residents to health coverage that keeps them healthy.
ABOUT GET COVERED NEW JERSEY
Get Covered New Jersey is the state’s official Health Insurance Marketplace, where New Jerseyans can find quality affordable insurance from private health insurance companies. Get Covered New Jersey is the only place where individuals who qualify can get financial help to reduce premium costs. Consumers can then compare health insurance plans and choose the plan that best fits their health needs and budget. Depending on their income, some consumers may qualify for low-cost or free coverage from NJ FamilyCare. Get Covered New Jersey is operated by the New Jersey Department of Banking and Insurance. It was established by state law and created by New Jersey, for New Jersey. For more information about Get Covered New Jersey, please visit GetCovered.NJ.gov.
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