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NJers to Face Higher Health Insurance Rates Than NYers

Wednesday, September 25, 2013

A new report released this morning by the U.S. Department of Health and Human Services indicates New Jersey residents will face higher average rates than New Yorkers through health care exchanges that are being set up as a result of the Affordable Care Act.

A plan that will cost New Jersey's uninsured $382 dollars a month, for example, will cost New Yorkers $319 dollars.

New Jersey residents will also have fewer choices: the state's online marketplace will offer 29 plans, compared to the national average of 53.

The report found that, on average, states with more plan choices will have lower rates, though experts also say New Jersey traditionally has higher health care costs. New York is creating its own online health care exchange, while New Jersey was one of 36 states that opted out and will have their exchanges run by the federal government.

The exchanges will be similar in some ways to websites such as Expedia or Hotels.com, allowing consumers that do not have insurance through their employers or other means to shop among different health care plans offered by private companies.

The government ranks the plans bronze, silver, gold or platinum on the basis of deductibles and co-payments. There is also a "catastrophic" high-deductible option available to some people.

Here are some ways New Jersey compares to New York and the rest of the country:

On average, for the lowest cost silver plan:

  • The uninsured in New Jersey will pay $382, but just $319 in New York.
  • The highest premiums nationwide will be in Wyoming, where residents will pay an average of $489 a month.
  • The least expensive will be in Minnesota, with an average of $192 a month.

On average, for the second-lowest cost silver plan:

  • The uninsured in New Jersey will pay $385, but $349 in New York.
  • The highest premiums nationwide will be in Wyoming, where residents will pay an average of $516 a month.
  • The least expensive will be in Minnesota, with an average of $192 a month.

On average, for the lowest cost bronze plan:

  • The uninsured in New Jersey will pay $332, but $276 in New York.
  • The highest premiums nationwide will be in Wyoming, where residents will pay an average of $425 a month.
  • The least expensive will be in Minnesota, with an average of $144 a month.

Enrollment in the health exchanges is scheduled to begin next Tuesday.

 

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