Health insurance sticker shock: NJ families face massive rate hikes
💸 Sticker shock: New Jersey health insurance premiums are rising an average of 19.8% in 2027, with one carrier increasing rates nearly 36%.
📈 Nobody escapes the increases: All five insurers in the individual market are raising average rates by double digits.
🏥 Your wallet takes the hit: Higher medical costs and changes to federal subsidies could make coverage even more expensive.
Just when you thought it couldn't get any more expensive to live in New Jersey, here comes another financial gut punch.
Health insurance premiums are skyrocketing in 2027, with some New Jersey residents facing average rate increases approaching 36%.
The New Jersey Department of Banking and Insurance has released the final numbers, and they aren't pretty.
Across the state's individual health insurance market, premiums are increasing by a weighted average of 19.8%. Every one of the five participating insurance carriers is imposing double-digit average increases.
For families already struggling with property taxes, utility bills, groceries and housing costs, it's another potentially painful hit to the household budget.
Which New Jersey health insurance companies are raising rates the most?
UnitedHealthcare tops the list with a staggering 35.7% average increase, followed by Oscar at 29.3%. New Jersey's largest health insurer, Horizon, will increase rates 15.3%.
These are average increases for unsubsidized individual-market plans, including policies purchased through Get Covered New Jersey and directly from insurers.
They do not apply across the board to employer-sponsored insurance.
How much more will New Jersey families pay for health insurance?
Consider a hypothetical New Jersey resident currently paying $600 a month for an unsubsidized policy.
A 19.8% increase would push that monthly premium to approximately $719, an additional $119 every month.
That's roughly $1,426 more per year for the same hypothetical premium.
At UnitedHealthcare's 35.7% average increase, a $600 monthly premium would climb to approximately $814, or about $2,570 more annually.
Please note that these scenarios are illustrations, not actual insurance quotes. Individual increases will vary by plan, and financial assistance can substantially change what consumers pay.
Insurance companies cite rising medical expenses and prescription drug costs as major reasons for the increases.
Another factor is the expiration of enhanced federal premium tax credits, which had helped many Americans afford coverage under the Affordable Care Act.
New Jersey regulators say the loss of those enhanced subsidies is also expected to affect the mix of people remaining insured, placing additional upward pressure on rates.
Can New Jersey residents avoid the biggest insurance increases?
There may be some relief, depending on income and eligibility.
New Jersey continues to offer state financial assistance, while some federal premium tax credits remain available.
The amount a household actually pays after subsidies may differ significantly from the published rate increases.
Consumers should compare plans carefully, including deductibles, prescription coverage, provider networks and out-of-pocket costs.
Open enrollment for 2027 coverage through Get Covered New Jersey begins November 1, 2026, and runs through January 31, 2027.
The state's marketplace also offers free assistance to help residents compare coverage and determine whether they qualify for financial help.
For New Jersey residents already feeling squeezed from every direction, one thing is clear: Health insurance is becoming another major affordability challenge, and shopping carefully for coverage could be more important than ever.
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