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New Jersey health insurance rates to drop 9% in 2019

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New Jersey health insurance rates to drop 9% in 2019

Individual health insurance rates in New Jersey will fall by 9.3% on average for 2019, Gov. Phil Murphy said.

The governor's office attributed the decrease to the state's decision to continue the individual mandate, which was eliminated by President Donald Trump's administration at the federal level.

The state's decision to roll out a reinsurance program in 2019 also contributed to the reduction. The reinsurance program will reimburse insurers for certain high-cost claims in the insurance market. It will be funded by federal funding granted through the waiver, revenue generated from the individual mandate and, if necessary, an annual appropriation from the state's general fund.

Open enrollment for 2019 plans starts Nov. 1. The state-level individual mandate takes effect Jan. 1, 2019.