Important details about Medical Insurance in New Jersey

The State of New Jersey ranks highly in terms of general public health and continues to invest in affordable medical insurance programs for the lower-paid as well as the elderly. Since the recent introduction of the Affordable Care Act, many people have taken out a health insurance policy from places like (which is now a legal requirement) and the percentage of residents with medical insurance in New Jersey is at an all time high.

High Health Ratings

The performance of the New Jersey Health System was ranked at number 15 in 2014, a climb of eight places in just five years. America’s Health Ranking system put New Jersey at eleventh due to the fact that the state had a moderately low percentage of uninsured citizens as well as a lower number of smoking-related illnesses than most other American states.

However, it is not all good news for New Jersey as obesity remains a major problem and the use of tobacco products has risen steadily in recent years. Other health concerns are the high number of babies born underweight and a general lack of physical fitness amongst the population. Very few people go through life without being affected by some illness, accident or disease and, with the introduction of the ACA and reasonably priced health coverage, now is a good time to think about the need for medical insurance in New Jersey.

The Affordable Care Act and New Jersey

Although the ACA was initially opposed in the New Jersey legislature, the state agreed to expand its Medicaid program under the new law. Under its more popular name of Obamacare, the ACA quickly became a success with almost 200,000 New Jersey residents enrolling in the first few months. Just six months after the enactment of the Affordable Care Act, the percentage of New Jersey residents without medical insurance had dropped from 15% to just under 12%. The first enrolment period alone saw almost 350,000 people opt in for some form of Obamacare, which now included Medicaid and the Children’s Health Insurance Program (CHIP), as well as private insurance policies.

Clearly, the fact that medical insurance in New Jersey was now compulsory had an impact on the numbers applying but the new affordable insurance also meant that insurance companies had to reduce their prices and offer better policies in order to compete with Obamacare for customers. By 2015, the percentage of uninsured New Jersey residents had dropped to just under 10% as people took advantage of the reduced cost of insurance.

Medicare or Private

Although private medical insurance is growing in popularity due to the reduced costs of premiums, the ACA spawned a huge upsurge in the numbers now covered by Medicare. Almost 1.5 million New Jersey residents are now covered under the scheme which is aimed primarily at the elderly, lower-paid and the disabled.

Quite a percentage of New Jersey residents are eligible for some form of Obamacare although the tax benefits of such plans will vary according to personal income. Private medical insurance is, however, a very viable option as policies can often be purchased at the same cost as those offered under Obamacare and are often more comprehensive as costs of medical insurance in New Jersey continue to drop.