Health Insurance Costs in New Jersey to Rise 16% in 2026

New Jersey consumers using the state’s health insurance marketplace may see prices rise significantly in 2026. Average Get Covered New Jersey individual health insurance plan prices are predicted to rise 16% from this year, according to the New Jersey Department of Banking and Insurance.

This announcement worries thousands of families and individuals who need cheap medical coverage. Officials say people should expect greater prices in the coming enrollment year, while the rise is simply a forecast.

Why Are Premiums Rising?

The state noted that various factors will raise health insurance rates. The rise in healthcare costs—hospitalization, prescription medicines, and medical care—is one cause. Insurers raise premiums annually to cover rising costs.

Post-pandemic medical need is another aspect. More people are using healthcare services than a few years ago, which raises insurance prices.

Officials say these increases are not specific to New Jersey. Markets nationwide are raising rates, indicating a national trend.

Impact on NJ Families

The expected increase may strain New Jersey families’ wallets. Many residents will receive federal and state subsidies and tax credits to offset increasing expenses, but those who do not may feel the impact more.

Families and individuals who buy plans directly from carriers outside of Get Covered New Jersey should also see premium increases. Residents should carefully consider their options during the upcoming open enrollment season to get the best economical plan that matches their healthcare needs, according to experts.

Residents Should Do Next

Officials advise New Jerseyans to keep informed about the rise, which is months away. Consumers should follow Department of Banking and Insurance announcements and compare insurance plans during enrollment season.

Health professionals advise families to use financial aid programs whenever possible. Even without knowing it, many residents are eligible for subsidies that considerably lower monthly premiums. Staying proactive and knowledgeable will help manage the financial impact of rate fluctuations.

Anticipating 2026

State officials say New Jersey’s health insurance marketplace is still a good choice for consumers despite the 16% predicted rise. Get Covered New Jersey has offered millions with inexpensive healthcare, and with the correct planning, most citizens may find solutions despite rising costs.

The announcement has already encouraged legislators and healthcare advocates to consider long-term state healthcare cost reduction plans. Many believe that without deeper reforms, annual premium spikes would continue to burden New Jersey families.

Sources:

• New Jersey Department of Banking and Insurance

• Statements from Commissioner Justin Zimmerman