Live in New Jersey? Pay 40% More
New Jersey's laws and regulations have limited the selection of health care policies, driven insurers out of the market, caused premiums to soar, and significantly increased the number of people without health insurance in the state.
That's the conclusion of Assemblyman Jay Webber. New Jersey residents pay exorbitant rates for health care coverage — an average annual health insurance premium of $10,398, or nearly twice the national average.
Not surprisingly, 40% fewer people buy their health insurance on New Jersey's individual health insurance market today than in 1992.
The climb of health care coverage costs has hit New Jersey small employers the hardest, with the average cost of providing health insurance doubling in the last six years. In 2007 alone, the average cost of an insurance policy for small companies rose by an average of 9.8%, to $7,251 per employee.
Allowing New Jerseyans to purchase regulated health insurance policies from other states would empower consumers to seek out and buy health insurance policies that best fit their needs and budgets, said Assemblyman Webber. For example, Pennsylvania residents can purchase health insurance policies for as little as 40% of the cost of comparable polices in New Jersey.
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