What is the Average Cost of Health Insurance in New Jersey?

New Jersey is certainly on the expensive side when it comes to any form of insurance. In terms of health insurance, New Jersey ranked as the 16^th most expensive state in the country, with the average family paying nearly $13,000 to have everyone covered, whether it was through a private insurer, or under employee sponsored health plans.

If we start to look at those numbers on a smaller scale, New Jersey has the 5^th highest small business health insurance rates. But if you’re looking for health insurance, and want to know what the average cost of health insurance in New Jersey would be for you, then you need to narrow things down a bit.

If you’re Single

If you’re single and a young adult (under 30), then you can qualify for insurance plans that run you about $300 per month, or $3,600 per year. Since there’s no one else that needs to be covered, you actually save a little bit of money.

If You Need To Insure Your Family

If you’ve got a family and that needs health insurance in New Jersey, you’ll find that on average, New Jersey households pay about $2,000 for coverage. Since the parents are generally older, there is slightly more risk involved in insuring them.

More on Small Business and Individual Health Insurance

There are some federally run programs that offer less expensive options to individuals and small businesses. With the passing of federal health insurance reform, you can now purchase medical insurance through either privately operated exchanges, or through the Federal Health Insurance Clearinghouse.

Other Options

Those who can’t afford the average price of health insurance in New Jersey could also consider non-insurance options like a health savings account (HAS) or a flexible spending account (FSA), which can help you save up for the costs of your medical bills.

If you need health insurance, it’s certainly important to shop around. Affordable individual health insurance could be a little more difficult to find. Unfortunately, there are only eight health insurance companies that offer individual coverage, simply due to laws that have been put in place by New Jersey.

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