Gov. Murphy Announces Decrease in Health Insurance RatesLast Edited:
Governor Phil Murphy says average rates on the individual health insurance market will drop by 9.3 percent next year.
On Friday, September 7th, during a press conference, Murphy attributed the decrease to the state's individual insurance mandate enacted this year.
It's a change from recent years when rates in the market went up.
Officials with the New Jersey Department of Banking and Insurance say rates went up by 23.3 percent this year in the individual market and by 8.7 percent in 2017.
The federal Affordable Care Act individual mandate was repealed as part of the GOP 2017 tax overhaul, but New Jersey's Democrat-led government enacted its own mandate in response.
New Jersey's individual health insurance market had about 330,000 people in it in the first quarter of this year.
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