Residents seeking health insurance in New Jersey should be able to find medical insurance plans that suit them with a bit of research. Health insurance enrollment is mandatory by law under the Affordable Care Act. Citizens without health care coverage may contemplate eschewing enrollment in a plan, but they should weigh the risks of what having to pay the penalties, or worse, paying for health services out of pocket. With the advent of the health insurance marketplace, it is now easier than ever to find affordable health insurance coverage for you and your household. Before settling on a heath care plan, you should compare health insurance quotes.
Shopping For a Health Insurance Plan in New Jersey
The information you must provide when shopping for medical insurance plans is extensive and will include details such as your age, sex, occupation, income level, the number and composition of the members of your household and address. When determining your health insurance eligibility, other factors are taken into consideration as well such as an individual’s medical history. Medical insurance plans fall into one of four categories: platinum, gold, silver and bronze. The categories signify the level of coverage each provides. The platinum health insurance plan is the most comprehensive, then the gold health plan, then silver and finally bronze. Of course, the price of health insurance quotes corresponds to the level of the plan. There is what is called an open enrollment period during which citizens needing to purchase health insurance plans are permitted go online or call in to register and start shopping for a policy. The open enrollment period is finite and once the window of opportunity closes you may find yourself and your family without health insurance. Get a New Jersey health insurance quote here.
There is also what is referred to as a special enrollment period. You may be eligible for a special enrollment period to purchase medical insurance coverage in NJ if you meet certain criteria based on changes in life circumstances. You are eligible for special enrollment for health insurance within 60 days of any of the following life changes:
- Getting married qualifies you for health insurance special enrollment.
- Having a baby, adopting a child, or accepting a child for foster care all enable you for health insurance special enrollment.
- Divorce or legal separation that results in you losing health insurance in NJ also qualifies you for special enrollment.
- If someone on your health insurance plan dies and you lose your health insurance coverage as a result.
- You qualify for health insurance special enrollment if you move your place of residence which means a new zip code or county, from outside the United States to the U.S. or a U.S. territory, a student moving to or from their school, seasonal workers moving to or from their place of employment, or if moving in or out of transitional residences, such as shelters.
Penalties for Not Having New Jersey Health Insurance
Health insurance coverage in New Jersey is mandatory as required by law. Mandatory health insurance requirements have exceptions for those unable to afford to purchase plans. If you are able to afford health insurance but elect not to purchase it, you may end up having to pay a penalty when it comes time to file your tax returns when you are unable to prove that you had coverage. The amount of the penalty for failing to purchase health insurance coverage is calculated according to your income. The penalty for not buying a health care plan can be a percentage of your annual household income or a flat fee amount assessed for each member of your household not covered by a plan. When you file your tax return for the ensuing year, if you were without health insurance for three months or more, you will pay the higher of the two outcomes. Every month without health insurance causes the amount of the penalty owed to increase. To avoid the penalty fee, find health insurance quotes available near you here.