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5 Little Known Ways to Save Thousands on Your New Jersey Health Insurance



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August 13, 2021

If you're like many New Jersey residents, your budget has been stretched quite thin by the cost of health care and health insurance. We know you. So we've compiled a list of five ways to save hundreds, maybe even thousands, on your health insurance.

Top 5 Simple Tips to Save on Your NJ Individual Health Insurance

  • Use GetCoveredNJ ̵
    1; from 2021, NJ opened its own health insurance exchange and separated from the Federal Stock Exchange. Anyone who is eligible for coverage can buy a plan through the stock market and get both federal and state tax breaks to reduce the premium to make it more affordable. Many people mistakenly believe that they will not qualify because of their income, but with the approval of the American Rescue Plan Act, it is much easier to qualify and get help and lower your premiums. As an example, two 64-year-old spouses who earn $ 150,000 a year are entitled to $ 835 per month with advanced premium tax deductions. These credits will continue until 2022, so do not wait to see if you qualify now.
  • Deductible Transfers – Did you know that money you paid to your old deductible can be credited to your new plan? All you need to do is submit the appropriate form along with your application report to your new operator, and they will apply credits to your new deductible. This can save you thousands if you had already met your deductible on your old plan. This does not happen automatically, so be sure to submit the request when you are eligible.
  • Use Telehealth – This is not for everyone, but when the situation suits you, you can save time and money by using telehealth. In some cases, the copy may be 1/3 of a personal visit. Use your own judgment when using telehealth, as it really is not for all medical situations. We suggest that you review the service that your insurance company uses before you actually need it, so that you are ready to go in an instant.
  • Consider an H.S.A. Qualified Plan – You will notice that some plans sold in N.J. are labeled "H.S.A. Qualified." With these plans, you have the opportunity to open a tax benefit account that you can use for medical expenses. Money deposited in the account is deductible, it grows tax-free and comes out tax-free for medical expenses. Unlike an FSA, the money can remain in the account indefinitely. Another benefit of using an SA is that when you make fees, it lowers your adjusted gross income, which in turn increases your tax credit to help pay for insurance.
  • Getting Help From A Broker- It may sound self-service, but one of the most important things you can do is work with a competent broker to discuss all your needs and get them to help you choose a plan. A good broker will make sure you choose a plan that works with your doctors and within your budget. When using GetCoveredNJ, they provide an option to select a broker that is local to your area. The selected individual can help with all aspects of the application and the plan accordingly. Keep this in mind to save yourself a lot of time and money.

If you have any questions about your NJ individual, group or Medicare insurance, contact Mike at msheeran @ glenninsurance or book an appointment here: https: //calendly.com/msheeran/health-insurance-consultation

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