NJ Individual Health Insurance Rates Rise 19.8%
Unsubsidized plans in New Jersey will see higher average costs starting with the 2027 open enrollment period.
Updated on Oct. 16, 2026 in Insurance
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The New Jersey Department of Banking and Insurance reported a weighted average increase of 19.8 percent for individual market health insurance rates for 2027. These rate changes apply to unsubsidized plans and take effect as residents prepare for the upcoming Open Enrollment period.
Why it matters
The increase stems from rising medical and prescription drug costs alongside the expiration of enhanced federal premium tax credits. This shift directly impacts the out-of-pocket costs for residents purchasing coverage on the individual market without subsidies.
New Jersey individual market health insurance rates will rise by a weighted average of 19.8% for 2027. This compares to a 15% median proposed premium increase reported by ACA-regulated plans nationwide.
The players
New Jersey Department of Banking and Insurance
The state regulator that collects insurance rate filings and oversees market enrollment protocols.
The details
Insurance carriers submit annual informational rate reports to the state department, which currently lacks the legal authority to approve or reject these filings. The higher premiums are driven by the rising cost of medical services and prescription drugs, exacerbated by the lapse of enhanced federal tax credits. While the state is observing a nearly 20% average hike, consumers may still lower their effective premium costs by utilizing remaining federal and state subsidy programs.
Timeline
November 1, 2026: Open Enrollment for 2027 health insurance coverage begins.
January 31, 2027: Open Enrollment for 2027 health insurance coverage ends.
Money Landscape
These rate adjustments follow a broader national trend of premium changes within the framework of ACA-regulated plans. The shift reflects a wider environment of increasing medical and pharmaceutical expenses impacting individual health insurance markets across the country.
Residents shopping for 2027 health insurance should review their current plans and prepare to compare options during the upcoming Open Enrollment window. You may be eligible for remaining state or federal subsidies that can help offset the 19.8% average rate increase for unsubsidized plans.
The takeaway
The individual health insurance market in New Jersey faces a significant average premium hike for the upcoming coverage year. Before enrollment begins, verify your eligibility for available subsidies and consider consulting a qualified insurance professional to evaluate your plan options.
Further reading
For additional context on managing healthcare costs, explore our Insurance section.
Source note: This article includes information reported by InsuranceNewsNet.
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