Picking the Best ACA Health Insurance Plan in New Jersey for 2024
The Affordable Care Act (ACA), also known as Obamacare, is a piece of legislation designed to provide affordable healthcare to all Americans. There are several different types of ACA health plans, and it is important to understand how these plans vary. The best ACA plan for you is based on your income level, household size, and healthcare needs.
What are the best plans on New Jersey’s exchange?
The ACA offers several types of health plans grouped into different categories. The following article will delve into how these plans are organized and which is most suitable for your needs.
Metal Tier Plans
The ACA organizes plans into 4 metal levels: Bronze, Silver, Gold, and Platinum. Each level varies in terms of premium and deductible cost. Still, the quality of care remains the same throughout each level. These metal tiers determine the cost-sharing between you and your insurance provider.
Here is a brief overview of each of the 4 metal levels:
- Bronze: Best for Young and Healthy People
- Silver: Best for Individuals with Low-Income
- Gold: Best for Comprehensive Coverage
- Platinum: Best for Frequent Medical Needs
Cost-Sharing of Metal Tier Plans
| Metal Level | Insurance Pays | You Pay (Deductible) | Monthly premium |
|---|---|---|---|
| Bronze | 60% | 40% | $ |
| Silver | 70% | 30% | $$ |
| Gold | 80% | 20% | $$$ |
| Platinum | 90% | 10% | $$$$ |
List of Available Plans on New Jersey’s ACA Exchange
The following table lists all the available plans from New Jersey’s ACA exchange in 2023. They are generally ordered from lowest premium and highest deductible to highest premium and lowest deductible. Additionally, they are sorted based on metal tier, starting with Bronze and ending with Gold. Each type of tier plan is more well suited for a specific individual and their specific healthcare needs.
Plan (carrier + name) | Monthly Premium | Deductible Amount |
|---|---|---|
| Bronze HSA EPO: Aetna Whole Health network (MinuteClinic + CVS Health Virtual Care) HDHP | $146.98/month | $6,000 |
| IHC Bronze EPO HSA AmeriHealth Advantage $25/$50 | $157.03/month | $6,000 |
| Bronze: Aetna Whole Health network ($0 MinuteClinic + $0 CVS Health Virtual Care) | $160.45/month | $3,000 |
| IHC Bronze EPO HSA AmeriHealth Hospital Advantage $50/$75 | $175.86/month | $6,000 |
| Oscar Bronze Classic ($0 Virtual Care) EPO | $202.80/month | $3,000 |
| Ambetter from WellCare of New Jersey Bronze EPO | $205.85/month | $3,000 |
| IHC Bronze EPO HSA Local Value 50%/50% | $208.12/month | $6,000 |
| Horizon Bronze OMNIA EPO | $210.74/month | $3,000 |
| Silver 1: Aetna Whole Health network ($0 MinuteClinic + $0 CVS Health Virtual Care) | $214.43/month | $2,350 |
| Silver 2: Aetna Whole Health network ($0 MinuteClinic + $0 CVS Health Virtual Care) | $220.56/month | $2,500 |
| IHC Silver EPO AmeriHealth Advantage $25/$60 | $234.91/month | $2,500 |
| Oscar Silver Simple - PCP Saver ($0 Virtual Care) | $230.04/month | $2,500 |
| IHC Silver EPO AmeriHealth Advantage $45/40% | $233.13/month | $2,400 |
| Ambetter from WellCare of New Jersey Silver 1007 | $245.07/month | $2,500 |
| Horizon OMNIA Silver Value EPO | $235.33/month | $2,000 |
| Oscar Silver Classic ($0 Virtual Care) EPO | $253.50/month | $2,500 |
| Oscar Silver Classic - $0 Ded ($0 Virtual Care) EPO | $271.41/month | $9,100 |
| Oscar Silver Simple ($0 Virtual Care) | $233.33/month | $2,500 |
| IHC Silver EPO AmeriHealth Hospital Advantage $50/$75 | $261.44/month | $2,500 |
| Ambetter from WellCare of New Jersey Silver EPO | $238.23/month | $2,500 |
| Oscar Gold Classic - PCP Saver ($0 Virtual Care) | $425.09/month | $1,750 |
| Ambetter from WellCare of New Jersey Gold 1009 EPO | $432.56/month | $1,750 |
| Gold: Aetna Whole Health network ($0 MinuteClinic + $0 CVS Health Virtual Care) | $460.46/month | $1,500 |
What should I consider when picking a health plan?
Before choosing a health plan, it is fundamental that you consider several factors. The healthcare plans in New Jersey on the ACA exchange are organized by metal tier. Based on your health needs, your financial situation, how much you can afford, and how often you travel, you can choose the most suitable plan. The following chart shows the average premiums in New Jersey for each metal tier.
Metal Tier Plans Prices and Recommendations
| Metal Plan | Average Price | Best Plan For |
| Bronze | $349 | Best for Young and Healthy People |
| Silver | $400 | Best for Individuals with Low-Income |
| Gold | $610 | Best for People who need Comprehensive Coverage |
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Sophie is a 2024 Pharm D. candidate studying pharmacy at Rutgers University, New Brunswick. She has a passion for healthcare and writing and hopes to make meaningful contributions to healthcare transparency and accessibility. In her free time, she likes to take care of her houseplants, cook, and hang out with her cat.