Sunday, April 20, 2014
Inquirer Daily News

For NJ Residents, It Could Pay to Look Beyond Premiums When Choosing Plans

New Jersey residents looking to buy health insurance through the federal marketplace or exchange may focus on the monthly premiums, but healthcare experts say it may pay to weigh other factors.

For NJ Residents, It Could Pay to Look Beyond Premiums When Choosing Plans

New Jersey residents looking to buy health insurance through the federal marketplace or exchange may focus on the monthly premiums, but healthcare experts say it may pay to weigh other factors.

Even if it residents have to stretch financially to afford more expensive plans, they could cost less in the long run by having lower copayments and deductibles, as well as offering a wider range of healthcare providers.

While problems with the marketplace website -- healthcare.gov -- have made it difficult to complete insurance applications since the marketplace launched on October 1, residents can learn about available plans from individual insurers’ sites.

The 2010 Affordable Care Act established the marketplace as a one-stop shop for residents without coverage through an employer or government plan to purchase insurance and learn whether they are eligible for tax credits to subsidize the purchase, as well as other cost-sharing assistance.

Raymond Castro, senior policy analyst for New Jersey Policy Perspective, said that while consumers are presented with a difficult choice in picking an insurance plan, the ACA is not to blame.

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