New Jersey residents shopping for 2026 health insurance are being hit with some of the steepest premium hikes since the Affordable Care Act launched — a surge state officials warn could force thousands to drop coverage unless Congress restores federal subsidies set to expire at year’s end.
The state Department of Banking and Insurance on Wednesday released approved rate filings for the five carriers on New Jersey’s exchange, showing an average 16.6 percent premium jump over 2025. But the real shock comes from Washington’s failure so far to renew the enhanced premium tax credits first enacted during the pandemic.
If Congress doesn’t act, premiums could rise by as much as 175 percent for some enrollees, according to state officials, putting New Jersey at the epicenter of a national affordability crisis as the ACA’s enhanced subsidies run out.
Roughly 466,000 New Jersey residents — 91 percent of marketplace enrollees — currently receive federal tax credits. Without them, average premiums would more than double, according to the state’s analysis.
The Department of Banking and Insurance laid out a stark example: A family of four in Ocean County earning about $131,000 would see premiums rise by $26,000 next year — eating 26 percent of their income.
State officials say that without congressional action, New Jersey consumers will lose more than $500 million annually in federal support.
The hardest-hit group? Residents nearing Medicare eligibility, with increases averaging $1,860 per person on top of the new base rates.
Despite the dramatic price swings, state officials insist options remain, but only if consumers comparison-shop aggressively.
The state’s marketplace, Get Covered New Jersey, still provides its own subsidies — about $215 million this year — on top of the federal tax credits that remain. But those state subsidies are far smaller than the temporary federal expansion.
Enrollment for 2026 began Nov. 1, and the state is pushing out staff and navigators in an effort to prevent coverage losses. The hospital association’s COVERNJ program offers in-person and virtual enrollment assistance.
Residents can shop plans at the state’s Shop and Compare Tool, or get assistance at GetCovered.NJ.gov or by calling 1-833-677-1010.