Do All Health Insurance Plans Offer The Same Minimum Coverage?

When Fords, NJ residents who seek health insurance take the time to meet with various agents from Five Star Insurance Agency, one of the most common questions that are asked focuses on the minimum coverage offered by health insurance plans. Do all of these plans offer the same minimum coverage?

The Effects of the New Jersey Health Insurance Market Preservation Act

Now that the state has made this mandate, those who seek health insurance in Fords, NJ are given the chance to receive minimum essential coverage. Residents of this state must obtain acceptable health insurance or risk being penalized as a result. While every health insurance is not going to offer the same minimum coverage, there are a wide range of minimum essential coverage plans available. 

Four different plans are available to those who seek assistance from Five Star Insurance Agency. Let’s take a closer look:

• Grandfathered Health Plans
• Government Sponsored Programs 
• Employer Sponsored Plans 
• Health Plans Purchased In The Individual Market 

Starting in 2019, the aforementioned New Jersey laws go into effect and those who have not obtained minimum essential coverage will be penalized. While all health insurance plans are not going to offer clients the same level of minimum coverage, there are a number of available plans in the individual market that allow New Jersey residents to tailor their chosen to their specific needs. 

It is also important to note that New Jersey is the second state to have passed their own individual health insurance mandate. While the ACA is eliminating their individual health care mandate starting next year, New Jersey residents will have to make sure that they remain in lockstep with the new laws.

If you would like to learn more about minimum coverage health insurance plans, be sure to contact Five Star Insurance Agency as soon as possible.