People who purchase health insurance through the individual market in New Jersey are expected to see a significant rise in premiums for 2026, according to an announcement from the Department of Banking & Insurance (DOBI). The department revealed that average rates will increase by 16.6% compared to 2025 for both on-exchange and off-exchange plans.
The increase is largely attributed to the expiration of enhanced federal tax credits at the end of 2025, which had previously helped lower costs for those purchasing coverage through the Affordable Care Act. DOBI estimates that about 60,000 consumers enrolled via Get Covered New Jersey—the state’s official health insurance marketplace—will lose this federal financial assistance.
According to DOBI’s analysis, without these subsidies and following other federal changes, enrollees could face an average annual premium increase exceeding $2,780. This represents a jump of approximately 174% for affected individuals.
“Consumers will soon be shopping and comparing health plans, and without these enhanced tax credits, they will be confronted by startlingly higher prices for coverage. We are significantly concerned that many households will be forced to choose plans with lesser coverage or choose no coverage at all as a result,” said Commissioner Justin Zimmerman.
Open enrollment for Get Covered New Jersey’s 2026 plans begins on November 1. Currently, more than 466,000 residents—91% of those enrolled through Get Covered New Jersey—receive some form of enhanced financial help from the federal government.
DOBI noted that Congress still has time to renew the enhanced premium tax credits before their expiration. The department emphasized that these subsidies have improved access and affordability for many residents and warned that their loss could lead consumers to drop their coverage due to high premiums.
Enrollment in Get Covered New Jersey reached a record high of over 513,000 residents for plan year 2025—a more than doubling since the marketplace launched.
By law, rate filings in both individual and small employer markets are informational only and not subject to prior approval unless found incomplete or noncompliant with relevant laws or deemed inadequate or unfairly discriminatory by the department.
