To further efforts in New Jersey to provide access to affordable, quality healthcare coverage, the Assembly Financial Institutions and Insurance Committee advanced legislation (A-4389) on Thursday that would require an annual assessment being sunset by the federal government to now be paid into the ‘Health Insurance Affordability Fund’ to support the state-based health exchange.
Sponsored by Assemblyman John McKeon (D-Essex, Morris), the bill would apply to insurance providers and will be utilized to supplement the individual and small business markets.
The bill sponsor issued the following statement:
“As the Trump administration has worked to dismantle the ACA, in New Jersey we moved to mirror what was available to people at the federal level, largely implementing it within our own state-based exchange.
“By replacing what stood at the federal level, this legislation simply serves as a state level continuation of a soon-to-expire assessment that insurers were already paying. This will allow us to more appropriately and significantly enhance the individual market in New Jersey and provide subsidies to keep rates down so insurance is more affordable for our families and small businesses.
“Ultimately, this bill is a critical piece in our plan to safeguard access to affordable healthcare so that every New Jersey resident is insured.”