“At a time when President Trump is attempting to dismantle the Affordable Care Act, it is up to states to step up and protect access to affordable quality health coverage,” said Governor Murphy. “New Jersey is committed to increasing enrollment to ensure as many individuals are covered by health insurance as possible. My administration also believes it is critical that the insurance offered in the state contain all the protections required under New Jersey law and the Affordable Care Act. Assuming responsibility for managing the plans sold on the exchange is a vital step in this process.”
The Department of Banking and Insurance will now take the responsibility of looking over health plans that are sold in NJ. Their sole responsibility is to make sure that the health plans are compliant with state laws. They will be reviewing individual and group plans.
“We are dedicated to making sure that residents have access to affordable, quality health coverage and that plans sold in our state comply with New Jersey law and the provisions of the Affordable Care Act,” said Department of Banking and Insurance Acting Commissioner Marlene Caride. “The Department has the knowledge and expertise to take over the oversight and management of plans offered for sale on the exchange, but I believe it also has a responsibility to do so on behalf of our residents.”
Carriers will have to submit plans to be reviewed to be sold in the federal marketplace in NJ. All qualified health plans (QHP) application data will be submitted to the State using the SERFF system, which is currently used for various filings.
Cosmo Insurance Agency is an independent insurance agency serving surrounding communities in New Jersey. Cosmo keeps its promise to assure an efficient and creative approach to the services we offer. Each of our clients experience a personalized and long-term relationship with us. Our New Jersey based team of health brokers guides our clients in helping them choose the most cost-effective options. By incorporating the latest in technology-based tools and laws on healthcare, employee benefits, life insurance and finance, we keep our clients up-to-date with the plans that encompass all of their needs, whether it is individual or group insurance.
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