A New Jersey think tank says the state could see 1 million residents without health care coverage in the next decade, if the state does not pass S-1877 or companion bill S-1878, which would essentially restore the individual mandate under the Affordable Care Act.
Until it was killed, the individual mandate imposed tax penalties on individuals for not having health insurance.
New Jersey Policy Perspective also predicts a 10 percent rise in health care insurance premiums if the individual mandate is not restored. Ray Castro, NJPP's Director of Health Policy, testified before the state Senate’s Banking and Insurance Committee on Monday.
Said Castro: “[Restoring the mandate will provide an important incentive to ensure that younger, healthier people obtain insurance and spread the risk in the health insurance pool. Without robust participation of these individuals, insurance premiums will climb and the market could destabilize. …”
“Unless legislation is enacted soon to address this problem, next year up to about 150,000 middle-class New Jerseyans will have to spend up to $76 million more in premiums compared to last year.”