NJ health premiums surge 53% in 8 years

NJ health premiums surge  53% in 8 years
December 12, 2012
the Staff of the Ridgewood blog

Ridgewood NJ, The Bergen Record is reporting that the cost of health insurance rose much faster than income over the last eight years in New Jersey, and we are sure that is no surprise to anyone. . A new study by the Commonwealth Fund found. that despite paying an ever greater share of the cost, employees received less coverage another no braner. ( https://www.northjersey.com/news/183113891_NJ_health_premiums_up_53__in_8_years__report_says.html )

The study goes on to say that premiums for a family coverage in Ridgewood New Jersey rose a huge 53 percent from 2003 through 2011, to $15,589, on average. For single coverage, premiums rose by 49 percent to $5,673, according to the report. If growth continues at this pace, the cost of family coverage in the state will reach nearly $20,000 a year by 2015 and exceed $25,000 a year by 2020, the report said.

While the jury is still out on the reforms put in place by the Presidents “Affordable Care Act” are able to slow the pace of growth ,employees’ share of the premium for single coverage rose significantly in New Jersey between 2003 and 2011, from $611, or 16 percent of the total premium in 2003, to $1,209, or 21.3 percent, in 2011.

Deductibles have also been risen, leading to the obvious conclusion that  “coverage is buying less protection” .

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