Obamacare Premiums in New Jersey to Skyrocket in 2026: Double-Digit Hikes Ahead

the staff of the Ridgewood blog

Ridgewood NJ, New Jersey residents who purchase health coverage through the Affordable Care Act (ACA) marketplace, also known as Obamacare, are about to face steep price increases in 2026. Health insurers have filed rate requests with the New Jersey Department of Banking and Insurance showing double-digit premium hikes, citing rising health care costs and the anticipated expiration of federal subsidies.

Major Insurers Announce Sharp Rate Hikes

• Horizon Blue Cross Blue Shield of New Jersey: +17% average increase

• AmeriHealth Insurance Co.: +15.5% average increase

• UnitedHealthcare: +18.4% average increase

• WellCare Health Insurance of NJ: +17.1% average increase

• Oscar Garden State Insurance Co.: lowest hike at +4.6%

Meanwhile, Aetna announced it will exit the ACA marketplace in New Jersey and nationwide, leaving fewer options for consumers.

Who Will Be Affected?

More than 513,000 New Jersey residents are enrolled in Get Covered NJ, the state’s ACA marketplace. Experts warn that the new premiums, paired with the loss of federal subsidies, could reverse years of enrollment growth.

Dane Mihlon, a Shrewsbury-based health insurance agent, called it a “double whammy” for families. Without subsidies, many consumers who previously qualified for $0 silver plans could see yearly premiums climb by $312 to $935.

Why Are Health Insurance Premiums Rising?

According to health industry analysts, several factors are fueling the premium hikes:

• Inflation & Labor Costs: Health care providers are paying more for staff wages, supplies, and operations.

• Behavioral Health Surge: Outpatient claims jumped 45%, inpatient claims nearly 80% from 2023–2024.

• Higher Utilization: Hospitals are admitting more patients, many of whom require more intensive care.

• Prescription Drugs: Demand for expensive GLP-1 medications like Ozempic and Wegovy has skyrocketed.

• Loss of Federal Subsidies: The end of enhanced subsidies from the American Rescue Plan Act and Inflation Reduction Act will directly increase consumer costs.

What This Means for New Jersey Residents

Since Gov. Phil Murphy launched the state-run marketplace in 2020, enrollment has risen 108% thanks to subsidies that in some cases reduced premiums to less than $10 a month. But if federal support expires, many New Jerseyans will be priced out of coverage.

Industry experts warn this could bring the state back to pre-2008 health care cost growth levels, erasing a decade of stability.

“We’re now in the middle of a sustained, high-cost environment,” said Derek Skoog of PwC’s Health Actuarial and Economics practice.

Bottom Line

With premiums projected to soar in 2026, New Jersey families face tough choices. Without new federal or state intervention, thousands could lose access to affordable health coverage under Obamacare.

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