New Jersey State Flexibility to Stabilize the Market Grant Award

Grant Application Summary

New Jersey Grantee: New Jersey Department of Banking and Insurance

Award Date: August 20, 2018

Total Award: $284,105.82

Baseline Award: $274,344.83

Workload Award: $9,760.99

Section 2702 - In addition to ensuring health insurance issuers are offering approved products for purchase, the New Jersey Department of Banking and Insurance will hire an actuarial firm to perform an actuarial and economic analysis. The proposed actuarial and economic analyses will provide information regarding pricing, claims, and market segmentation on and off the Federally Facilitated Marketplace (FFM), and will support New Jersey in developing a reinsurance program with the expectation of reduced premiums and increased stability in New Jersey’s individual market. The New Jersey Department of Banking and Insurance also plans to develop a focused outreach program for Open Enrollment for plan years 2019 and 2020 based on information obtained through the actuarial and economic analysis. The primary purpose of this outreach effort is to establish/re-establish the Individual Health Coverage (IHC) Program as a key source for reliable information regarding individual health insurance coverage in New Jersey. New Jersey will also develop a trifold brochure for distribution in English and Spanish, update its website, and explore expansion into social media. This will increase New Jersey’s consumer education footprint for the individual health insurance market, and further enhance enrollment and retention.