“This is a big f—— deal.”
— Vice President Joe Biden, March 2010
New Jersey will be the second state to enforce an individual mandate when the Health Insurance Market Preservation Act goes into effect in 2019. The legislation, built on the Patient Protection and Affordable Care Act (ACA), picks up at the same time the national individual mandate penalty is effectively eliminated. With New Jersey expecting to collect between $90 million and $100 million in penalties, eight other states are considering such bills within their legislatures.
Many BenefitCorp clients needing a low-cost alternative to the high cost of many traditional health care plans have used minimum essential coverage (MEC) plans. These modified plans meet all of New Jersey’s requirements and are affordable for both employees and their employer. If you have offices in New Jersey or are interested in the other states considering the individual mandate, contact a BenefitCorp consultant to discuss your options.