Health insurance prices have skyrocketed in New Jersey, according to a new study.
The state’s three largest health insurers have increased their premiums by an average of 40 percent since January, according the state Department of Health and Human Services.
New Jersey Health Care, the state’s largest insurer, has increased its premium by an extra $1,200 for a 62-year-old and $3,000 for a 70-year old, the department said.
The increase was based on an analysis of how much a 62 year old would have to pay to purchase the cheapest, least expensive health insurance option.
The cost of an insurance policy would increase to $1.3 million if the premium was doubled to $5 million.
A 61 year old with a COVID-19 diagnosis would pay $2,300 more for the same policy, and a 69 year old who had a COVI-19 case would pay nearly $3.5 million, the agency said.
New Jersey is one of the few states to allow people under age 65 to receive free coverage for COVID vaccines.
A 63-year age group who were uninsured for COVI coverage could see an increase of more than $2 million in premiums for an individual policy.
That is nearly double the average premium increase of 8.8 percent for the group over the past five years.
The average premium hike for the entire population was 10.4 percent.
The average increase for individuals under age 64 was about 6.6 percent.
The report came in the wake of President Donald Trump’s executive order to waive a provision in the Affordable Care Act that prevents insurers from charging older people more.
The law has also led to higher premiums for the middle class.
The president’s order was the subject of a heated debate over whether to exempt insurers from the law’s protections for older people.
The Affordable Care Acts insurance marketplaces, which have expanded coverage to millions of Americans, include protections for those over 65.
The White House has said it would not be pulling out of the marketplaces.