Consumer Alert: ACA open enrollment begins - and costs are up

Friday marked the first day of open enrollment under the Affordable Care Act, and as usual, the cost of health insurance is going up. But how much more you pay will depend on where you live.

News 12 Staff

Nov 1, 2019, 6:43 PM

Updated 1,668 days ago

Share:

Friday marked the first day of open enrollment under the Affordable Care Act, and as usual, the cost of health insurance is going up. But how much more you pay will depend on where you live.
Health care is expensive, and this is the time of year when consumers need to confront how much their premiums will cost for the next year. Experts say that while we shouldn't expect a bargain, there shouldn't be a massive increase either.
"The good news is for 2019, premiums were pretty stable – expensive, but they didn’t really go up – and for 2020, it looks like they’ll be pretty stable again too," says Donna Rosato, with Consumer Reports.
In Connecticut, the average cost for individuals will go up 4%, to $649. New Yorkers will see a 7% hike, to just over $600. And New Jersey residents will see the biggest increase at 9%, but their policies will remain the cheapest, at well under $600.
Those numbers are for people who buy insurance on their own. For those who get insurance through their employer, the cost will vary based on how much of the bill their employer is willing to pick up.
The other good news for individual customers is that looking back to last year, most insurance companies made healthy profits, which means consumers could soon be getting a check in the mail.
"Insurers are required to spend 80% of the premiums they collect – your dollars – on medical care or initiatives like wellness programs or things like that. If they spend less than that, they owe you a rebate," says Rosato.


More from News 12
0:19
Officials: 12-year-old from Fort Lee dies

Officials: 12-year-old from Fort Lee dies

2:19
STORM WATCH: Mix of sun and clouds Sunday in New Jersey; rain and thunder on Memorial Day

STORM WATCH: Mix of sun and clouds Sunday in New Jersey; rain and thunder on Memorial Day

2:54
Perth Amboy Fire Department offers grilling safety tips for the summer season

Perth Amboy Fire Department offers grilling safety tips for the summer season

0:27
Police: 26-year-old motorcyclist killed in Englewood crash

Police: 26-year-old motorcyclist killed in Englewood crash

Guide: 2024 Memorial Day Parades in New Jersey

Guide: 2024 Memorial Day Parades in New Jersey

1:47
More than the Shore: New Jersey celebrates Memorial Day weekend in Hoboken

More than the Shore: New Jersey celebrates Memorial Day weekend in Hoboken

1:45
Beachgoers pack the Jersey Shore to mark unofficial start of summer

Beachgoers pack the Jersey Shore to mark unofficial start of summer

1:11
Thousands participate in 46th annual Spring Lake 5-mile run

Thousands participate in 46th annual Spring Lake 5-mile run

Dolphin stuck in NJ creek dies after ‘last resort’ rescue attempt, officials say

Dolphin stuck in NJ creek dies after ‘last resort’ rescue attempt, officials say

2:08
Blood test that detects colon cancer close to receiving FDA approval

Blood test that detects colon cancer close to receiving FDA approval

1:34
'This is unbelievable traffic.’ Memorial Day travelers share road trip blues

'This is unbelievable traffic.’ Memorial Day travelers share road trip blues

0:18
Prosecutor: Man accused of killing man in Roselle park turns himself in

Prosecutor: Man accused of killing man in Roselle park turns himself in

2:50
Police: 1 person injured in explosion at Sayreville power station; hundreds without power

Police: 1 person injured in explosion at Sayreville power station; hundreds without power

0:24
Newark man convicted of robbing poker player in Atlantic City

Newark man convicted of robbing poker player in Atlantic City

1:34
Fire at commercial building in Secaucus sends plumes of smoke into the air

Fire at commercial building in Secaucus sends plumes of smoke into the air

0:51
Jersey Proud: Ashley Lauren Foundation helps provide pool to boy with brain cancer

Jersey Proud: Ashley Lauren Foundation helps provide pool to boy with brain cancer

0:44
Gov. Murphy announces $100M Boardwalk Preservation Fund for the Jersey Shore

Gov. Murphy announces $100M Boardwalk Preservation Fund for the Jersey Shore

2:10
Jersey Shore business owners hope for successful Memorial Day, despite Route 71 bridge repairs

Jersey Shore business owners hope for successful Memorial Day, despite Route 71 bridge repairs

2:07
‘It was like a nightmare. Very scary.’ Thursday’s severe storm creates chaos for West Milford residents

‘It was like a nightmare. Very scary.’ Thursday’s severe storm creates chaos for West Milford residents

6:13
EXCLUSIVE: Donald Trump one-on-one interview with News 12

EXCLUSIVE: Donald Trump one-on-one interview with News 12