The 240,000 New Jerseyans who purchase health insurance on the individual market instead of through their employers are looking at significant premium increases in 2018, now that the federal government has moved to cut subsidies to insurers that made policies more affordable for lower income people.

On Tuesday, the three insurance companies offering plans in the individual market in New Jersey released their 2018 premiums, which assume the federal government will not fund the cost-sharing reduction (CSR) program.  The rates for plans offered by Horizon, AmeriHealth and Oscar Garden State Insurance Co., can be viewed online on the State Department of Banking and Insurance website here.

According to the Asbury Park Press, Horizon Healthcare and AmeriHealth New Jersey received approval for rates that are 16 to 28 percent higher than last year. The third insurance company, Oscar Garden State Insurance Co. is new to the individual market in New Jersey this year. Open enrollment for consumers begins Nov. 1.

Read business reporter Michael Diamond’s story in the Asbury Park Press here.