NJBIA President & CEO Michele N. Siekerka issued this statement Monday regarding S. 4, affecting the capital reserves of Horizon BCBS of New Jersey. The legislation was introduced Friday and is before the Senate Budget & Appropriations Committee this afternoon.
“The New Jersey Business & Industry Association remains opposed to any legislation that appropriates funds from Horizon’s capital reserves, which under nationally followed best practices, are meant to protect Horizon’s 3.8 million policyholders.
“This is money that New Jersey businesses and policyholders have paid in premiums, and it must be kept in reserve to pay future healthcare bills. It is inappropriate to divert Horizon policyholders’ money to pay for other state programs.
“With all the uncertainty in Washington right now about the possible repeal of the Affordable Care Act and the impact of that on New Jersey’s healthcare marketplace, this is certainly not the time to rush through any plan that could jeopardize Horizon’s ability to pay future claims or put its policyholders at risk for higher premiums.”