NJ Department of Banking and Insurance Issues Bulletin Suggesting the Amendment to Minimum Standards for Health Benefit Plans

In Department of Insurance Bulletin No. 15-04 (May 4, 2015), the New Jersey Department of Banking and Insurance (the “Department”) took steps to ensure the continued availability of reasonable and understandable bronze plans for consumers on the federal insurance exchange. To facilitate use of these plans, the Department will permit New Jersey health insurance carriers to use an individual network deductible up to $3,000 for bronze plans offered in the individual and small employer markets. The change is at least partially in response to health insurers’ claims that the plans under the new Federal 2016 Actuarial Value (AV) calculator would be financially unreasonable and confusing to consumers. Currently, the individual network deductible limit as set forth at N.J.A.C. 11:22-5.3(a) 2 is $2,500. The Department has issued the Bulletin pending its consideration of amendments to those regulations.