Bill > S540

This bill, known as the "New Jersey Health Insurance Marketplace Act," establishes a state-run marketplace to help New Jersey residents purchase affordable, quality health insurance, in accordance with the federal "Patient Protection and Affordable Care Act" (often called Obamacare). The marketplace, overseen by a ten-member board of directors, will allow individuals and small employers to compare and buy health plans, claim federal tax credits and subsidies, and meet federal insurance requirements, aiming to reduce the number of uninsured New Jerseyans and strengthen the state's healthcare system by ensuring coverage availability and preventing insurers from unfairly selecting low-risk customers. The act defines key terms like "carrier" (an entity providing health benefits plans), "enrollee" (a person with coverage through the marketplace), and "qualified health benefits plan" (a plan certified by the marketplace), and outlines the marketplace's structure, governance, operational responsibilities, and funding mechanisms, including the establishment of a "New Jersey Health Insurance Marketplace Trust Fund" supported by surcharges and assessments.