Over 466,000 N.J. residents lost enhanced ACA tax credits this year. The impact extends even further.
Nearly half a million people in New Jersey lost enhanced Affordable Care Act tax credits this year, pushing their premiums up, but the impact goes far beyond those who got the credits.
Families who never qualified say their costs are rising, too, as insurers spread the increases across the entire market.
Experts say as a result, alternative health plan options are gaining traction.
Looking at alternative health plan options
Nationwide, base rates are rising.
Rising premiums can push some toward cheaper alternatives, like health care sharing ministries, where members pay a monthly fee to cover one another's medical expenses.
These plans are not insurance, and therefore not subject to the Affordable Care Act's rules or protections, says Joann Volk, a professor at Georgetown University who studies private insurance markets.
"They can exclude people if they have preexisting conditions," she said. "Prescription drugs is typically excluded. And maternity care is typically excluded."
For families with serious health needs, those limits can be a deal-breaker.
CBS News New York reached out to health care sharing ministries to learn more about their services, but has not yet heard back.
N.J. family sees health insurance premium spike
Tim McCann, a self-employed father, buys coverage through New Jersey's official health insurance marketplace, and says his family's health insurance premium has spiked nearly 50% over four years.
In 2022, the family paid $1,244 a month. Now, that bill is $1,851 before deductibles and other out-of-pocket costs.
McCann said he spent roughly $33,000 total on health care and health insurance last year.
But the premium hike isn't directly tied to the loss of federal tax credits. McCann never qualified for them.
"So, he's paying more not because he lost the tax credit, but because the many people who did are choosing to go without coverage, and just risk ... and hope that nothing will happen," Volk said.
McCann says dropping coverage isn't an option, even as costs continue to climb.
"Myself and my wife both have autoimmune diseases," he said, "so there are expensive medications that unfortunately we have to get, regardless of whether we have insurance or not."
CBS News New York investigator Mahsa Saeidi is looking into all aspects of health insurance and the challenges people in the Tri-State Area are facing. If you want to share your experience, send her an email at mahsa.saeidi@cbs.com.