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Nj Insurance Company - Choosing a NJ Insurance Company for Health

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When it comes to health insurance, New Jersey is one of the few states in the U.S. taking an initiative to provide healthcare and insurance regulation for its residents. The strict regulations a New Jersey insurance company must abide by help to protect policyholders from unfair practices and keep insurance affordable so no one is left out to dry.

The basic principle of the regulations for a NJ insurance company is that everyone is eligible for coverage. This means that to qualify for any individual health insurance policies, an individual must first either be ineligible for group insurance from an employer or not have no group insurance offered. If you decide to opt out of your company’s plan, most individual offers from a NJ insurance company will be closed to you.

If you are qualified for individual health insurance in NJ, you then have many choices, depending on your exact circumstances. You can purchase an individual policy from a private insurance company, or you may be eligible for one of six standardized, government-supported insurance policies.

A private NJ insurance company still must follow the strict state regulations such as offering a guaranteed renewability provision. As long as the premiums are paid, a NJ insurance company cannot deny subsequent coverage once the policy has reached its term.

In addition, periods of exclusion for pre-existing medical conditions are limited to a period of 12 months. Conditions are said to be pre-existing if you received any sort of medical care for it in the six months prior to the start of the insurance term. A second exclusionary period after switching insurance companies can be avoided by maintaining continuous coverage. If there is no lapse of time between your old policy and your new policy, the new insurance company cannot impose another exclusionary period.

A NJ insurance company is also required to follow strictly defined laws over the terms and cost of the policies they offer. Every company has an option to deny an individual a health insurance policy except for Blue Cross Blue Shield of New Jersey. They are required to make a health insurance policy available to each and every resident of the state who is not qualified for a group policy.

There are some restrictions, however, as to what can be considered in denying an individual insurance coverage. These restrictions include denial due to age and current health conditions. The cost of the policy is also regulated in that it cannot be higher or lower due to the following factors: health, age, gender, or occupation.

New Jersey health insurance is regulated by the Department of Banking and Insurance. This department regulates banking, real estate, and the insurance industries. Their goal is to protect the public from predatory or otherwise unfair insurance companies. Not only does the department regulate the industry, but they provide a wealth of information to consumers regarding insurance. While these regulations may seem restrictive to insurance companies, they are actually designed to promote growth in the insurance industry and to ensure the stability of insurance companies.

Consumers can contact the Department of Banking & Insurance in person in the Mary Roebling building, 20 W. State St. in Trenton. They can also be reached via a hotline number at 800-446-7467.

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