Tomorrow, on July 23, the Senate Commerce Committee and the Assembly Financial Institutions Committee will vote on S-2676 (Vitale)/A-4389 (McKeon), which would implement a new 2.75 percent tax on fully insured health insurance premiums for health benefits plans.

The intended purpose of S-2676 (Vitale)/A-4389 (McKeon) is to provide more affordable access to health care in New Jersey, a concept that the CCSNJ undeniably supports. However, this proposal will inevitably lead to higher health insurance premiums for employers that already struggle to afford health insurance coverage for their employees. Should the tax increase proposed in this bill go into effect, the higher premiums will trickle down increasing the cost of insurance for employees at a time when families can ill-afford it.

As a result, the CCSNJ must oppose this legislation, which is estimated to increase health insurance premiums by at least $600 every year for New Jersey residents covered by the typical family health insurance plan. We respectfully ask members to join the CCSNJ in opposing this measure by contacting the members of the Senate Commerce Committee and the Assembly Financial Institutions Committee and voicing your concerns.

To read the Coalition letter, which the CCSNJ co-signed, opposing this bill, click here.   

Please reach out to Hilary Chebra, Manager, Government Affairs, at hchebra@chambersnj.com if you have any questions.