CCSNJ Support of A-5119
TO: Members of the New Jersey General Assembly
FROM: Hilary Chebra, Manager, Government Affairs CCSNJ
RE: Support of A-5119 (McKeon)
DATE: December 17, 2020
The Chamber of Commerce Southern New Jersey (CCSNJ) is proud to support A-5119 (McKeon) which would give Horizon Blue Cross Blue Shield of New Jersey the ability to apply to become a not-for-profit mutual insurance company.
Creating greater economic opportunity – including the growth of small and large businesses and expansion of the region’s economy – are goals New Jersey should always be pursuing. But now, as we struggle to get out of the hole COVID-19 has dug for us, economic opportunity is of the utmost importance. When we as a state see a chance to raise revenues and help create greater health care opportunities, we must pursue that chance. This legislation allows New Jersey a chance to do just that.
A-5119 (McKeon) would undue years of state restrictions on how Horizon can invest funds. These limitations, which apply only to Horizon, prevent the company from investing even further in the kinds of New Jersey-based innovation companies that help drive the state’s economy and are so important to New Jersey’s future. Horizon’s ability to invest in these types of companies will, in turn, give their 3.6 million customers the technology upgrades and advances companies are looking for.
This legislation will allow Horizon to remain the state’s only not-for-profit health insurer and has the potential to create massive positive change in the state’s economy. A study found that over the first ten years, the state will see $4.16 billion in additional economic opportunity. This is exactly what New Jersey needs over the next decade.
Creating economic opportunity for New Jersey’s business community in New Jersey is more important than ever, and the MHC Legislation does just that. A-5119 (McKeon) is important legislation that would positively impact millions of New Jerseyans. The CCSNJ urges the support and passage of this legislation.