New Jersey residents who purchase health insurance through the individual market will face an average premium increase of 19.8% in 2027, according to data released by state officials.

All five carriers operating in the individual market will see double digit increases, including plans sold through Get Covered New Jersey, the state’s health insurance marketplace, as well as plans purchased directly from insurers.

Insurance companies cited rising medical and prescription drug costs, along with concerns about the insurance market following the expiration of enhanced federal premium tax credits, as factors driving the increases.

UnitedHealthcare will have the largest average rate increase, at 35.7%, followed by Oscar at 29.3%, Ambetter from WellCare of New Jersey at 20.8%, AmeriHealth at 17% and Horizon at 15.3%.

The state’s weighted average increase of 19.8% well exceeds the 15% median proposed premium increase reported nationally by insurers offering plans regulated under the Affordable Care Act, according to a recent analysis by the Kaiser Family Foundation.

The final rates apply to unsubsidized plans. Consumers who qualify for state or remaining federal subsidies may receive financial assistance that reduces their actual premium costs.

In a statement, New Jersey Governor Mikie Sherrill blamed the increases in part on the expiration of enhanced federal premium tax credits, criticizing the Trump administration and congressional Republicans for allowing the additional assistance to lapse.

“New Jersey families are already grappling with a serious affordability crisis, and rising medical and prescription drug costs threaten to price residents out of the coverage that they need to stay healthy,” Sherrill said.

State officials are encouraging residents to explore available financial assistance and compare plans through Get Covered New Jersey, which provides free assistance from trained professionals to help consumers understand their options and complete enrollment.

Open enrollment for 2027 coverage begins November 1 and runs through January 31, 2027.

The Department of Banking and Insurance noted that state law requires insurers to submit annual rate filings for the individual market but does not authorize the department to approve or reject the rates based on their cost.