New Jersey governor creates program to reduce healthcare costs

New Jersey Gov. Phil Murphy signed an executive order Dec. 21 that launches the New Jersey Health Care Cost Growth Benchmark Program, which aims to bring down the cost of healthcare in the state.

The program will give residents of New Jersey an understanding of healthcare costs and the factors that lead to high costs and growth, according to a news release from the governor. It will decrease cost growth each year and make care more affordable.

A group of stakeholders that includes insurers, healthcare providers and healthcare advocates is supporting the program.

A May 2020 survey of 900 adults in the state found that 77 percent were concerned about affording healthcare.

"The COVID-19 pandemic underscores just how important it is that New Jersey continues to work to lower the cost of healthcare for residents, and we recognize that affordable, quality healthcare is a critical part of our COVID-19 recovery," Mr. Murphy said. "Making New Jersey a more affordable place to call home for our residents and businesses means working to address the cost of high healthcare prices. New Jersey has world class healthcare institutions and providers, and we want to ensure that New Jerseyans have more affordable access to these services."

Read more here.

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