Governor Murphy's plan to dedicate $200 million from federal pandemic relief funds to offset the over 20% rising health insurance premium rise did not secure a place in the Fiscal Year 2024 Budget. This plan was initially laid out in Governor Murphy's FY 2024 Budget speech. The rate increase stemmed from a roughly 22% upswing in the State Health Benefits healthcare premiums this year. This escalation sparked opposition from local governments, compelled to either increase property taxes or reduce services to offset the mounting health benefits costs.
The League remains committed to exploring alternative methods to mitigate the cost rise for our local employees and employers and will keep our members informed as discussions continue.
Contact: Andrew LaFevre, Legislative Analyst, alafevre@njlm.org, 609-695-3481, x116.