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The New Jersey Life Sciences Vendors Alliance (NJLSVA) is a coalition of businesses, individuals and academia who provide goods and services to New Jersey’s life sciences companies.

The NJLSVA was founded to educate suppliers on trends in industry procurement and public policy that affects the life sciences industry.

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Commonwealth Fund Study: Health Coverage Eats Up 9 Percent of NJ Household Budgets

Obamacare Health InsuranceNewark, NJ, October 27, 2016 — Kathleen Lynn reports in The Record that New Jersey workers paid an average of $4,900 for family health coverage last year, up from about $3,000 in 2006, a new report from the Commonwealth Fund said on Tuesday.

That increase came even though the growth of health premiums slowed in the years after the Affordable Care Act — Obamacare — was enacted in 2010.

The rise was even more painful when measured as a share of family incomes, researcher David Radley said.

“Families are facing a bigger burden today — even though the growth in health care costs has slowed — because wages have remained largely flat,” Radley said.

As a result, premiums and deductibles for New Jersey workers last year ate up an average 9.1 percent of annual household incomes, up from 5 percent in 2006.

Painful as these costs are, it’s even worse in the rest of the nation, where incomes are generally lower. Nationwide, premiums and deductibles add up to 10.1 percent of household income.

The Commonwealth Fund’s report came as the federal government announced increases of up to 25 percent in premiums on the public health insurance exchange, which serves about 10 million people who don’t have employer health coverage.

But the Commonwealth Fund’s study focused on employer plans, which serve a much larger share of the population, about 154 million people.

The study found that employers were able to follow Obamacare’s new requirements with little additional cost or trouble.

For example, the Affordable Care Act requires employers to offer coverage to their workers’ children until age 26 and provide preventive care at no extra cost to employees.

To read Lynn’s full story, click here.