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New Jersey passes individual health insurance mandate — 5 insights

New Jersey is the second U.S. state to implement a statewide individual mandate pertaining to health insurance, Politico reports.

Here's what you should know:

1. Effective Jan. 1, 2019, every resident in New Jersey will be required to buy health insurance or will be forced to pay a penalty.

2. State democrats drafted the bill, after the U.S. Congress repealed the ACA's federal mandate. State democrats drafted the legislation to prevent premiums from spiraling out of control in the state's health insurance exchange.

3. Sen. Joe Vitale, D-Middlesex, N.J., said, "The individual market would descend into a death spiral if not for this legislation. This helps to keep people insured and keeps that market healthier."

4. New Jersey is following in the footsteps of Massachusetts, which enacted its mandate in 2006. The ACA's mandate was based on Massachusetts' mandate.

5. Massachusetts has seen incredible success with its mandate. In 2016, 97 percent of the state's residents were insured. They currently have the lowest uninsured rate in the U.S.

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