IS IT POSSIBLE FOR THE PEOPLE OF NEW JERSEY TO GENERATE OVER $1 BILLION TO BE DEDICATED TO IMPROVING OUR HEALTH CARE SYSTEM WITHOUT RAISING STATE TAXES? 

Yes. If Horizon Blue Cross Blue Shield of New Jersey converts from a not-for-profit health service corporation to a for-profit health insurer, over $1 billion could become available strictly for the purposes of improving New Jersey’s health care system. New Jersey law requires it.

Under the law governing conversion (N.J.S.A. 17:48E-49 et. seq., click here to view the law), the fair market value of Horizon BCBSNJ at the time of conversion must go to an independent charitable foundation that must use the proceeds for the “purposes of expanding access to affordable, quality health care for underserved individuals and promoting fundamental improvements in the health status of all New Jerseyans.”

It is estimated that the fair market value of Horizon BCBSNJ will be more than $1 billion.

The people of New Jersey have a unique opportunity to generate over $1 billion to improve our state’s health care system without raising state taxes.

In an editorial on June 29, 2008, The Star-Ledger wrote:

“It may be that most people will not see much difference between the old Horizon [before conversion] and the new one [after a potential conversion] in terms of health insurance. On a larger scale, however, this opportunity to create a difference in health care for everyone must be taken.”