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N.J. Chamber of Commerce President and CEO
Thomas Bracken's Statement on Gov. Christie's Proposal to Tap Horizon's Reserves

 

The New Jersey Chamber of Commerce continues to applaud Gov. Christie's focus on the opioid crisis in New Jersey, as outlined in his State of the State speech in January and his budget message Tuesday.

As we said after the budget speech, we believe the governor's proposed solutions need to be fully vetted.

After analyzing the governor's proposal to tap Horizon Blue Cross Blue Shield of New Jersey's reserves as a funding source, we have concerns that this will impact Horizon and its stakeholders negatively.

The reduction this proposal would cause to Horizon's reserves could make it considerably more challenging for it to meet the needs of policyholders. This in turn could increase the costs to these policyholders.

At a time when we need to do all we can to make New Jersey more affordable for everyone, increases in insurance coverage costs would be a step backward.

Additionally, we appreciate Horizon's status as one of our state's most prominent corporate citizens. We should do all we can to ensure that status continues.

The N.J. Chamber believes it is in the best interest of all New Jerseyans that Horizon maintains its financial health and its commitment of support to our state.