The New Jersey Public Option Health Care Act aims to create a comprehensive health insurance program that is accessible to all residents of New Jersey, addressing issues of coverage gaps and rising healthcare costs. The act establishes a public option that will compete with private insurance, ensuring affordability and accessibility for all. The Department of Health is responsible for developing the New Jersey Public Option Health Care Program, which will encompass a variety of healthcare services and providers, funded through federal waivers and state resources. The act also creates the New Jersey Public Option Health Care Board, composed of stakeholders such as healthcare consumer advocates, professionals, and representatives from hospitals and labor organizations, to advise the Commissioner of Health on the program's implementation.

Additionally, the bill establishes the New Jersey Public Option Health Care Trust Fund, a nonlapsing revolving fund managed by the State Treasurer, which will collect premiums, federal payments, and state appropriations to support the program. This fund will be dedicated solely to program activities, with the Commissioner of Health responsible for setting premiums and charges to maintain affordability. The act mandates that participating healthcare providers adhere to specific standards and allows for negotiations on payment rates, while also ensuring the confidentiality of patient data and the public availability of aggregate data. The act is set to take effect three months after its enactment.