The "Consumer Freedom From Unwanted Expense in Health Insurance Coverage Act" aims to grant New Jersey residents the right to purchase health insurance policies from foreign health insurers, which are defined as insurers licensed to sell individual health benefits plans in other states. The bill asserts that, despite any existing laws or regulations, residents can legally acquire these policies. Additionally, it allows employers to reimburse employees for the costs associated with health insurance coverage purchased under this act.

Furthermore, the bill ensures that obtaining health insurance coverage through this act will fulfill any legal requirements for individuals to maintain health insurance, as mandated by relevant authorities. This legislation is designed to enhance consumer choice and reduce unwanted expenses related to health insurance coverage for New Jersey residents. The act is set to take effect 90 days after its enactment.