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Mark Cuban joins New Jersey working group on health benefits costs
New Jersey SHBP, which covers about 690,000 people, has faced years of double digit rate increases as the state seeks to address PBM opacity and drug cost drivers.
Mark Cuban, co-founder of Cost Plus Drugs, has joined a New Jersey working group aimed at tackling the health benefits cost spiral, with a focus on prescription benefits manager, or PBM, opacity and drug costs, according to Insurance Business.
New Jersey Governor Mikie Sherrill created the group as part of a September deal with 17 state employee unions, and SHBP covers about 690,000 public employees, retirees, and dependents under a self funded structure that has absorbed double digit rate increases without resolving the underlying cost drivers, according to the New Jersey Governor's Office as cited by Insurance Business.
Cuban volunteered to join the committee via social media, and Sherrill accepted publicly, describing the effort as work to cut health benefits costs, Insurance Business reported.
Insurance Business also cited NJBiz, which said Aon recommended large benefit premium increases for 2026, including 21% for state employees, 36.5% for local government plans, and 29.7% for school employee plans.