New Jersey's largest health insurance company says it will not renew any small-group or individual health plans next year in a nod to President Barack Obama's health insurance overhaul.

Obamacare website (Dan Alexander, Townsquare Media NJ)

Horizon Blue Cross Blue Shield made the announcement Tuesday.

Horizon says it would not be possible to create new plans quickly that comply with the requirements of the Affordable Care Act.

Many people on the plans will get more comprehensive coverage at lower prices by buying insurance on the federal exchange.

The company says it will help customers find new plans.

Other New Jersey insurers have not announced whether they will end their similar plans.

About 800,000 people statewide are covered by individual or small-group policies.

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