Requires health insurance coverage and limits cost sharing for certain birth control methods.

S 1492 requires most health insurance plans in New Jersey to cover prescription female contraceptives (like birth control pills and diaphragms) and male sterilization procedures without cost-sharing (no deductibles, copays, or coinsurance). It applies to hospital and medical service corporations offering coverage for outpatient prescription drugs, mandating three-month coverage for first use and six-month coverage for subsequent uses of the same contraceptive. Religious employers can opt out of covering contraceptives if it conflicts with their beliefs, but must notify subscribers and cannot exclude coverage for contraceptives needed for life or health reasons. The bill amends existing insurance laws (P.L.2005, c.251) and takes effect upon passage.