Horizon Blue Cross Blue Shield of New Jersey will continue working with Hackensack Meridian Health as an in-network provider, after the insurance company was poised to terminate the state’s largest hospital system from its network due to a negotiating stalemate.

In a joint press release issued Monday, the insurer and hospital system announced they had reached an agreement on a new multi-year contract, two months before the June 1 deadline.

“All of us in health care have an obligation to work to make health care more affordable and accessible,” said Gary D. St. Hilaire, Horizon’s president and chief executive officer. “This agreement reflects our shared belief that health care works best when providers and insurers work together to put the people we serve at the center of everything we do.”

The announcement means Horizon insurance plan holders will continue to have uninterrupted, in-network access to Hackensack Meridian Health’s doctors, hospitals and facilities statewide.

“We are thrilled to have reached a resolution with Horizon ensuring that our world-class team members can continue to provide excellent care to the patients and communities we serve,” said Robert C. Garrett, chief executive officer of Hackensack Meridian Health.

The agreement is a comfort to thousands of patients who feared they may have to pay more to continue receiving care from Hackensack Meridian Health hospitals. U.S Rep. Frank Pallone has called out the healthcare companies for letting it get this far.

“I’m relieved that Horizon and Hackensack Meridian have finally come to an agreement that protects health care access for hundreds of thousands of New Jerseyans. But let’s be clear: this should never have come to the brink,” Pallone, D-6th Dist., said Monday in a statement sent to media outlets.

“I’ll continue to monitor these situations closely and won’t hesitate to step in again when access to care is threatened,” Pallone said.

Hackensack Meridian Health is the state’s largest health system, with 18 hospitals and more than 500 patient care locations, including ambulatory care centers, surgery centers, home health services, long-term care and assisted living communities, according to its website. The hospital system serves close to 2 million patients annually at its facilities.

Horizon serves more than 3.8 million members in New Jersey, according to its website.