According to Lockton Companies, the following is the immediate financial impact considerations for employer-sponsored health care plans:
Pre-Existing Condition Restrictions
Detail: Plans must remove pre-existing exclusions for children under the age of 19
Impact: Minimal
Lifetime Benefit Maximums
Detail: Plans cannot apply lifetime dollar limits on “essential benefits.”
Impact: Modest, for plan’s claims cost (.05-1.5%) Potentially dramatic for stop-loss premiums
Coverage of Adult Children
Detail: Dependent children remain eligible for coverage until age 26 regardless of student and marital status (prior to 2014, only if the child doesn’t have access to other employer-based coverage).
Impact: Modest. Potential increases to plan’s costs range fro .1-4.1%.
Trend in Plan’s Cost
Detail: Other factors in or related to the health reform bill will impact plan costs, such as increased administrative requirements, delays in generic-drugs coming to market and “Fear Factors” (i.e., reserve build-up by carriers and increased utilization by members)
Impact: Modest to significant, depending on the circumstances