The following is an excerpt of an article written by Fred Hunt of SPBA:
Let me end with some hopeful news. The scariest issue for all types of employee benefit plans and insurers and employer plan sponsors is no annual and no lifetime limits. Immediately, the reg-writers asked SPBA for insights from which to start their decisions on how this legislative language emerge as something livable. There is nothing final yet, but here is some food for thought to avoid rushing into action prematurely.
The law says that plans may have restricted annual limits until 2014, and that the regulatory agencies will define what “restricted annual limits” means. SPBA immediately told the reg-writers that low annual limits should be allowed at least until 2014 or there will be a spike in the number of uninsured and without low annual limit plan, many workers will be left with no affordable options. Because the reg-writers in charge have many years of brainstorming with SPBA members and staff about the “real word” of employment and benefits, we are guardedly optimistic that they will recognize the logic & wisdom and not totally eliminate low annual limits right away. Then, afterwards, common sense reality has a way of showing itself everyone can take a step back from the brink.
