What Healthcare Reform Means to You - Employed by a Large Company With Health Benefits

Single individuals employed by large firms with existing health plans, have the least to benefit from the recently passed healthcare reform act. The best news for you is that if you are happy with your existing coverage, you have no need to, nor will you be required to change it.

However in the grand scheme of things, even those of us with existing policies, may reap some rewards from the bill's passage. Keep one thing in mind as you ponder, "How will the healthcare reform act effect me personally?"  Just because you are one of those lucky enough to have coverage from your employer, that may not always be the case. A lot of the Americans who stand to benefit most from the legislation because they do not have health insurance, once had a good job with benefits as you do now.

As tighter insurance regulations under the Act closes gaps, and no longer allows companies to deny people medical coverage for preexisting conditions and other reasons, if you should find yourself unemployed in the future, you will be much better off then your predecessors. The legislation now makes sure all Americans will always have access to healthcare, no matter how the economy, or their personal financial situation may change.

As of 2014, when the insurance Exchanges come into full effect, all Americans will have greater access to affordable health insurance. This means you will have greater job flexibility. You may like your company and your company health plan, but you no longer need to feel "tied to a job" just for the benefits.

Still, as a single person with company health insurance, you have some direct benefit from the Act. Insurance companies can no longer place a lifetime limit on your benefit amount; neither will they be allowed to ever cancel your policy if you become ill. Other benefits everybody gains from the Act include:

• Greater Accountability by the health insurance companies. As of 2011 insurers will have to spend 80% to 85% of your premiums on health-related services and activities to assure that you are getting quality care, and they must disclose how the remaining percentages are being spent.
• Greater Choice.  By September 2010, you will be able to pick any participating primary care provider under your plan, and women will no longer need prior authorization before they can see a participating ob-gyn physician.
• Expansion of Primary Care. Since the passage of the Act, over the next five years the federal government will invest $11 billion to expand Community Health Centers, which will improve access to primary care services in many communities.

Also when the Exchanges come into effect, even if you are presently getting insurance from your employer, it may be possible that you will be able to purchase a more affordable health insurance policy, or one with greater benefits. For example, as of September, all new healthplans will be required to provide "wellness benefits" and coverage for preventive care.

* Please refer to our legal terms and conditions for disclaimers pertaining to the content on this page.