The notion that you can keep the coverage you have if you like it is slightly misleading. The law does allow for plans to be grandfathered (i.e., you can keep the coverage you have with respect to the new essential benefit package and certain insurance market reforms). In other words, grandfathered plans will not have to abide by the new list of mandated benefits and certain insurance market regulations. However, the law requires even grandfathered plans to make certain changes, including changes immediately to extend dependent coverage to adult children up to the age of 26, prohibit rescissions of coverage, and eliminate waiting periods for coverage greater than 90 days. Six months after enactment, grandfathered plans are required to eliminate preexisting condition exclusions for children. By 2014, grandfathered plans will also have to eliminate lifetime and annual limits on coverage.
The law allows individuals and groups to keep the grandfathered status when you only add or delete new employees and new dependents.
