Friday, October 29, 2010

Additions to Early Retiree Program

from the inbox:

The U.S. Department of Health and Human Services (HHS) today released a list of additional employers and unions accepted into the Affordable Care Act’s Early Retiree Reinsurance Program, including 41 in Pennsylvania. Nationwide, nearly 700 additional large and small businesses, State and local governments, educational institutions, non-profit organizations, and unions have been accepted into the program, which reimburses employers for a portion of the cost of health benefits for early retirees’ and their families. Today’s announcement brings the total number of organizations participating in the program to nearly 3,600 nationwide and 204 in Pennsylvania.

“By helping employers and unions continue to offer coverage for early retirees, we’re helping them compete -- while providing a measure of certainty and security for their former workers at a time when it could not be more important, “said Secretary Sebelius. “The Early Retiree Reinsurance Program seeks to shore up the financial foothold for employers and unions who want to provide coverage to their retirees.”

Created by the Affordable Care Act as another bridge to the new health insurance Exchanges in 2014, the Early Retiree Reinsurance Program provides $5 billion in financial assistance to employers and unions, to help them maintain coverage for early retirees ages 55 and older who are not yet eligible for Medicare. Businesses and other employers and unions that are accepted into the program will receive reimbursement for a portion of the costs of health benefits for their early retirees and their spouses, surviving spouses, and dependents. Savings may be used to reduce employer or union health care costs, provide premium or out-of-pocket relief to workers, retirees, and their families, or both. The program ends on January 1, 2014, when the State-based health insurance Exchanges will be up and running.

The list is too long to add here, but can be found at:

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