HHS announces nearly 2,000 employers and unions approved for early retiree coverage
Posted on August 31, 2010 | No Comments
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The Department of Health and Human Services has announced that nearly 2,000 employers and unions have been accepted into the Early Retiree Reinsurance Program created by the health reform law. The program provides five billion dollars to assist employers and unions cover retirees over age 55 who are not yet eligible for Medicare.
April 1, 2011
The Centers for Medicare and Medicaid Services (CMS) have issued notification that they will stop accepting applications to the Early Retiree Reinsurance Program on April 30, 2011, due to the exhaustion of funds. Although the Program has paid out approximately $1.8 billion thus far, CMS anticipates the full $5 billion to be completely exhausted by the end of the month. The Early Retiree Reinsurance Program helps pay medical costs for early retirees and was established by the Affordable Care Act (ACA).
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