HHS Gives Approval for More Companies and Unions to Participate in Federal Program to Support Early Retiree Health InsuranceR
Posted Oct 05 2010 12:11am
There’s a few big healthcare companies in here who got in line, to include insurance companies themselves to take advantage to join in. The program runs until 2014 and this fills in the blanks for those who retire but are not of age yet to participate in Medicare. The part with the insurers is interesting in the fact that they are ones insuring but not going to miss out on some free funds here, so they be able to have the government footing the bill for their own retirees. You can read more at the White House websitefor additional information.
The program is called the Early Retiree Reinsurance Program. BD
Nearly 3,000 employers and unions have been approved so far to participate in a federal program supporting early retiree health insurance coverage, according to the HHS.
Participants as of Oct. 1 include Aetna, Cigna Corp., Eli Lilly and Co., General Electric Co., McKesson Corp., Medco Health Solutions and Medtronic, according to the HHS.
The Early Retiree Reinsurance Program is a provision of the Patient Protection and Affordable Care that provides a total of $5 billion in temporary financial assistance to employers and unions to maintain health benefits for early retirees ages 55 and up who are not yet eligible for Medicare. The program sunsets in 2014.