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(Washington D.C.)- House Ways and Means Chairman Sander Levin welcomed news today that employers, unions, and state and local governments that offer health coverage to early retirees can now apply for help with those costs.
“Retirees who are not old enough for Medicare and the sponsors of their insurance find themselves squeezed between rising costs and the lack of any good alternatives,” said Chairman Levin. “This program will make the insurance more affordable so early retirees can maintain coverage.”
The Early Retiree Reinsurance Program will reimburse a portion of the cost of health benefits to the insurance sponsor for early retirees and their spouses, surviving spouses, and dependents. The reimbursement will make health benefits more affordable for plan participants and sponsors so that the coverage can continue to be accessible, especially to retirees on fixed incomes. The Early Retiree program is meant to provide a bridge for early retirees as the country moves toward a more competitive, patient-centered health care system in 2014, when the Health Insurance Exchanges begin.
Starting today, sponsors of participating employment-based plans for early retirees can go to www.hhs.gov/ociio to fill out applications to participate in the Early Retiree program. Program participants will be able to submit claims for medical care of their early retirees going back to June 1, 2010.
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