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Benefits October 28, 2010
More Employers Approved for Retiree Medical Reimbursements
October 28, 2010 (PLANSPONSOR.com) - The U.S. Department of Health and Human Services (HHS) has released a list of additional employers and unions accepted into the Affordable Care Act’s Early Retiree Reinsurance Program.
Reported by Rebecca Moore
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. This brings the total number of organizations participating in the program to nearly 3,600, according to an HHS announcement.
The program reimburses plan sponsors for 80% of the medical claims costs between $15,000 and $90,000 for early retirees ages 55-64. The program will be available through the earlier of January 1, 2014, or the date when the funds are exhausted.
HHS has set up a Web site, http://www.ERRP.gov, where sponsors can begin submitting information to qualify early retirees, spouses, surviving spouses, and dependents for claims reimbursements.
In addition, a full alphabetical list of participants, and an interactive map displaying participants by state is available at http://www.healthcare.gov/news/factsheets/early_retiree_reinsurance_program.html.