Applications for the Early Retiree Reinsurance Program (ERRP) are now being accepted, announced the Department of Health and Human Services’ Office of Consumer Information and Insurance Oversight (OCIIO).
The program was created by the Affordable Care Act (ACA) "as a bridge to the new health insurance marketplace established by the Exchanges in 2014, this $5 billion program will provide much needed financial assistance for employers, including businesses, unions, state and local governments, and nonprofits, so retirees can get quality, affordable insurance."
The ERRP will reimburse employers for medical claims for retirees age 55 and older who are not eligible for Medicare, as well as their spouses, surviving spouses, and dependents. Employers, including state and local governments and unions, who provide health coverage for early retirees are eligible to apply.
Reimbursements will be available for 80 percent of medical claims costs for health benefits between $15,000 and $90,000. Furthermore, ERRP participants will be able to submit claims for medical care since June 1, 2010.
Applications and additional information about the Early Retiree Reinsurance Program can be found on OCIIO’s website.