May 16, 2011
The Centers for Medicare & Medicaid Services (CMS) has stopped accepting new applications for the Early Retiree Reinsurance Program (ERRP) because of lack of funding.
The ERRP was created as part of the Affordable Care Act to temporarily help employers provide retirement coverage to early retirees. A $5 billion fund was set aside for the program.
Employers who met criteria and were accepted into the program received reinsurance reimbursement for retirees 55 and older who were not eligible for Medicare. The ERRP also covered the eligible retirees’ spouses and dependents.
The program reimbursed employment-based group health plans up to 80 percent of an early retiree’s plan year costs between $15,000 and $90,000.
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