This program goes from June 1, 2010 to Jan 1, 2014. This program is one of the benefits of the new Health care law. It provides 5 billion dollars and is designed to reverse erosion of employer sponsored insurance.
Here is an excerpt from the Ny Times article:
[The administration said its goal was to provide "as much relief as possible as soon as possible" to employer-sponsored health plans.
Under the program, the federal government can reimburse employers for 80 percent of the cost of claims from $15,000 to $90,000 a year for a retired worker who is 55 or older and not eligible for Medicare.]
And...
[Under the new law, Ms. Sebelius said, employers must use the federal money to reduce "health benefit costs" for themselves or their retirees — for example, by reducing premiums, deductibles or co-payments.]
Join me over the jump for discussion:
Finally, something the Democrats can use to score points with the public. The dems need to start pushing these benefits that become availble between now and November's election. Here is another excerpt:\
[Kathleen Sebelius, the secretary of health and human services, predicted that 4,500 employers — 3,000 private entities and 1,500 state and local governments — would seek federal aid under the program.
Ms. Sebelius issued rules to carry out the program on Tuesday. Employers can apply through her department. Applications will be available by the end of June.
Early retirees "often face difficulties obtaining insurance in the individual market because of advanced age or chronic conditions that make coverage unaffordable," Ms. Sebelius said.
The federal aid will be available to private employers, state and local governments, nonprofit and religious organizations and labor unions that sponsor health benefit plans. It will be available to employers who pay premiums to insure early retirees, as well as to employers who assume the risk themselves and pay claims with their own assets.]
Without a doubt this will be useful to employers and I am sure a few people here will be able to use this, as well, good luck. Here is the Article:
http://www.nytimes.com/...