What every organization should know about the Early Retiree Reinsurance Program
What every organization should know about the Early Retiree Reinsurance Program
The evolution of the Early Retiree Reinsurance Program is one that if you haven't been following may not seem that important. So what, a program that helps early retirees keep their health care benefits covered. What employer should care about getting basically free money from the government to reimburse you for costs you would otherwise pay out of the organizations pocket. Coverage of retirees' dependence, is that really a big deal? Did I mention that reimbursements are made up to 80 percent between 15,000 and 90,000 dollars? If any of that sounds important to you, it should. Early Retiree Reinsurance is a beneficial program that definitely deserves attention.
The programs starting point came with the signing of the Health Care Reform bill by President Obama. When this bill was signed a part of it called the Patent Protection Act established ERRP. This program was designed to be a temporary 5 billion dollar fund to assist employers in covering their early retirees. Benefits for early retirees have been quickly going away over the past decade and this temporary program was established to help until 2014 when the health care reform has fully taken shape.
Health and Human Services (HHS) was given the task of administrating the program. They started slowly unveiling the program in phases, but as of December ERRP has picked up lots to momentum. Application have been being accepted since summer, a series of HHS hosted webinars have been done to inform plan sponsors about what is needed to get subsidy, and as of today HHS is ready to have claims uploaded.
The webinars were a big help to any that participated in them. They went over the specifications that plan sponsors must have completed in order to participate. Also there lots for tricky aspects plan sponsor must address. Data aggregation, proper retiree lists, submission and response files are all important to understand before plan sponsors get to deep into the program.
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What every organization should know about the Early Retiree Reinsurance Program