Early Retiree Reinsurance Program in Health Care Law by Puritan Financial Group

Retired seniors who aren't qualified for Medicare and do not have insurance sponsored by their former employers do not receive healthcare coverage

. To make up for the lack of coverage, many choose to fund their medical expenses on their own. This can result in the collapse of the senior's retirement funds, making the Early Retiree Reinsurance Program of the Affordable Care Act especially beneficial for many retirees.

The Early Retiree Reinsurance Program helps seniors and their loved ones maintain employer-sponsored insurance by reimbursing the medical claims of seniors aged 55 and up if they are unqualified for Medicare. Their spouses and dependents can be covered as well. State and local unions and governments are just some of the employers providing early-retiree healthcare coverage who can apply for inclusion in the program.

The $5 billion program helps seniors significantly cut down on their healthcare expenses and obtain access to better medical attention while enabling employers to afford coverage. Eighty percent of medical claims for health benefits ranging from $15,000 to $90,000 can be reimbursed.

Critics say that funds for this program may run out before 2014, when other portions of the law take effect to give seniors more comprehensive healthcare at lower costs. Some reports, particularly one from the Employee Benefit Research Institute, calculate that the overall program funds will be depleted by half during the program's initial year. However, further announcements and explanations about the subsidy were made via the Office of Consumer Information and Insurance Oversight's outreach calls to stakeholders, a webinar, and other efforts.

The Affordable Care Act can give unions, businesses, and state and local governments the ability to offer early retirees affordable, quality healthcare. The Early Retiree Insurance Program aids employers and retirees in providing much-needed access to medical care, in spite of the skyrocketing costs of health insurance.

Early Retiree Reinsurance Program in Health Care Law by Puritan Financial Group

By: Carina Smith

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