Time Running Out To Receive Reimbursement under Healthcare Bill
Posted on Oct 19, 2010 on Legal Updates, Legislative Updates, News by
The new Patient Protection and Affordable Care Act (PPACA) set aside $5 billion to reimburse employers for the cost of early retirement insurance. Employees who retire between 55 and 64 are ineligible for Medicare and have a hard time getting health insurance on their own. Some employers choose to provide insurance to these early retirees. PPACA’s Early Retirement Reinsurance Program will reimburse employers for 80% of those costs. Employers must submit an estimate to the government on how much of the $5 billion they will require. The program is capped at $5 billion, and is run on a first come, first serve basis. The government predicts that the number (value) of requests will outnumber available funds, so employers should get their requests in as soon as possible.
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