Employers in Connecticut and nationally have until the end of the month to enroll in a federal program that helps them cover the cost of health coverage for early retirees.
The Early Retiree Reinsurance Program (ERRP) will no longer accept new applications after April 30.
According to the Centers for Medicare and Medicaid Services (CMS), ERRP has provided more than 1,300 employers nationally with nearly $1.8 billion in reimbursements for health benefits, $20 million of it in Connecticut alone.
ERRP was created by the Affordable Care Act and was due to last through 2014. However, due to overwhelming demand employers must apply quickly.
EERP reimburses participating employment-based plans for 80 percent of the costs of health benefits in excess of $15,000 and below $90,000 for retirees between the age of 55 and 64. This program is already helping to lower costs on hundreds of companies.
According to Congressman Joe Courtney, nearly 150 employer-sponsored plans in Connecticut have enrolled in ERRP to date. Enrollees include private employers like United Technologies Corp. and Aetna Inc. in Hartford, Pfizer, Nestle Waters and Pitney Bowes, as well as the towns of Norwich and Killingly.
For more information on ERRP: http://www.healthcare.gov/law/provisions/retirement/. They can apply for the program at this link: http://www.errp.gov/how_to_apply.shtml.
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