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Local Entities Among First Recipients of Federal Early Retiree Reinsurance Program
Rep. Lois Capps, D-Santa Barbara, announced Friday that the first round of employers to benefit from the new Early Retiree Reinsurance Program include the City of Santa Barbara, the Santa Barbara Community College District and Santa Barbara County schools.
The Early Retiree Reinsurance Program provides $5 billion in financial assistance to employers to help them maintain coverage for early retirees age 55 or older who are not yet eligible for Medicare. Nearly 2,000 employers have been accepted into the program and will begin to receive reimbursements for employee health-care claims this fall.
“I couldn’t be more pleased that Santa Barbara residents will be among the first to benefit from the Early Retiree Reinsurance Program thanks to the new health reform law,” Capps said. “This financial assistance to employers will allow them to maintain health coverage for their retirees who have spent years working in our community and will remove the frightening uncertainty about health coverage that many retirees would otherwise face.”
Rising health-care costs have made it increasingly difficult for employers to provide affordable health insurance to workers and retirees. Businesses and other employers and unions that are accepted into the Early Retiree Reinsurance Program will receive reimbursement for medical claims for early retirees and their spouses, surviving spouses and dependents. Savings can be used to reduce employer health-care costs, provide premium relief to workers and families, or both.
The program ends Jan. 1, 2014, when state health insurance exchanges are up and running.
Click here for more information about the Early Retiree Reinsurance Program and an interactive map displaying the employers that have been accepted into it.
— Ashley Schapitl is press secretary for Rep. Lois Capps, D-Santa Barbara.
Comments
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» on 09.03.10 @ 11:08 PM
I am tired of reading these propaganda articles about Capps written by her government-paid lackeys. Is Noozhawk an online newspaper or a mouthpiece for the inaccurate drivel her minions are spewing to attract votes in an obvious attempt to keep her in office until her daughter decides to succeed her.
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» on 09.04.10 @ 01:39 PM
So the federal hired hands passed another law that makes us taxpayers pay for local hired hands to retire 10 years early.
Sweet deal for our “employees!” Makes me wonder just who in heck is in charge of this insane asylum…
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» on 09.04.10 @ 07:11 PM
Right on!!! Why not make this the standard for everyone? This indicates to me that The United States is finally joining the league of civilized countries. Maybe the dog eat dog world (I have my bootstraps - too bad for you and your family) is finally over.
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» on 09.06.10 @ 11:08 AM
Thank you, Lois, for helping the middle class. Finally someone is doing it. It helps our economy and adds jobs too.
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