Early Retirees and Health Insurance Exchange

Those who retire without employee-sponsored health insurance and are not yet eligible for Medicare will gain benefits:

June 2010 to January 1, 2014:

The Federal Government will make $5 billion available for the Early Retiree Reinsurance Program, available to employers to help them offer health insurance coverage to retired employees aged 55 and until they qualify for Medicare
These funds will reimburse employers up to 80% of claims costs between $15,000 and $90,000 for early retirees, their spouses, and their dependents
Funds must be used by employers to reduce health care costs, including reducing premiums, co-pays, or deductibles, for themselves or their retirees
Self-funded and insured plans can apply, including plans sponsored by private companies, state and local governments, non-profits, religious organizations, and unions

January 1, 2014:

Early Retiree Reinsurance Program funds no longer available; early retirees able to purchase insurance through the exchange

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