Employers get additional healthcare help through early retiree program

Dec 10, 2010

Businesses may get healthcare assistance from the government.

Health coverage can ensure people not only stay in good shape, but can also lead to lower life insurance premiums.

Legislators have tried to help access to health coverage through the Patient Protection and Affordable Care Act. One of its programs provides funding to employers and other institutions to support early retiree care insurance.

The U.S. Department of Health and Human Services announced recently it has added 700 more employers to the list of companies and organizations qualifying for the Early Retiree Reinsurance Program. Secretary Kathleen Sebelius said the program helps businesses stay competitive while affording employees some peace of mind.

"The Early Retiree Reinsurance Program seeks to shore up the financial foothold for employers and unions who want to provide coverage to their retirees," Sebelius said.

In all, the program has $5 billion at its disposal to assist businesses and unions in providing coverage for retirees 55 and older. Because of their age, these former workers do not yet qualify for Medicare.

Having access to health coverage may ensure consumers maintain proper nutrition while also flagging problems early on. This could lead to lower life insurance costs.

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