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Health insurance for early retirees gets fundingPosted On Tue, August 31, 2010
Many Americans work long, hard hours for a good portion of their lives. In some cases, people have earned enough money that they'd like to retire early. However, the high costs associated with individual health insurance premiums can be enough to deter some people from going into an early retirement.
With healthcare costs escalating, many companies are struggling just to offer affordable health insurance to their employees, let alone offer benefits to those who retiree early. Thanks to the Affordable Care Act, that may be changing.
The U.S. Department of Health and Human Services recently announced that almost 2,000 employers and unions have been approved to receive a portion of the $5 billion in assistance funds for the Early Retiree Reinsurance Program.
U.S. Commerce Secretary Gary Locke says the program will help bring relief to many people.
"The new reinsurance program in the Affordable Care Act will directly reduce companies' health premiums for many retirees, offering critical cost relief for American businesses in a difficult economy and an important bridge for early retirees who are not yet eligible for Medicare," said Locke.
In most cases, people are not eligible for Medicare coverage until they reach age 65.
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