Get Your Applications in Now for the Early Retiree Reinsurance Program
The Department of Health and Human Services (HHS) has released the application for plans who wish to participate in the newly enacted temporary reinsurance program for early retirees that was included in the PPACA.
Through 2014, the program will reimburse plans for costs associated with coverage of an early retiree - defined as a non-active employee, over the age of 55, but not eligible for Social Security.
In order to participate, plans must first submit an application to HHS as well as commit to maintain programs to lower costs for high-cost conditions.
Participating plans will receive an 80% reimbursement for claims that exceed $15,000, but are less than $90,000. In order to receive payments, plans must submit claims for reimbursement that document actual costs of the items and services that the plan is seeking reimbursement for eligible reimbursable treatments and services. Any payment received is required to be used to lower costs of the plan. Payments are prohibited from being used simply as revenue.
The program is admitting plans into the program on a first-come, first-serve basis; SIIA recommends returning your application immediately. Applications are available by clicking here.