$5 billion barely got them through 1 year, forecasted to last for 3 years. This administration needs to be fired for incompetence for not forecasting realistically, and not buying a foreign calculator. Should be interesting when PCIP runs out of money.
Early-Retiree Health-Insurance Fund to Wind Down - Health Blog - WSJ
By Louise Radnofsky
The Obama administration announced plans Friday to wind down a $5 billion fund to pay for health insurance for early retirees, including the institution of a Dec. 31 deadline for employers to tap into the remaining funds.
The fund has been reimbursing companies and local-government pension funds for the cost of benefits for workers aged 55 to 64 since it was created as part of the health-care overhaul passed last year.
It was going to be available until the beginning of 2014, when new rules would take effect to make it easier for older Americans to buy insurance without the help of employers. But a federal report released at the end of October projected that the fund would run dry much sooner than that.
In new rules released today, the Centers for Medicaid and Medicare Services said that employers who were already participating would be able to claim for services received before the end of this year, but all claims from 2012 onwards would be denied.
Early-Retiree Health-Insurance Fund to Wind Down - Health Blog - WSJ
By Louise Radnofsky
The Obama administration announced plans Friday to wind down a $5 billion fund to pay for health insurance for early retirees, including the institution of a Dec. 31 deadline for employers to tap into the remaining funds.
The fund has been reimbursing companies and local-government pension funds for the cost of benefits for workers aged 55 to 64 since it was created as part of the health-care overhaul passed last year.
It was going to be available until the beginning of 2014, when new rules would take effect to make it easier for older Americans to buy insurance without the help of employers. But a federal report released at the end of October projected that the fund would run dry much sooner than that.
In new rules released today, the Centers for Medicaid and Medicare Services said that employers who were already participating would be able to claim for services received before the end of this year, but all claims from 2012 onwards would be denied.
