Employers who provide health insurance for early retirees will soon be getting some help from the federal government -- to the tune of $5 billion.
"Rising costs have made it hard for employers to provide quality, affordable health insurance for workers and retirees," Health and Human Services Secretary Kathleen Sebelius said in a statement.
"As a result, many Americans who retire before they are eligible for Medicare are worried about losing health insurance coverage through their former employers, putting them at risk of losing their life savings due to medical costs. This new program will provide much-needed relief so that employers can provide more retirees with quality, affordable insurance, starting this year."
The recently passed healthcare reform law includes $5 billion in reinsurance money to help employers maintain coverage for retirees age 55 and older who are not yet eligible for Medicare. The money will pay for 80% of the cost of an enrollee's health benefits between $15,000 and $90,000.
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