The Early Retirement Reinsurance Program has paid out nearly $142 million to 64 Ohio employers for health insurance benefits for employees that retire early, according to a Mansfield News Journal report.
The program, a provision of the Patient Protection and Affordable Care Act, targets employees who retire before they are eligible for Medicare and who have difficulties affording coverage on their own. According to the report, employers do not have to demonstrate financial need to apply to the program — they only have to offer a healthcare program for early retirees and maintain those benefits until 2014.
Cincinnati-based Procter & Gamble received the largest amount for any company in Ohio, as it received $6.6 million. The program also offers payments to state and local governments who offer early retirement. Ohio's Public Employees Retirement System received $70.5 million, or about half of Ohio's total.
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The program, a provision of the Patient Protection and Affordable Care Act, targets employees who retire before they are eligible for Medicare and who have difficulties affording coverage on their own. According to the report, employers do not have to demonstrate financial need to apply to the program — they only have to offer a healthcare program for early retirees and maintain those benefits until 2014.
Cincinnati-based Procter & Gamble received the largest amount for any company in Ohio, as it received $6.6 million. The program also offers payments to state and local governments who offer early retirement. Ohio's Public Employees Retirement System received $70.5 million, or about half of Ohio's total.
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