Posted on 09/02/2010 2:22:04 AM PDT by oldmomster
Air Products, Crayola among companies accepted into government health insurance program Wednesday, September 01, 2010 FROM STAFF REPORTS
Two of the Lehigh Valley's largest employers have been issued entry into a federal health insurance program designed to bridge gaps in coverage for early retirees who aren't yet eligible for Medicare.
The Early Retiree Reinsurance Program is part of the massive new health care legislation passed earlier this year.
It sets aside $5 billion to reimburse companies for medical costs incurred by their early retirees and dependents.
Air Products & Chemicals Inc., of Upper Macungie Township, and Crayola, of Forks Township, are among the 103 Pennsylvania companies approved in the first round. So was Bimbo Bakeries USA Inc., which has a bakery in Wilson Borough.
Representatives of Crayola and Bimbo Bakeries on Tuesday couldn't immediately say how the program might benefit the companies.
"In these tough economic times, it is difficult for employers to keep up with skyrocketing health care costs for employees and retirees," U.S. Health and Human Services Secretary Kathleen Sebelius said in a statement. "(This) will make it a little easier for employers to provide high-quality health benefits to their retirees as we work to put in place market reforms to lower costs for all."
Companies, labor unions and state and local governments are eligible for the benefits.
The program will run until 2014, when other provisions of the law kick in, requiring insurance exchanges to be up and running.
‘obamacare starts’
This has got to stop
“Companies, labor unions and state and local governments are eligible for the benefits.’
Next Obama is coming after your IRA’s and 401K’s.
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