Amended by section 10102 of the Manager’s Amendment. Requires HHS, by June 21, 2010, to establish the temporary Early Retiree Reinsurance Program under which HHS reimburses participating employer-based plan sponsors for a portion of the costs of providing health coverage to pre-Medicare-eligible early retirees (age 55+), including eligible spouses, surviving spouses and dependents, who are not “active employees.” HHS will reimburse employer-based plans 80 percent of the portion of health benefit costs attributable to the claims between $15,000 and $90,000. Amounts paid must be used to lower costs.
Appropriates $5B, giving HHS the authority to stop taking applications for participation based on funding availability. Effective March 23, 2010, ending no later than January 1, 2014.