News

On April 1, 2011, the Early Retiree Reinsurance Program (ERRP) announced that they would not be accepting any new applications after May 6, 2011. The ERRP is a temporary fund of $5 Billion dollars to reimburse plan sponsors of early retiree health insurance coverage for costs in excess of $15,000 per early retiree. The amount eligible for reimbursement is 80% up to a maximum of $60,000 in costs for an early retiree. The $5 Billion fund was scheduled to be available until 2014; however, most estimates have the fund being exhausted by 2012, if not sooner.

 

Yes. If your application was received by March 31, 2011 but was incomplete, you only have until May 5, 2011 to submit the required information or documentation.

 

Yes, however, the amount of time you will be given will be determined by ERRP based on the date the application was received. Even an incomplete application received by ERRP on May 5, 2011 will be given additional time to complete, however, the amount of time is unknown and, most likely, very limited.

 

You can find the application and all the resource materials you need at www.errp.gov.

 

On March 25, 2011, the Early Retiree Reinsurance Program (ERRP) announced that the secure website would be unavailable from March 31, 2011 through April 17, 2011 for system upgrades. During this time, approved members will not be able to view data, submit early retiree lists, report costs or submit claims for reimbursements.

Early retiree health plan sponsors not already approved into the ERRP can still submit applications for membership in the ERRP during this time. Applications must be received by May 6, 2011 which is the last day ERRP will be accepting new member applications.

 

If you have any questions on this health care reform provision, please discuss with a member of your Banyan Consulting team.