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PowerNotes: December, 2011
HHS Announces End of Early Retiree Reinsurance Program
The Patient Protection and Affordable Care Act (PPACA) established the Early Retiree Reinsurance Program (ERRP). The ERRP is a temporary program that provides reimbursement to eligible employers (and employment-based plans) for part of the cost of providing health care coverage to early retirees and their families. Early retirees are those who are age 55 and older, but not yet eligible for Medicare.
The ERRP was created to encourage health plan sponsors to make coverage available for early retirees and their families, who often face difficulties finding affordable health coverage in the individual market. Under the program, plan sponsors can receive reimbursements of 80 percent of high cost claims between $15,000 and $90,000.
The ERRP became effective in June 2010. It received $5 billion in funding. The ERRP was designed to expire on Jan. 1, 2014, or earlier if the program’s funds were depleted. On Dec. 9, 2011, the Department of Health and Human Services (HHS) announced that the ERRP will end early because its funding is almost exhausted.
Is getting more active your New Year’s resolution or are you trying to shed those pesky holiday pounds? Winter is ripe with outdoor activities that offer a good workout. Plus, you can burn more calories exercising in winter because your body has to work hard to keep itself warm.
Flex your muscles. Snow creates plenty of opportunity for burning calories. When the fluffy stuff falls, ditch the snow blower, and shovel your driveway and sidewalk by hand. Offer to help a neighbor or family member to maximize the workout.
8 ways employees can use their Flexible Spending Accounts before 2012.
Power Group’s Overland Park office will be closing at 3pm on Friday, 12/23. Our office will be closed on Friday, 12/30, and Monday, 1/2. We will have a reduced staff on 12/23 and 12/26.
We all have our holiday favorites, but what about the other end of the spectrum? The movie ticket website Fandango polled customers to come up with the ultimate holiday flop, and now has a list of the top 10 worst Christmas movies ever made.
- SANTA CLAUS CONQUERS THE MARTIANS 23%
- SILENT NIGHT, DEADLY NIGHT 16%
- JINGLE ALL THE WAY 10%
- JACK FROST 9%
- SANTA WITH MUSCLES 5%
- ERNEST SAVES CHRISTMAS 5%
- HOME ALONE 3 4%
- DECK THE HALLS 4%
- SURVIVING CHRISTMAS 3%
- CHRISTMAS WITH THE KRANKS 3%
Have a safe and healthy holiday season!