Nearly 3,600 employers and unions approved to participate in the Affordable Care Act's Early Retiree Reinsurance Program to date; applications still being accepted
The U.S. Department of Health and Human Services (HHS) today released a list of additional employers and unions accepted into the Affordable Care Act's Early Retiree Reinsurance Program. Nearly 700 additional large and small businesses, state and local governments, educational institutions, non-profit organizations, and unions have been accepted into the program, which reimburses employers for a portion of the cost of health benefits for early retirees' and their families. Today's announcement brings the total number of organizations participating in the program to nearly 3,600.
"By helping employers and unions continue to offer coverage for early retirees, we're helping them compete -- while providing a measure of certainty and security for their former workers at a time when it could not be more important," said Secretary Kathleen Sebelius. "The Early Retiree Reinsurance Program seeks to shore up the financial foothold for employers and unions who want to provide coverage to their retirees."
Created by the Affordable Care Act as another bridge to the new health insurance exchanges in 2014, the Early Retiree Reinsurance Program provides $5 billion in financial assistance to employers and unions, to help them maintain coverage for early retirees ages 55 and older who are not yet eligible for Medicare. Businesses and other employers and unions that are accepted into the program will receive reimbursement for a portion of the costs of health benefits for their early retirees and their spouses, surviving spouses, and dependents. Savings may be used to reduce employer or union health care costs, provide premium or out-of-pocket relief to workers, retirees, and their families, or both. The program ends on January 1, 2014, when the state-based health insurance exchanges will be up and running.
HHS' Office of Consumer Information and Insurance Oversight has approved nearly 3,600 employer and union plans, representing a broad range of employers and unions from all 50 states and the District of Columbia, for participation in the Early Retiree Reinsurance Program, with more applications being reviewed every day. HHS has set up a website, www.ERRP.gov, where sponsors can begin submitting information today to qualify early retirees, spouses, surviving spouses, and dependents for claims reimbursements.
Employers and unions interested in the Early Retiree Reinsurance Program should visit www.ERRP.gov or call 1-877-574-3777 or 877-574-ERRP. Employers and unions can find the application form and application instructions, as well as other relevant guidance and regulations from HHS, online.
More information about the Early Retiree Reinsurance Program, a full alphabetical list of participants, and an interactive map displaying participants by state is available online. This list is updated regularly. To find this information, please visit:
http://www.healthcare.gov/news/factsheets/early_retiree_reinsurance_program.html.
-----
Community News You Can Use
Click to read MORE news:
www.GeorgiaFrontPage.com
Twitter: @gafrontpage & @TheGATable @HookedonHistory
www.ArtsAcrossGeorgia.com
Twitter: @artsacrossga, @softnblue, @RimbomboAAG
www.FayetteFrontPage.com
Twitter: @FayetteFP
Showing posts with label retirement. Show all posts
Showing posts with label retirement. Show all posts
Thursday, October 28, 2010
Monday, July 13, 2009
Genworth Financial Simplifies the Process of Purchasing Affordable Long Term Care Insurance for Georgia AARP Members
/PRNewswire/ -- Long term care costs in Georgia continue to rise at a rate outpacing inflation, putting significant financial pressure on those in or near retirement. As a leader in the long term care insurance industry, Genworth offers a suite of insurance products to help people proactively plan for their future. Now, AARP® members that reside in Georgia can take advantage of a new program designed to simplify the process of purchasing affordable long term care insurance.
Genworth Financial, Inc. (NYSE:GNW) today introduced My Future, My Plan(SM), a suite of long term care insurance plans created exclusively for AARP members. My Future, My Plan is the result of Genworth combining its unique expertise in the area of the long term care insurance product with what it has learned about AARP's demographic. With My Future, My Plan, AARP members get access to industry-leading features while maintaining the ability to customize a plan that falls within their price range, meeting their lifestyle needs. In three simple steps, AARP members can choose one of three preselected long term care insurance plans, tailored to them and designed specifically to reflect membership demographics. All plans include the option of home care, assisted living and nursing home services along with flexible features designed exclusively for AARP members. Also included is no-cost access to Genworth's Privileged Care® Coordinators who assist policyholders and their families in planning for their long term care.
AARP members have three easy options available to find out more about My Future, My Plan: by scheduling a free, no obligation "readiness review" with an "Authorized to Offer" Genworth insurance agent in person or by calling 800 565.0805, or by visiting genworth.com/aarp for more information about long term care insurance.
My Future, My Plan is one of many products Genworth has developed, reflective of American families' varying and ever-growing long term care needs. The company also offers affordable long term care insurance solutions through independent financial advisors. Earlier this year, the company launched a product suite to offer employers a practical way to provide affordable, comprehensive long term care coverage to employees and their families.
Georgia residents can also take advantage of Georgia's Long Term Care (LTC) Partnership, an alliance between the private insurance industry and the state government to help Georgia residents plan for future long term care needs without depleting all of their assets to pay for care. The combination of benefits offered by Genworth's LTC insurance products and the Partnership Plan provide Georgia residents with financial incentives to take proactive measures to help protect themselves and their families from the growing costs of long term care.
"Two-thirds of people over age 65 will need long term care in their lifetimes," said Buck Stinson, president, insurance products at Genworth Financial. "The current economic downturn has depleted the nest eggs of many Georgia residents, making it more important than ever to plan ahead for future long term care costs."
Helping American Families Through Education
As an industry pioneer and the largest underwriter of long term care insurance for more than one million policyholders, Genworth brings a strong commitment to solving our nation's long term care challenges, a reputation for service and a longstanding history of product innovation.
Since 2005, the company has conducted an annual Cost of Care Survey to provide Americans with a clear understanding of the cost of long term care in their area. According to Genworth's 2009 Cost of Care Survey conducted by CareScout, the annual cost for a private nursing home room in the U.S. is $74,208, or $203 per day. Costs for this type of care in Georgia's three largest cities surveyed have increased 4 percent annually over the past five years in Columbus and 2 percent in both Atlanta and Augusta over the same time period. The median annual cost for a private nursing home room in Georgia ranges from $45,589 to $74,400.
"Long term care planning is a key consideration as you prepare for your retirement needs," continued Stinson. "For a few dollars now, families can potentially save thousands of dollars later should they have a long term care need."
To help families plan and have the right conversations at the right time, Genworth Financial has created the "Let's Talk" national campaign, designed to provide families with the right resources, education and motivation to have valuable conversations and successfully plan for a long life. The centerpiece of the campaign is an interactive Web site (www.caringtalk.com), featuring downloadable long term care guides and information on: ways to break the ice with family members; helpful do's and don'ts; and advice from people who have already been down this path.
-----
www.fayettefrontpage.com
Fayette Front Page
www.georgiafrontpage.com
Georgia Front Page
Genworth Financial, Inc. (NYSE:GNW) today introduced My Future, My Plan(SM), a suite of long term care insurance plans created exclusively for AARP members. My Future, My Plan is the result of Genworth combining its unique expertise in the area of the long term care insurance product with what it has learned about AARP's demographic. With My Future, My Plan, AARP members get access to industry-leading features while maintaining the ability to customize a plan that falls within their price range, meeting their lifestyle needs. In three simple steps, AARP members can choose one of three preselected long term care insurance plans, tailored to them and designed specifically to reflect membership demographics. All plans include the option of home care, assisted living and nursing home services along with flexible features designed exclusively for AARP members. Also included is no-cost access to Genworth's Privileged Care® Coordinators who assist policyholders and their families in planning for their long term care.
AARP members have three easy options available to find out more about My Future, My Plan: by scheduling a free, no obligation "readiness review" with an "Authorized to Offer" Genworth insurance agent in person or by calling 800 565.0805, or by visiting genworth.com/aarp for more information about long term care insurance.
My Future, My Plan is one of many products Genworth has developed, reflective of American families' varying and ever-growing long term care needs. The company also offers affordable long term care insurance solutions through independent financial advisors. Earlier this year, the company launched a product suite to offer employers a practical way to provide affordable, comprehensive long term care coverage to employees and their families.
Georgia residents can also take advantage of Georgia's Long Term Care (LTC) Partnership, an alliance between the private insurance industry and the state government to help Georgia residents plan for future long term care needs without depleting all of their assets to pay for care. The combination of benefits offered by Genworth's LTC insurance products and the Partnership Plan provide Georgia residents with financial incentives to take proactive measures to help protect themselves and their families from the growing costs of long term care.
"Two-thirds of people over age 65 will need long term care in their lifetimes," said Buck Stinson, president, insurance products at Genworth Financial. "The current economic downturn has depleted the nest eggs of many Georgia residents, making it more important than ever to plan ahead for future long term care costs."
Helping American Families Through Education
As an industry pioneer and the largest underwriter of long term care insurance for more than one million policyholders, Genworth brings a strong commitment to solving our nation's long term care challenges, a reputation for service and a longstanding history of product innovation.
Since 2005, the company has conducted an annual Cost of Care Survey to provide Americans with a clear understanding of the cost of long term care in their area. According to Genworth's 2009 Cost of Care Survey conducted by CareScout, the annual cost for a private nursing home room in the U.S. is $74,208, or $203 per day. Costs for this type of care in Georgia's three largest cities surveyed have increased 4 percent annually over the past five years in Columbus and 2 percent in both Atlanta and Augusta over the same time period. The median annual cost for a private nursing home room in Georgia ranges from $45,589 to $74,400.
"Long term care planning is a key consideration as you prepare for your retirement needs," continued Stinson. "For a few dollars now, families can potentially save thousands of dollars later should they have a long term care need."
To help families plan and have the right conversations at the right time, Genworth Financial has created the "Let's Talk" national campaign, designed to provide families with the right resources, education and motivation to have valuable conversations and successfully plan for a long life. The centerpiece of the campaign is an interactive Web site (www.caringtalk.com), featuring downloadable long term care guides and information on: ways to break the ice with family members; helpful do's and don'ts; and advice from people who have already been down this path.
-----
www.fayettefrontpage.com
Fayette Front Page
www.georgiafrontpage.com
Georgia Front Page
Subscribe to:
Posts (Atom)