The Centers for Medicare and Medicaid Services (CMS) will stop accepting applications for its Early Retiree Reinsurance Program after May 5 due to lack of funding.

The Early Retiree Reinsurance Program (ERRP) was designed as a temporary program to help employers provide retirement coverage to early retirees. Employers who are accepted into the program receive reinsurance reimbursement for retirees (and dependents and spouses) aged 55 and older who are not eligible for Medicare.

To date, it has provided more than 1,300 employers with $1.8 billion in reimbursements.

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