Pelosi Statement on Implementation of Early Retiree Reinsurance Program

WASHINGTON, May 4 /PRNewswire-USNewswire/ -- Speaker Nancy Pelosi issued the following statement today on the President's announcement on the implementation of the Early Retiree Reinsurance Program:

"Today's announcement is good for our employers and good for America's early retirees. Americans deserve access to quality, affordable health insurance at every age and every stage of life – and employers deserve the financial relief to do right by their employees while competing in the global marketplace.

"In recent years, the skyrocketing costs of health care have forced employers to choose between staying competitive and providing their workers and retirees with quality health coverage. In the last two decades alone, the portion of large firms covering retired employees has dropped by more than half – leaving those too young for Medicare without access to the affordable care they need.

"The Early Retiree Reinsurance Program will invest $5 billion in financial assistance for employer health plans offered to early retirees. Lasting until the new health care exchanges created by health insurance reform law are up and running, this initiative will provide premium relief for employers while increasing access to high-quality medical coverage. As the President of the Business Roundtable said: 'The Early Retiree Reinsurance Program reduces costs and allows many of our member companies to continue providing this critical coverage' to retirees, and their families.

"Congressional Republicans calling for repeal would deny America's businesses this critical help. They want to deny early retirees the peace of mind they deserve and the ability to access quality health care. Once again, they are standing up for special interests opposed to reform and standing in the way of progress for Main Street. And we must not let those playing politics drown out the needs of America's businesses and our middle class."

SOURCE Office of the Speaker of the House

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