Qualified retirees can typically obtain health benefits through their former employer, with supplemental coverage through Medicare. Several different government regulations help protect retiree health insurance benefits, including the Employee Retirement Income Security Program, the Affordable Care Act and the Age Discrimination in Employment Act for Retiree Benefits.
The Employee Retirement Income Security Program
The federal Employee Retirement Income Security Program, US Code 29, Chapter 18, was last updated in February 2010 and its main purpose is the regulation of obtaining and maintaining retiree health benefits. Under this law, businesses can face criminal penalties for not adhering to regulations and individuals are protected in bringing civil action against former employers for not meeting the minimum benefit requirements.
The Affordable Care Act
The Affordable Care Act was put in place on June 1, 2010 and is a retiree benefit regulation administered by the secretary of Health and Human Services. This law is designed for early retirees age 55 to 64 and its main objective is to reduce the cost of health care for individuals and employers who contribute to their benefit plans.
The Age Discrimination in Employment Act for Retiree Benefits
In 2007, the U.S. Equal Employment Opportunity Commission added a final update to the Age Discrimination in Employment Act of 1967, which is a regulation that helps employers offer different types of plans without violating the original law. Businesses must continue to offer retirement benefits to individuals in their designated time frame, but due to the increased cost of health care, this regulation allows employers more choices with supplemental insurance through Medicare.
Tags: Affordable Care, Discrimination Employment, Employee Retirement, Employee Retirement Income, Income Security, Income Security Program
