Subsidy for early retirees tapped by Texas state programs, Huntsman family ...
WASHINGTON — Some of the money from President Barack Obama’s health care law is flowing to places you might not expect.
Two Texas public employee programs are among the top 25 beneficiaries of a $5-billion fund to shore up employer coverage for early retirees, despite Texas Gov. Rick Perry’s vow to repeal what Republicans derisively call “Obamacare.”
And records show the Huntsman family business, where GOP presidential candidate Jon Huntsman was once a top executive, received about $1 million.
Some see a gap between dire Republican rhetoric about the health care overhaul and the pragmatic impulse to cash in on a new government benefit.
“Lots of Texans are already benefiting from health care reform,” said Anne Dunkelberg, a health care expert at the Austin-based Center for Public Policy Priorities. “Other than for political theater, there would not be the kind of opposition there is.” The nonpartisan center advocates for the poor.
Employer-sponsored health insurance for retirees has been shriveling for years, ever since companies were required to report their liability to investors. Democrats who wrote the new law wanted to encourage employers to keep offering coverage. Only about 6 percent of private companies currently provide such a benefit for early retirees, according to the nonpartisan Employee Benefit Research Institute.
But that still works out to more than 400,000 companies. Add state and local government agencies, as well as union plans, and the number swells. The Obama administration’s subsidy program got so many applications it stopped accepting new ones after approving more than 6,000. It pays 80 percent of the claims amount for early retirees ages 55 to 64 whose care costs between $15,000 and $90,000.
The top beneficiary: the United Auto Workers retiree medical plan, collecting more than $220 million.
“Some people have described this program as ‘Cash for Clunkers,’ in the sense that if you want it, you have to get in line first,” said Paul Fronstin, an economist with the benefits research group. “There was a lot of advice given to be first in line.” The original Cash for Clunkers paid people to trade in gas guzzlers for more fuel-efficient transportation. It created a marketing sensation before running out of cash.
Washington State Health Insurance Programs - News
WASHINGTON — Some of the money from President Barack Obama's health care law is flowing to places you might not expect. Two Texas public employee programs are among the top 25 beneficiaries of a $5-billion fund to shore up employer coverage for early
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