Obama Offers Businesses $5 Billion for Retiree Health BusinessWeek
(Updates with Obama’s comments in third paragraph.)
By Drew Armstrong
May 4 (Bloomberg) -- Companies will get $5 billion from the U.S. government to help pay for retiree health insurance, a benefit of the health-care overhaul that will offset some of the millions of dollars in costs employers such as Caterpillar Inc. and Deere & Co. announced after the law’s signing.
President Barack Obama spoke about the program today in Washington at an appearance before the Business Council and companies will be able to start tapping the funds on June 1. The money is meant for early retirees older than age 55 who aren’t eligible yet for Medicare, the U.S. health plan for those 65 and older, according to a White House fact sheet describing the program.
“A lot of the companies in this room can apply for this assistance starting in June,” Obama said to the Business Council. “This is going to be a welcome reform for many businesses who are trying to provide assistance for retirees.”
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