How can that be? DC printing presses on strike?
Now we find out that ERRP (Early Retiree Reinsurance Program) ran out of gas too.
PPACA drafters created the ERRP system, to encourage employers to keep health plans for retirees ages 55 to 64 in place. Congress provided $5 billion in funding for early retiree health plan subsidies. ERRP managers were supposed to use $300 million of the allocation for administrative expenses and $4.7 billion for employer plan reimbursement claims.
Congress also provided $5 billion in funding for PCIP (pronounced "P-sip").
PCIP was supposed to provide health coverage for uninsured people with serious health problems who could not qualify to buy private health coverage. PCIP enrollees are supposed to pay premiums comparable to what healthy people in their states pay for individual commercial coverage.
Operative word here is SUPPOSED.
Although ERRP funding was supposed to last until the end of 2013, program managers at CCIIO had to suspend enrollment in the program by May 2011 because expenses were running so high, Czerwinski said.
ERRP managers ran out of the $4.7 billion in funding for ERRP claims in September 2012, and, at that time, they had 5,699 open claims for reimbursement.
The employers that submitted the reimbursement claims have asked for a total of $2.5 billion in payments, Czerwinski said.
Employers left holding the bag.
Wonder why CBS isn't reporting this?
Before PCIP started up, Medicare actuaries predicted that the program would have 375,000 enrollees by the end of 2010.
Actual enrollment was only about 49,000 at the end of 2011, and it increased to about 103,000 at the end of December 2012, Czerwinski said.
Good thing they never hit their projections.
I don't know about you, but this doesn't give me warm fuzzzies about Obamacare 2014.
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