The Obama administration is allocating $5 billion to help employers maintain health coverage for early retirees age 55 and older who are not yet eligible for Medicare. By June, employers can apply for federal financial assistance through the U.S. Department of Health and Human Services.

The program (the Early Retiree Reinsurance Program in the Affordable Care Act) will end in 2014, when Americans will be able to choose from additional coverage options through the health insurance exchanges, according to HHS.

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