The Center for Consumer Information and Insurance Oversight, which owes $2.5 billion in unpaid claims, is going to have a lot of trouble making good.
That's the upshot of a new Government Accountability Report on the state of affairs at CCIIO, which discontinued enrollment in its Early Retiree Reinsurance Program in early 2011 and stopped making reimbursements to plan sponsors in September of last year.
The program was started as a stop-gap measure in the Patient Protection and Affordable Care Act to reimburse sponsors of employment-based health plans for the cost of providing health benefits to early retirees over age 55 who are not eligible for Medicare. The money was expected to last through the end of 2013, when the PPACA would provide new insurance coverage options.
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