Seattle, Spokane, Weyerhauser — and the state of Washington — will receive federal funding for healthcare

The state of Washington, City of Seattle, and more than 30 other employers will receive federal funds to help provide healthcare options for retired workers not yet eligible for Medicare.

What’s that mean for the state? About $60 million in savings over two years, according to the Health Care Authority.

From Healthcare.gov: “Businesses, other employers, and unions that are accepted into the program will receive reimbursement for medical claims for early retirees and their spouses, surviving spouses, and dependents. Savings can be used to reduce employer health care costs, provide premium relief to workers and families, or both. Applicants who are approved into the program receive reinsurance for the claims of high-cost retirees and their families (80 percent of the costs from $15,000 to $90,000).”

The program will end in 2014, when state health insurance exchanges are created through the federal healthcare reform.

Tags: healthcare reform