When Your Former Employer Is On Life-Support...
Talk about rocking the health care world -- at least as it pertains to retirees. General Motors, which has 100,000 salaried retirees and their dependents on ...
Talk about rocking the health care world -- at least as it pertains to retirees. General Motors, which has 100,000 salaried retirees and their dependents on its health care rolls, is dumping them and the $3.3 billion a year it costs the company to provide them with insurance.
In lieu of covering them under the GM health plan, the retirees will get an additional $300 a month tacked onto their pension payments to use toward buying health care -- $3,600 a year to buy insurance that costs a whole lot more than that. They can, however, sign up for Medicare plans starting this week, which is a month earlier than Medicare's enrollment for everyone else.
As a story in the Detroit Free Press noted, "Given costs of the Medicare drug plans, many retirees will wind up paying much more than $300 a month."
With other major companies -- to say nothing of states and localities -- feeling a whole lot of fiscal pressure over retiree health care coverage, it brings up the old saw about GM: Is what's good for General Motors good for the country?
We invite you to discuss and comment on this article using social media.
In Property Rights Case, U.S. Supreme Court Sides With Government6 hours ago
Senate Health Bill Would Shift Medicaid Costs to States and Let Them End ACA Guarantees10 hours ago
U.S. Officials: Russians Targeted Election Systems in 21 States10 hours ago
The Only U.S. State 'Where No Doesn't Mean No' and Women Can't Take Back Consent Once Sex Begins11 hours ago
Appeals Court Reinstates Anti-LGBT Law in Mississippi11 hours ago
4 Anti-LGBT States Added to California's Travel Ban11 hours ago