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Monday, October 4, 2010, 12:28pm CDT | Modified: Monday, October 4, 2010, 12:56pm
3M Co. will drop retirees from health plans, steer to Medicare
Minneapolis / St. Paul Business Journal - by Sam Black Staff Writer
3M Co., citing new federal health laws, said Monday it won't cover retirees with its corporate health-insurance plan starting in 2013.
Instead, the company will direct retirees to Medicare-backed insurance programs, and will provide reimbursement for that coverage. It'll also reimburse retirees who are too young for Medicare; the company didn't provide further details.
The company made the changes known in a memo to employees Friday; news of the move was reported in The Wall Street Journal and confirmed Monday by 3M spokeswoman Jackie Berry.
In its memo, the company said the new health-reform act would create new opportunities for people in their 50s and 60s to find affordable insurance.
Maplewood-based 3M (NYSE: MMM) is one of the first large companies to indicate that it won't tap a large federal-government reimbursement program created by Congress as part of the health insurance reform package, The Wall Street Journal reported. The rebate program was meant to encourage employers to keep in place their health-insurance plans for retirees.
3M said the new policy will begin in 2013 for retirees who are 65 and older and qualify for Medicare. Non-Medicare eligible retirees and their dependents will join the program in 2015.
3M Co. will drop retirees from health plans, steer to Medicare - Minneapolis / St. Paul Business Journal
More victims of Obama Care. I can only hope it motivates them to kick the Democrats to the curb in another month.
More victims of Obama Care. I can only hope it motivates them to kick the Democrats to the curb in another month.
With annual enrollment coming up, we just received notice of our premium increases. We were informed in a letter that due to the reforms, health premiums were increasing. Luckily, I work for a company that is going to pick up most of the increased premiums. This will apparently cost the company multiple milions of dollars (I am not providing specifics here). The amount of the increase left for me to pay isn't too much.
I feel sorry for those people that work for companies that aren't doing this. The increase for us would have been quite large if not for the company's decision - they provided calculations for how much they were picking up.
really? then why have most premiums increased every year prior to this one? just because? why in the world do you trust that insurance companies are truthful?
My company did a mid year increase, something that the Plant manager said, he has never seen in 20 years.
I think, it's mostly to prepare for future liabilities, when the system increases the mandated care.
that may be.....or they did it because they could. how can we know?
You either have to take their word for it or find another cause.
Technically, premiums should be going down because we are hitting the baby boomer retirement era but they aren't.
really? then why have most premiums increased every year prior to this one? just because? why in the world do you trust that insurance companies are truthful?
because people aren't retiring. and insurance company premiums won't go down, no matter what. remember the hoopla about malpractice insurance and how the price should go down with tort reform? guess what........states who enacted tort reform say no decreases in malpractice premiums. wonder why?
More victims of Obama Care. I can only hope it motivates them to kick the Democrats to the curb in another month.
5.When I or my dependent become Medicare eligible or turn age 65, what changes?
You must enroll in Medicare Parts A and B, as this will become your primary coverage. Further information will be mailed to you approximately three months before your 65th birthday.
8.If I or my dependent do not sign up for Medicare Part B, does the insurance company cover those types of expenses?
Honeywell has designed its retiree medical benefits to work together with Medicare to provide you the coverage you need.
General FAQs - Honeywell Retiree
People should not be getting their insurance through their companies anyway. They're just hurting themselves by doing so.
How? I have great insurance through my company and would hate to give it up.
Not all of them are but enough to at least have an effect of dropping the price by a couple of tenths of a percent.
I don't agree with tort reform personally.
I'd prefer judges act more discriminating, when dealing with possible frivolous law suits.
This can't be true. Don't you remember hearing many many times, "if you like your health care, you can keep it"?
Because it tethers you to your job. You'll be more willing to accept ****ty work conditions, ****ty bosses, ****ty treatment in order to keep said insurance. Whereas if you had insurance separate from the job, then it doesn't tether you to it.
And then, if you lose your job, you get a double whammy by losing your insurance too. The two should not be tied together like that.
Because it tethers you to your job. You'll be more willing to accept ****ty work conditions, ****ty bosses, ****ty treatment in order to keep said insurance. Whereas if you had insurance separate from the job, then it doesn't tether you to it.
And then, if you lose your job, you get a double whammy by losing your insurance too. The two should not be tied together like that.
really? then why have most premiums increased every year prior to this one? just because? why in the world do you trust that insurance companies are truthful?
Obama swore that insurance permiums would go down, because of Obamacare. But, they're going up. Just because?
Because apparently this health care bill isn't actually a takeover of the insurance industry, and insurance companies are still free to gouge you at will.
People should not be getting their insurance through their companies anyway. They're just hurting themselves by doing so.
Get used oi it. Obama care will end up costing billions before the damn Liberals figure out they have been duped again.
How many times are they willing to give Obama a pass only because he's half black.
OMG did he say half black? You damn betcha.
If he was as stupid as he is as a white guy he would still be the crooked Chicago political hack in stead of the Amateur in Chief he has become.
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