talk about a Mature Product Line...
Posted on 09/07/2013 5:59:24 PM PDT by SeekAndFind
Edited on 09/07/2013 6:05:06 PM PDT by Admin Moderator. [history]
110,000 current and soon to be eligible retirees working for IBM woke up to an unpleasant surprise this morning, when the WSJ reported that as a result of soaring healthcare costs, the tech bellwether giant will be terminating its company-sponsored health plan and instead giving (soon to be former) beneficiaries a lump sum payment to buy coverage on a health-exchange: a move which the WSJ characterized as indicating that employers are unlikely to keep providing the once-common benefits as medical costs continue to rise. The reason why all IBM retirees will have to find alternative, third-party, retirement coverage upon hitting the Medicare eligible age of 65 is that "IBM said the growing cost of care makes its current plan unsustainable without big premium increases." And to avoid those premium increases, the costs will find a clearing price either in a private exchange (supposedly competitive, realistically monopolistic), or will end up commingled with other public healthcare funding. End result: IBM benefits, everyone else loses.
(Excerpt) Read more at zerohedge.com ...
It will be 50% by the time the feral government gets finished making it more efficient.
Bump for future reference
IBM is a far-left/progressive outfit with many (even IBM Fellows) members of Obama’s circle and Occupy.
Of course, they were also dancing with Hitler tallying dead Jews and everything connected, from gold teeth to glasses.
My father retired from IBM, this will affect both he and my Mom.
‘Big Blue’ ain’t what it used to be.
Thanks Obama.
Only such an organization would come up with and only make worse Lotus Notes.
IBM is a far-left/progressive outfit with many (even IBM Fellows) members of Obama’s circle and Occupy.Which means they love the promise of National Health Care...especially when it saves them some money.
I have a standing challenge to Liberals - If you think Big Government programs can fix things, go to Zimbabwe and Haiti. Come back when they can feed thenselves.
Their first use of Watson is for healthcare.
gee.. who could’ve possibly seen this coming....
its almost as if people can predict the future.
(and yes, more future events have been ‘foreseen’)
>>My father retired from IBM, this will affect both he and my Mom.
>>‘Big Blue’ ain’t what it used to be.
>>Thanks Obama.
‘Big Blue’ ceased to be “what it used to be” long before Obama. My father worked for them for 30 years. When they sold their copier division, they “sold” him as well.
This is just another case of a healthy company using Obamanomics to keep transferring all wealth to the wealthy, and leaving workers (and retired workers) to fend for themselves in the new socialist economy (just as soon as the socialists create it and stop talking about it).
Unless IBM’s retirees were declining Medicare Part B, IBM’s cost would have only been for providing Medicare supplement coverage, since Medicare would be the primary insurer for a person over 65. Giving them cash to go to the exchanges makes no sense since the exchanges don’t insure seniors. And since Obamacare is cutting back supplement programs, they’ll have a challenge just keeping a supplement program.
talk about a Mature Product Line...
Dump them on the government.
The forcing of single-payer seems to be right on schedule. Jack the costs and business must respond. Don’t think this is an “unintended consequence!”
They love the promise of National Health Care...especially when it saves them some money.
Exactly. And the beltway GOP will happily take the corporate K Street payola to dump us all on kenyancare. That will be the big sell out after amnesty if they can get that done.
The lesson of the Rubio & Ryan betrayl is that everything will be on the table at the right price. The careerist scum inside the beltway plan on pimping out Main Street. We must stop them now.
“IBM’s cost would have only been for providing Medicare supplement coverage, since Medicare would be the primary insurer for a person over 65.”
You are correct... I have HP retirement insurance and since my spouse and I are on medicare, HP pays almost nothing. 80% of 20% ant the most, and only then after our deductible has been paid.
They sold me back in 1990. That’s also when they bought my father out into early retirement.
I imagine at this point I don’t expect this will bother him too much, since he’s on medicare and the lump sum payment and his pretty-low retirement (I mean, he’s been collecting a 1990 retirement pay), means he might actually get subsidized under the AARP medicare advantage program. In general, the oldest people make out OK, it’s the young people that pay 4 times as much to cover the old people.
Except didn’t Obamacare wipe out most of the medicare plus stuff, except that offered for a fee by AARP?
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