......Caterpillar is about to dump their health insurance plan for employees and take the fines instead. ......
It is too soon for that. This action apparently pertains to retirees only. The tax deduction for insurance for retiree drugs has been abolished.
It would seem to mean that retiree drug programs will be curtailed and picked up by Medicare.
That is my take
If I ran a corporation in this environment the first thing I would do is tell all the unionized employees that as soon as their contracts end they will not be offered insurance so don’t ask, I’ll take the fine instead.
Do you know if Exxon is in this situation too? My liberal co-worker’s dad is an Exxon retiree and doesn’t have to deal with Medicare (but I don’t know about prescriptions). If her Dad started complaining to her about this (and she adores her dad), she might get a clue about the impact of this insane legislation.