Most companies dumped their retirees on Medicare years ago.
The few that didn’t, did it when Bush rolled out the Prescription coverage.
I’m curious if Obamacare was somehow an added impetus for this move, or whether 3M was just behind the ball.
Of course ObamaCare was the reason. The new ‘mandates’ the gov’t is requiring for private health insurance include ‘free’ screening for most cancers. This includes ‘free’ colonoscopies, beginning at 50. Many more ‘seniors’(ie retirees) will take advantage of the screenings, which will drive up health care in the short term, while possibily saving money on expensive cancer treatment in the long run.
3M is just responding the way any BUSINESS would, maximizing profits. The law of unintended consequences strikes again. I wonder how many ‘hope and change’ 3M retirees will feel ‘short changed’ by Obama when they get the letter from their former employer?
GE didn’t. My mom had outstanding GE health benefits until she died last year.