Most employers cutting retiree health care: study

CHICAGO (Reuters) - Most U.S. employers are planning to further scale back health benefits offered to retirees, as companies struggle with the upward march in the cost of medical care and weigh increased contributions from government's Medicare program, a survey found.

Ninety-five percent of the mostly Fortune 500 companies polled expect to further restrict their retiree health plans over the next five years, and 14 percent plan to stop providing coverage entirely, the survey of 163 companies by benefits consultants Watson Wyatt found.

Employers have been exiting the retiree health business for a decade-and-a-half, amid rapid inflation in the cost of health care and increasing mobility of workers. But some feared the pace would quicken amid recent changes that boost benefits provided by Medicare, the government's health insurance program for the nation's 43 million elderly and disabled people.

"There is definitely more change in the air now that Medicare Part D has come into play. There are fewer companies that are not planning on doing anything at all," said Cara Jareb, director of retiree medical at Watson Wyatt. "The willingness to eliminate the benefit is clearly increasing."

http://news.yahoo.com/s/nm/retireehealth_dc

they don't, becuase it won't still be there in a few years.

We're all going to be living on what's left of social security (if the republicans manage to gut it) and whatever little bit we have in our 401Ks.
:grr:

to make them rich. We toil so that bills can be paid for food and shelter.

Their healthcare bills will be paid forever.

the GM buyout just screwed us all....

to purchase Cobra healthcare thru their former employer we need to do something.

the mind.

Remember how effective Harry and Louise were in killing Hillary's health care? and don't forget the able assist they got from that worthless liar Andrew Sullivan!

In 1982, the mills closed, first they were cheated out of their pensions and then in the 90s, they lost their health care. Nobody cared, nobody uttered a peep except those who live in their LASSEIZ FAIRYLAND and said this was the free market in action!

if people were guaranteed the benefits as part of their compensation packages- this should be illegal.

Employers are cutting their payout to retired former employees, but not cutting the amount employees are paying in while still working?

What's wrong with this picture?

would you please just stop it? :sarcasm:

(good point you have there)

the money they "passed on" in raises..in exchange for enhanced pension benefits?.. This is how companies STOLE labor from employees for DECADES...

boss:.. "well, we could raise your "today wages" 25 cents an hour, OR you could have additional insurance benefits in your pension plan...."

For decades, unions made bargaining decisions with pension benefits in mind..employees who were loyal to the company often accepted enhanced pension as a deferred benefit and cut the bosses some slack on the immediate pay raises..

Talk abotu a stab in the back.. The company got willing workers, working for a promised benefit in the future, and less at the present...and of course when it's time for the company to live up the THEIR bargain, they weasel out..

Someone should dig out all those old contracts and do the math..and SUE the companies for the appropriate cash they would have earned had they not been conned into the benefits package..

in a system that does not allow us to succeed?

Seriously, what benefits do we get for paying taxes (for one thing)
to this country now, and when we are older?
I would rather invest in a different country!

Too bad it's so difficult to immigrate somewhere else.
No one is taking any of us in on Amnesty!:(

This country is turning rapidly into a libertarian's wet dream. Most of the jobs I'm seeing offered are either contract or part-time, & offer no bennies such as health or time off.

It's insane for this country's gov. to waste our tax dollars and not use them for universal healthcare.

pay for their healthcare anymore...