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Thread: 3M Co. will drop retirees from health plans, steer to Medicare

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    3M Co. will drop retirees from health plans, steer to Medicare

    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.
    "Facts are stubborn things; and whatever may be our wishes, our inclinations, or the dictates of our passions, they cannot alter the state of facts and evidence." - John Adams

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    Re: 3M Co. will drop retirees from health plans, steer to Medicare

    Quote Originally Posted by Prof. Peabody View Post
    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.
    Last edited by buck; 10-05-10 at 12:54 PM.

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    Re: 3M Co. will drop retirees from health plans, steer to Medicare

    People should not be getting their insurance through their companies anyway. They're just hurting themselves by doing so.

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    Re: 3M Co. will drop retirees from health plans, steer to Medicare

    Quote Originally Posted by Prof. Peabody View Post
    More victims of Obama Care. I can only hope it motivates them to kick the Democrats to the curb in another month.
    This can't be true. Don't you remember hearing many many times, "if you like your health care, you can keep it"?
    Catawa is my favorite bleeding heart liberal.
    1/27/12

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    Re: 3M Co. will drop retirees from health plans, steer to Medicare

    Quote Originally Posted by buck View Post
    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?

    Originally Posted by johnny_rebson:

    These are the same liberals who forgot how Iraq attacked us on 9/11.


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    Re: 3M Co. will drop retirees from health plans, steer to Medicare

    Quote Originally Posted by liblady View Post
    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.
    I was discovering that life just simply isn't fair and bask in the unsung glory of knowing that each obstacle overcome along the way only adds to the satisfaction in the end. Nothing great, after all, was ever accomplished by anyone sulking in his or her misery.
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    Re: 3M Co. will drop retirees from health plans, steer to Medicare

    Quote Originally Posted by Harry Guerrilla View Post
    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?

    Originally Posted by johnny_rebson:

    These are the same liberals who forgot how Iraq attacked us on 9/11.


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    Re: 3M Co. will drop retirees from health plans, steer to Medicare

    Quote Originally Posted by liblady View Post
    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.
    I was discovering that life just simply isn't fair and bask in the unsung glory of knowing that each obstacle overcome along the way only adds to the satisfaction in the end. Nothing great, after all, was ever accomplished by anyone sulking in his or her misery.
    —Adam Shepard

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    Re: 3M Co. will drop retirees from health plans, steer to Medicare

    Quote Originally Posted by Harry Guerrilla View Post
    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.
    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?

    Originally Posted by johnny_rebson:

    These are the same liberals who forgot how Iraq attacked us on 9/11.


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    Re: 3M Co. will drop retirees from health plans, steer to Medicare

    Quote Originally Posted by liblady View Post
    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?
    Yes, really. This year's increase was much higher than in years past. Additionally, our company offers a few different plans/options including a self insured insurance plan. An insurance company is not involved in the self-insrued plan, and those premiums have also gone up quite a bit too. The reason for a large amount of the increase, even in teh self-insured plan, was the reforms - as specifically stated in the announcement we recieved.

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