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Author: telegraph Big funky green star, 20000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 734363  
Subject: IBM retirees and ObamaKare Date: 9/7/2013 10:34 AM
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nternational Business Machines Corp. plans to move about 110,000 retirees off its company-sponsored health plan and instead give them a payment to buy coverage on a health-insurance exchange, in a sign that even big, well-capitalized employers aren't likely to keep providing the once-common benefits as medical costs continue to rise.

The move, which will affect all IBM retirees once they become eligible for Medicare, will relieve the technology company of the responsibility of managing retirement health-care benefits. IBM said the growing cost of care makes its current plan unsustainable without big premium increases.

IBM's shift is an indication that health-insurance marketplaces, similar to the public exchanges proposed under President Barack Obama's health-care overhaul, will play a bigger role as companies move coverage down the path taken by many pensions, paying employees and retirees a fixed sum to manage their own care.

In notices signed by Chief Health Director Kyu Rhee, IBM has told retirees in recent weeks that to keep receiving coverage, they will need to pick a plan offered through Extend Health, a large private Medicare exchange run by New York-based Towers Watson & Co.

Read more: http://www.foxnews.com/us/2013/09/07/ibm-to-move-retirees-of...


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So IBM will load up ObamaKare with lots of older folks who retire before 65 and likely have very high health care costs compared to the 'average' American..... and bail out of high cost coverage by the company.

Adverse selection, but heck, why not take advantage of the taxpayer and load up the 'exchanges' with elderly folks?

ObamaKare is likely to crater as company after company will emulate IBM.....

Fortunately my sister and BIL are now both over 65...sis just turned 65 in June...so they go on MediScare and IBM will pay for their supplemental plans......

110,000 elderly dumped on ObamaKare - likely all over 50..... (IBM had lots of 'early retirees' as it downsized.....My BIL got 'early retirement' at age 50......(although he took another job while collecting his IBM pension for another 12 years....).....


t.
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Author: CCinOC Big gold star, 5000 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 696027 of 734363
Subject: Re: IBM retirees and ObamaKare Date: 9/7/2013 11:21 AM
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I say let the chips fall where they may. The wheels are falling off OwebamaKare as we type. I'm with this guy...

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Author: ascenzm Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 696045 of 734363
Subject: Re: IBM retirees and ObamaKare Date: 9/7/2013 1:01 PM
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So IBM will load up ObamaKare with lots of older folks who retire before 65 and likely have very high health care costs compared to the 'average' American..... and bail out of high cost coverage by the company.

t


You are not eligible for Medicare if you're less than 65 years old, right?

From the article, "The move, which will affect all IBM retirees once they become eligible for Medicare".

I read this article to mean that only IBM retirees 65 years old and older are the retirees being impacted.

My employer used to provide Medicare supplemental insurance for over 65 retirees, but got rid of this benefit a few years ago. For early retirees ages 58-64, my employer offers health insurance (if you retire after you reach age 58 with 30 years service) but they capped the amount they'll pay annually for insurance to ~ $6700/year

Mike

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