Author Topic: Time Warner To Remove U.S. Retirees From Company Health Plan (Obamacare fallout)  (Read 456 times)

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Online mountaineer

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Time Warner To Remove U.S. Retirees From Company Health Plan
Reuters via HuffPost |  By Ryan Vlastelica  Posted: 09/08/2013 3:24 pm EDT

NEW YORK (Reuters) - Time Warner Inc is planning to transfer its U.S. retirees from company-sponsored health plans and move them to private insurance exchanges.

According to an August memo obtained by Reuters, the media company will make allocations to a Health Reimbursement Arrangement account for retirees to use towards the purchase of coverage on an exchange. Previously, Time Warner provided an indirect subsidy through a supplementary Medicare program.

The shift "will ultimately be beneficial for all retirees by providing more choice of coverage ... for, in many cases, a lower cost," read the memo, which was written by James Cummings, the company's senior vice president of global compensation and benefits.

The change in coverage will take effect on January 1, 2014.

Time Warner is not the only company to take such steps as a result of the government's healthcare reform laws. International Business Machines Corp on Friday announced a similar plan, which it said was a way to lower costs for retirees.
« Last Edit: September 08, 2013, 07:36:28 PM by mountaineer »
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Offline Oceander

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And here I thought we were all going to be able to keep our insurance plans if we wanted to.

Online mountaineer

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Quote
more choice of coverage ... for, in many cases, a lower cost
Don't hold your breath!
The skeptic is never for real. There he stands, cocktail in hand, left arm draped languorously on one end of the mantelpiece, telling you that he can't be sure of anything, not even of his own existence. I'll give you my secret method of demolishing universal skepticism in four words. Whisper to him: "Your fly is open." If he thinks knowledge is so all-fired impossible, why does he always look? — James Sire (from, The Universe Next Door)

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IBM has reported as doing the same....once a retiree turns 65.....they will get a subsidy to go and purchase their own plan.
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