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GM Retirees Lose Their Lifetime Benefits

It came as a shock to many elderly retired former GM employees when the company, who is facing bankrupty and lobbying for a government bailout, announced that it will be eliminating the lifetime health insurance benefits it bestowed on legions of retired employees. These retirees, accustomed to being set for life, will now have to face sorting through the options of Medicare and other possibilities to fend for themselves for some, the first time in many years. The company spent tremendous amounts of money on this benefit for its employees, and while these folks are lamenting the loss of such a great perk, they are generally understanding of the company being unable to continue bearing the burden of it. How do you think these folks will fare in getting their own coverage? Having not had to deal with it for as many as forty or fifty years, will they be able to decipher the complicated number of Medicare options? Are there resources available to assist them?

This entry was posted on Tuesday, November 11th, 2008 at 11:52 am and is filed under Florida Health Insurance. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

One Response to “GM Retirees Lose Their Lifetime Benefits”

  1. Ivory Says:

    Luckily there are Medicare plans available for the retirees, that will allow them to continue to see their healthcare providers, continue the same treatments, continue their lives. Most licensed health agents in FL are versed on the many options available, and they are the resource that the retirees can seek out. There are several carriers based in FL that offer products that will pick up where the other carriers, funded by GM, will leave the retirees. Higher cost plans are not their only option, and the agents can educate the people on this. So to answer, how will they fare-it will be a transition, but they should do well.

    I say this because I’m a licensed agent in FL.

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