NCR trims benefits - Some retirees must pay for medical insurance

[InkAddict]

http://www.daytondailynews.com/business/content/business/daily/1016ncr.html

DAYTON | NCR Corp. retirees who do not qualify for Medicare will have to pay much more for their medical insurance next year, the company confirmed this week.

The change is part of a companywide effort to cut $250 million in operating expenses by the end of 2005, NCR President and Chief Executive Mark Hurd said in an Oct. 10 letter to retirees. It also includes the elimination of company paid life insurance for both employees and retirees.

Retirees age 64 and younger will begin paying a monthly premium for their medical benefits in 2004. The change affects 3,500 of the company's 14,000 U.S. retirees, NCR spokesman John Hourigan said.

The cost will be phased in over two years to allow retirees to adjust their budgets, Hourigan said. For a single retiree, medical benefits are expected to cost $107 a month in 2004 and $300 a month in 2005, Hourigan said. Coverage for an employee and spouse will cost $231 in 2004 and $600 in 2005.

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Watch out for more out-of-control "monkey see - monkey do" bandwagons.

:hurts:

[MaineDem]

1. This sucks

I'm reitred and when I left the company (not NCR) I left with a benefits package. This sort of thing scares me. How are retirees suppossed to come up with the $600 a month for this coverage in 2005? I think it stinks that a company can change the rules when the retiree has no recourse. What are they going to do, strike?

My health insurance costs have gone up every year. I can't complain too much when I see what people pay on their own for insurance. IF they have insurance at all. But how can companies change the rules once a person has retired with the promise of coverage? I don't get it and it frightens me.

[Mountainman]

2. we are coming to the place were you either have insurance or die

In this country medical care is never going to be a right but a privilage.

The only way people like us are going to get medical care as we get old is to have a Canadian style health care system because as you begin to live on a fixed income and costs rise, you just have to do without.

[young_at_heart]

3. I can only afford "catastrophic" insurance

If something horrible happens I'm covered. So I don't go to the doctor and have only a very few prescriptions. I have to pay $200/month for this wonderful coverage. I count myself lucky!

[lovedems]

4. They have to have extra profit money for campaign contributions

for the rethuglican party. Bush has set a record for fund raising. Most of his money is coming from corporations, lobbyists, and special interest millionaires. Isn't it obvious? They will gladly pay for Bush to be president in 04 at the expense of middle america, he takes good care of them with lax environmental laws and tax breaks.

[bleedingheart]

5. The canary has been chirping a while in the mine but people

have not been paying attention...we are letting eighty years of progress go straight down the shitter.