Thursday, October 7, 2010
From the Heritage Foundation:
3M announced this week it is getting out of the business of insuring its retirees. Within a couple of years, all of those former employees will be pushed into Medicare or given a payment towards the cost of insurance obtained from the new exchanges established under Obamacare. There is no guarantee that their coverage will be as good as what they have now, and of course no guarantee that they will have the same doctor.
This follows the announcement from The Principal Financial Group that it is exiting the health insurance business, waiving goodbye to its 840,000 covered insureds. Those insureds will not by definition have the same insurance next year, and the impact on their doctor choice is yet to be seen.
Harvard Pilgrim, an uinsurer doing business in New England, told 22,000 seniors last week that they cannot have their old Medicare Advantage plans back as the company is out of that business next year.
And McDonald's is debating whether to continue its "mini-med" policies for its hourly workers.