GM Retirees Lose Their Health Benefits January 1 2009

GM Retirees Lose Their Health Benefits

It was a shock, and unbelieveable at first to many retired former GM employees when the company, facing bankrupty and lobbying for a government bailout, announced that it will be eliminating the lifetime health insurance that thousands of GM retired employees enjoy. These retirees, accustomed to being set for life, will now have to face sorting through the options of Medicare and non-Medicare options. In this regard, GM employees are becoming like a great number of US citizens that are going out there searching for their benefits for the first time. This is especially shocking as the GM retirees were accustomed of having the benefits served to them by their HR departments. 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? Speaking with a number of them recently, it seems that the most pressing issues is finding a good medicare supplement plan and a good dental and vision plan.


royston said...

Well according to my point of view, I think that it was a bad day for GM’s retired auto workers, who will lose their benefits in the wake of the auto goliath filing for bankruptcy.

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blue cross blue shield said...

yeah, it was a bad day for them, retired workers who works so hard for the company lost their benefits just because the company suffer bankruptcy. how sad.

Jo said...

Everyone is on the same boat nowadays, it doesn't matter if you are a regular employee or GM's. It's all the same, let's just hope we can find a universal solution to all this.

Disclosure said...

Yeah, you are right, everyone is in the same boat. Noone can trust a "company" or "the government" to provide a solution for them.

Instead, take the time and interest in staying in best possible health, get some insurance to top it off, and you should be okay.

Anonymous said...

As GM has $40 billion in the bank paid both the USA and Canadian Governments back and in Canada sells 1,600.000 cars a year what is viability ?as our government let the court in Canada with their mandate and showing no proof of ownership of General Motors of Canada Limited. Our courts ar dicktated to by our Government so it looks or the Ouestion of viability and ownership by our courts would have been asked.

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