Time Warner to move retirees to health care exchanges
Published September 9, 2013
by Reuters, September 8, 2013.
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 Jan. 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.
September 9, 2013 at 9:34 am
Richard Bunce says:
Every employer should do this for all employees and pay the penalty... still be less expensive for employer, more choice for employee, and end the employer provided healthcare insurance started in the 1940s in response to government wage regulation.
September 9, 2013 at 9:44 am
Norm Kelly says:
So, another company makes the decision to help people "keep their existing plan". Or so said the war-monger, Mr. Obama. Except this is actually another case of businesses doing exactly what the socialist wanted to have happen. Some Democrats in Washington, and Mr. Obama himself, said that the goal was a single-payer system, but Obamacare was the first step. For those who don't understand what a single-payer system is, it's alternative name is "socialized medicine". Libertarians & some Republicans correctly called Obamacare by it's right name, and liberals & Democrats (redundant?) had a cow. Libertarians and some Republicans said that the law would implement "death panels". It appears this was a true statement. But Liberals & Democrats had a cow.
Is there somewhere in the world that:
- socialized medicine exists that don't have death panels?
- socialized medicine exists that allows private companies to compete with the government program?
- socialized medicine exists that has made the country more financially stable?
- socialized medicine has reduced the cost to the average person?
- socialized medicine has reduced the wait time for care?
- socialized medicine has reduced the number of regulations that cover both patient & provider?
Here in America, the land of the free, for the very first time in our history, medical device manufacturers MUST pay a tax on gross income. Every other company in the land pays tax on net income. Does anyone believe this new tax form will encourage device manufacturers to innovate, research, create? Does anyone doubt that Democrats/Liberals won't see this as a new way to tax even more businesses? Let's not forget that GE pays NO FEDERAL TAXES, yet is praised by Democrats. Let's not forget that Apple is praised by Democrats, yet does it's manufacturing overseas. Let's not forget that FaceBook had outrageous profits, yet didn't pay federal income taxes (or the amount was miniscule, I can't remember which it was). While companies that are loved & praised by Democrats get away with taxpayer subsidies, medical device manufacturers are penalized under Obamacare. Democrats love to claim that "big oil" receives federal subsidies, and that this is a problem. The truth is much different. Big oil takes advantage of the same tax deductions as every other business, according to tax law. The companies that are loved by Democrats take advantage of the same laws and are praised.
See the challenge when government is allowed to control life? Socialized medicine is turning out to be the same disaster as the tax code. So many rules & regulations that it is absolutely possible to convict anyone of violating the law. But only convicting the ones who irritate you, while letting your buddies slide.
Everything about MORE government control of life is bad. Anyone who believes otherwise, please have Chris Fits document it for the rest of us. It's way past time for people to stop voting with their wallet & start voting with their brain.
As long as Democrats call people like me who believe in the Constitution "extremists", I will gladly wear the monicker. (for all you clintonistas: "monicker" should not be confused with "monica".)
