Interesting Reading From The Latest Benefits Mailing

Discussion in 'FedEx Discussions' started by MrFedEx, Aug 14, 2013.

  1. MrFedEx

    MrFedEx Engorged Member

    You should have received a mailing in the last week from FedEx Express Employee Benefits. Look on the second page inside the cover to read "The Summary Annual Report For Federal Express Corporation Group Health Plan".

    Paragraph 2 of "Insurance Information" reveals the following information: " The total premiums paid for the plan year ending May 31, 2012 were $33,913,039." Next, "Of the total insurance premiums paid for the plan year ending May 31, 2012, the benefits claims paid under such "experience-rated" contracts were $746,652 and the total benefit claims charged under the experience-rated contract during the plan year was $371,757".

    Draw your own conclusions.
  2. fedupped

    fedupped Member

    i also noticed that. Why would any company self insure unless it benefited them?
  3. MrFedEx

    MrFedEx Engorged Member

    It looks like it benefits them quite handsomely. Guess who pays those $33M in premiums.
  4. fedupped

    fedupped Member

    Wait till people have to start ante ing up 4400 in deductible.
  5. Doc Sorting Dude

    Doc Sorting Dude Active Member

    We should find a way to get a class action suit that will make corporate return some of that money back to us. If this isn't a "in-your-face-scam" how else can you justify the disparity in premiums paid and claims paid? Someone should run a check on Fred to see if he's actually from Nigeria!
  6. MrFedEx

    MrFedEx Engorged Member

    Smith makes the Prince of Nigeria look like a rank amateur.
  7. newgirl

    newgirl Member

    I'd like to see UPS' numbers for comparison. If the corp. spends as much as they say on healthcare there would be no one left to work, we'd all be in the hospital or dead.
  8. STFXG

    STFXG Well-Known Member

    Sue for being offered benefits? Good luck with that.
  9. hypo hanna

    hypo hanna Well-Known Member

    It is part of our compensation package. If they are misdirecting those funds then yes it is something they can be sued for.
  10. fedupped

    fedupped Member

    A benefit should not be something you are terrified that you might have to use.
  11. MrFedEx

    MrFedEx Engorged Member

    Very profound. I'm meeting a lot of people who are simply going to "opt-out" of medical coverage. This is just wrong on so many levels, but it is exactly what FedEx wants you to do. Since they are self-insured, whenever someone takes themselves out of the game voluntarily they (FedEx) have just won, because no matter what happens to that employee, FedEx is off the hook financially.

    Your whole world can change in a second, and go from great to a nightmare, especially where your health is concerned. I've seen it happen many times, and a major illness or injury can literally bankrupt you in a surprisingly short amount of time. FedEx doesn't care if you live or die, are sick or well, or if you are happy. All they care about is getting your productivity as cheaply as possible. If you believe otherwise, please educate yourself for your own sake.
  12. DontThrowPackages

    DontThrowPackages Well-Known Member

    Wait. So what you're saying is the company is not only a overnight delivery service but an insurance company as well? So I wonder who's on their death panel? I wonder what the percentage of denied claims were last year? No wonder Obamacare is hated by them, will cut into their profits. Nothing really surprises me anymore. Can't wait til they start taxing us for "fuel over usage".
  13. MrFedEx

    MrFedEx Engorged Member

    Talk to your fellow employees. I am aware of many denied claims, and claims that were only partially paid due to the "over customary and prevalent charges" phraseology. I wish all of them would tell their horror stories. This is just another dimension of the scam.