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UPS Union Issues
teamcare question
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<blockquote data-quote="Mugarolla" data-source="post: 1443517" data-attributes="member: 8481"><p>I have not seen any numbers either. I was basing this on Hoffa's letter. Granted, there were 3 things in it, but he summed it up saying that Teamcare is unsustainable.</p><p></p><p>And new members mean higher claims, but based on rates and claims, insurance companies have a formula. They are only going to give benefits for what they foresee as having money to pay, plus build up a reserve.</p><p></p><p>So one can guess that the more participants in the plan, the better reserve they need to and can build.</p><p></p><p>An example would be that the insurance company gets $600 a month from you and only expects to pay out $500 on you in claims in the long run. Now multiply that monthly reserve, per se, by an additional 50,000 participants.</p><p></p><p>Teamcare now looks extremely viable now, and in the future. If Teamcare did not get those new participants, not so much so.</p></blockquote><p></p>
[QUOTE="Mugarolla, post: 1443517, member: 8481"] I have not seen any numbers either. I was basing this on Hoffa's letter. Granted, there were 3 things in it, but he summed it up saying that Teamcare is unsustainable. And new members mean higher claims, but based on rates and claims, insurance companies have a formula. They are only going to give benefits for what they foresee as having money to pay, plus build up a reserve. So one can guess that the more participants in the plan, the better reserve they need to and can build. An example would be that the insurance company gets $600 a month from you and only expects to pay out $500 on you in claims in the long run. Now multiply that monthly reserve, per se, by an additional 50,000 participants. Teamcare now looks extremely viable now, and in the future. If Teamcare did not get those new participants, not so much so. [/QUOTE]
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