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UPS Health Benefits Shock for Retired Union Employees
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<blockquote data-quote="beentheredonethat" data-source="post: 1081446" data-attributes="member: 4886"><p>From what I understand, UPS is self insured, but insurance is administered through a health insurance provider where they do the administration and get a fee (usually a %) of the costs. Which is usually cheaper then if UPS tried to manage it itself. </p><p></p><p>The costs that is referred to is what was paid out for all the employee in a group, and then divided by the number of people, taking into account single, married w/o childred and married with children (also single with children). WIth already taking in the insurance copay of 50 into account. If the total costs averaged 5000 per family then UPS paid the entire costs of 5000 pulled from the UPS retiree savings fund that UPS set up and continues to pay money into. If the total costs go to 6250 again UPS pays the total amount. When the costs go to 16250 (10K over the number) UPS pays the 6250 + 1/2 the 10,000 over the amount or 11,250 dollars. the retiree pays the other 5000. I don't get where you are coming up with 62,500. The statement that the if premiums go up insurance goes up the same amount (10 fold) is an incorrect statement. How it is covered and costs split are clearly defined.</p><p></p><p>I'll take myself for example. I had a medical condition that I needed treatments for. I got 4 treaments per year and it costs 10-12K per treatment. That's 40-48K dollars of cost for me just for that, let alone Dr's visits, labs, other drugs etc etc. </p><p></p><p>I made a change to my eating, I lost weight, and ate healthier, I take a lot of supplements (vitamins, herbs etc). I spend about 2 dollars a day on supplements which is not covered by insurance. However, I have not had to have that treatment for almost 2 years now. I reduced the cost to UPS of paying to insure me for this treatment by almost 100K over the last two years. I didn't do it to save UPS money. I did it to be healthier, saving costs was a side benefit. One of the largest problems the nation is facing is diabetes and the costs associated with diabetes and the complications that arise from having it. Excluding Type I diabetes, most of it can be prevented by eating less junk food, a lot less carbs, eating more non starchy vegetables and lean meats. Also to exercise (cardio). If everyone did this, costs will go down. (at least for what insurance pays for diabetes related issues). </p><p> </p><p>Plus, you will be healthier which is the main reason to do it.</p></blockquote><p></p>
[QUOTE="beentheredonethat, post: 1081446, member: 4886"] From what I understand, UPS is self insured, but insurance is administered through a health insurance provider where they do the administration and get a fee (usually a %) of the costs. Which is usually cheaper then if UPS tried to manage it itself. The costs that is referred to is what was paid out for all the employee in a group, and then divided by the number of people, taking into account single, married w/o childred and married with children (also single with children). WIth already taking in the insurance copay of 50 into account. If the total costs averaged 5000 per family then UPS paid the entire costs of 5000 pulled from the UPS retiree savings fund that UPS set up and continues to pay money into. If the total costs go to 6250 again UPS pays the total amount. When the costs go to 16250 (10K over the number) UPS pays the 6250 + 1/2 the 10,000 over the amount or 11,250 dollars. the retiree pays the other 5000. I don't get where you are coming up with 62,500. The statement that the if premiums go up insurance goes up the same amount (10 fold) is an incorrect statement. How it is covered and costs split are clearly defined. I'll take myself for example. I had a medical condition that I needed treatments for. I got 4 treaments per year and it costs 10-12K per treatment. That's 40-48K dollars of cost for me just for that, let alone Dr's visits, labs, other drugs etc etc. I made a change to my eating, I lost weight, and ate healthier, I take a lot of supplements (vitamins, herbs etc). I spend about 2 dollars a day on supplements which is not covered by insurance. However, I have not had to have that treatment for almost 2 years now. I reduced the cost to UPS of paying to insure me for this treatment by almost 100K over the last two years. I didn't do it to save UPS money. I did it to be healthier, saving costs was a side benefit. One of the largest problems the nation is facing is diabetes and the costs associated with diabetes and the complications that arise from having it. Excluding Type I diabetes, most of it can be prevented by eating less junk food, a lot less carbs, eating more non starchy vegetables and lean meats. Also to exercise (cardio). If everyone did this, costs will go down. (at least for what insurance pays for diabetes related issues). Plus, you will be healthier which is the main reason to do it. [/QUOTE]
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