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UPS Health Benefits Shock for Retired Union Employees
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<blockquote data-quote="Ms.PacMan" data-source="post: 1082586" data-attributes="member: 4656"><p>I don't know how to reconcile the fact that UPS will receive a gov't subsidy for early retiree claims and yet wants to increase their rates. Like most ppl I think the increased premium letter is just a ploy or perhaps a glimpse of the future-------->It is predicted that health care rates will likely rise 6.5% yearly and it is also somewhat suspicious that that $6250 compounded yearly at 6.5% for 6 years (until the PPACA goes fully into effect in 2018) is $9118, a figure very close to the $9200/person cost that the new rates in the letter perhaps are based on.</p><p></p><p>Number 4. in that document I linked to gave me the greatest pause. (This would apply to active employees and I assume retirees - different plans though.)</p><p></p><p>Specifically; </p><p>Coverage is considered unaffordable if an employer requires a contribution greater than 9.5 percent of family income or offers a plan that covers less than 60 percent of medical costs on average. Under proposed regulations, if self-only coverage costs less than 9.5 percent of income and an employer offers dependent coverage, then both employees and their family members are ineligible for subsidies regardless of</p><p>whether or not family coverage is affordable.</p><p></p><p>Central States has the lowest pension payout at $36,000/yr. The self only coverage at $247.50/mo is 8.3% of income and although the couple and family insurance plan rates are well above the 9.5% affordability guideline, the self-only rate would disqualify couples and families from receiving subsidized coverage thru an exchange.</p><p></p><p>I have so many questions....</p></blockquote><p></p>
[QUOTE="Ms.PacMan, post: 1082586, member: 4656"] I don't know how to reconcile the fact that UPS will receive a gov't subsidy for early retiree claims and yet wants to increase their rates. Like most ppl I think the increased premium letter is just a ploy or perhaps a glimpse of the future-------->It is predicted that health care rates will likely rise 6.5% yearly and it is also somewhat suspicious that that $6250 compounded yearly at 6.5% for 6 years (until the PPACA goes fully into effect in 2018) is $9118, a figure very close to the $9200/person cost that the new rates in the letter perhaps are based on. Number 4. in that document I linked to gave me the greatest pause. (This would apply to active employees and I assume retirees - different plans though.) Specifically; Coverage is considered unaffordable if an employer requires a contribution greater than 9.5 percent of family income or offers a plan that covers less than 60 percent of medical costs on average. Under proposed regulations, if self-only coverage costs less than 9.5 percent of income and an employer offers dependent coverage, then both employees and their family members are ineligible for subsidies regardless of whether or not family coverage is affordable. Central States has the lowest pension payout at $36,000/yr. The self only coverage at $247.50/mo is 8.3% of income and although the couple and family insurance plan rates are well above the 9.5% affordability guideline, the self-only rate would disqualify couples and families from receiving subsidized coverage thru an exchange. I have so many questions.... [/QUOTE]
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