GM Benefits Cuts Underscore Need to Plan Ahead for Medical Expenses
It’s tough to tell what a person’s health care needs will be by the time retirement age rolls around. Planning ahead for medical expenses can help to ensure that you’ll be able to cope with medical costs that may arise in your golden years.
You don’t have to look far for an example of why planning ahead for health care costs is so important.
General Motors Corp. is eliminating health coverage for salaried workers in the U.S. who are 65 years of age and older, effective next January. The company has hired a firm to work with retirees and help them to find replacement coverage, but the change will undoubtedly affect the finances of many former GM employees.
If you are affected by the changes being made by GM, it’s crucial to take a hard look at the impact you will face.
In some cases, the change will not make a difference in coverage. For example, the health coverage of a spouse of an affected former GM employee won't be impacted, if they aren't old enough to qualify for Medicare. But many family members will see significant changes in coverage, and should plan ahead.
Utah-based Extend Health has been hired by GM to help retirees sort out their options. The company specializes in helping retired workers to transfer from group health plans to individualized programs.
Extend Health will provide free telephone advice on available plan options, such as Medicare Advantage, Medigap policies and Medicare Part D coverage, and assist retirees in enrolling retirees in the plan that best suits their needs.
– By Ed Coury, senior editor and Midwest bureau chief for the Wall Street Journal Radio Network, Dow Jones & Co., and a reporter for WWJ Newsradio 950
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It’s tough to tell what a person’s health care needs will be by the time retirement age rolls around. Planning ahead for medical expenses can help to ensure that you’ll be able to cope with medical costs that may arise in your golden years.
