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Wednesday, May 11, 2011

Affordable Health Insurance, Cancelled Retiree Benefits

By Simon Bukai

There are many individuals who have been taught by their fathers to take great care. When you, as an employee are loyal to a particular corporation, the corporation will take good care of you through the many health insurance benefit programs they offer. Well, this may have worked out well for your father and your grandfather, but you are now standing on the cusp of a new world.
Perhaps now that you are in the middle age bracket of statistics and you are having a few serious discussions with your father. He received a notice from his past employer that his benefits were either being reduced or eliminated. The affordable health insurance plan that he was receiving coverage was cancelled and his pension was discarded right along too.
You listen and you try to have a discussions, but internally you are worried because the company you are currently employed with is about to do the same thing. Regardless if you are employed with a company that is involved with a union, the company gets the final say. Where do you go from here? You begin to wonder why this is happening to you.
You are not alone because there is a good chance your employer is in the same uncomfortable position. One of the first items to be taken off the table is the affordable insurance that the employer was paying as a generous service to all employees. Your employer must reduce the labor cost and scale back on inventory and office expenses too.
Over the past decade or two, your employer requested that all employees pay a portion of the united health insurance expense for the employer to continue the practice that was begun decades ago. Now your employer has reached a crossroad, just as you and your fellow employees. Now you are expected to pick up some of the cost for your father when you can barely pay for yourself and family.
One of the incentive plans you can research is for early retirement medical and insurance provisions through your employer. Try setting up an appointment and discuss the possible issues to see what the terms will be. This sometimes will work well with those employees who are between fifty-five years and sixty-four years. There are a number of incentive plans that your employer will help to guide you.
When there is a substantial gap in age between you and your spouse, you may want to separate your spouse and children from the insurance policy that you will be paying. This is just another way to keep the expenses as low as possible.
 

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