More predictions coming to fruition.

3M Co. will drop retirees from health plans, steer to MedicareMinneapolis / St. Paul Business Journal - by Sam Black Staff Writer
 
3M Co., citing new federal health laws, said Monday it won't cover retirees with its corporate health-insurance plan starting in 2013.

Instead, the company will direct retirees to Medicare-backed insurance programs, and will provide reimbursement for that coverage. It'll also reimburse retirees who are too young for Medicare; the company didn't provide further details.

The company made the changes known in a memo to employees Friday; news of the move was reported in The Wall Street Journal and confirmed Monday by 3M spokeswoman Jackie Berry.

In its memo, the company said the new health-reform act would create new opportunities for people in their 50s and 60s to find affordable insurance.

Maplewood-based 3M (NYSE: MMM) is one of the first large companies to indicate that it won't tap a large federal-government reimbursement program created by Congress as part of the health insurance reform package, The Wall Street Journal reported. The rebate program was meant to encourage employers to keep in place their health-insurance plans for retirees.

3M said the new policy will begin in 2013 for retirees who are 65 and older and qualify for Medicare. Non-Medicare eligible retirees and their dependents will join the program in 2015.

3M noted that these changes affect current and future retirees of 3M, regardless of their retirement date.

The new policy is likely to save 3M money because it reduces the risk to the manufacturer for rising medical costs, according to a University of Minnesota professor interviewed Monday by Minnesota Public Radio.


http://www.bizjournals.com/twincities/stories/2010/10/04/daily3.html

Well that backfired. ;D ;D ;D

"Maplewood-based 3M (NYSE: MMM) is one of the first large companies to indicate that it won't tap a large federal-government reimbursement program created by Congress as part of the health insurance reform package, The Wall Street Journal reported. The rebate program was meant to encourage employers to keep in place their health-insurance plans for retirees. "

This is just the start. I know of 5 big Co. that are doing the same thing.