October 21, 2009

THANKS, UR!

GM replacing traditional health plan for some retirees (Jerry Geisel, 10/21/09, Business Insurance.com)

General Motors Corp. will replace its traditional health care plan for salaried retirees younger than 65 with a consumer-driven health plan linked to health savings accounts effective Jan. 1, 2010. [...]

In 2010, salaried retirees with individual coverage will be allowed to contribute up to $3,050 to health savings accounts, while retirees with family coverage will be allowed to contribute $6,150 to an HSA. In addition, retirees age 55 and older will be allowed to contribute an additional $1,000 a year to their HSA in so-called catch-up contributions.

Retirees will be allowed to establish an HSA at a financial institution of their choosing. However, GM will pay administrative fees of HSAs that are set up with Bank of America Corp.

Monthly premiums for the retiree consumer-driven health plan will range from $150 for individuals to $253 for families.

Posted by Orrin Judd at October 21, 2009 5:05 PM
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