General Motors Retirees Lose Company Health Care Coverage, Will Receive $300 Monthly To Purchase Coverage

I seems that they are on their own now. It appears there are plans selected, but outside the realm you are on your own. Retirees are losing all the way around here if they had any stock in the company as well. There was no mention of whether or not individuals will have to re-qualify for coverage or if they will be accepted as is done for employer health insurance. At least some compensation is better than nothing I guess. BD

General Motors on Jan. 1, 2009, will cease to provide health care coverage for more than 100,000 retirees and their dependents and instead will add $300 to their monthly pension checks to purchase insurance, the Detroit Free Press reports. The move is an effort to reduce spending by GM, which spent $3.3 billion on retiree health coverage in 2007.