Bad News about my Health Care Insurance?

In Losing Employee Sponsored Health Care Insurance?, I concluded that my company would be doing an evaluation of the impacts from health care reform legislation, and that might lead to changes in my retiree health care plan. This week I received a notice from my company that they expect to make changes to the plan and premium rates based on the health care reform legislation. The changes would be provided by November, 2010.

As a reminder of what we were promised, I have included a couple quotes from a CBS News article Will Health Care Bill Lower Premiums . The article reports Mr. Obama as saying, "You'll be able to buy in, or a small business will be able to buy into this pool," Mr. Obama said. "And that will lower rates, it's estimated, by up to 14 to 20 percent over what you're currently getting. That's money out of pocket." In addition, "Your employer, it's estimated, would see premiums fall by as much as 3,000 percent," said the President, "which means they could give you a raise." Later, a White House spokesman said the President meant $3000.

In my experience, good news is generally shared quickly, while bad news is delayed or provided over a longer period. Thus, I think the notice about our health insurance does not bode well, and I expect be informed about about less coverage and/or increased premiums in November, 2010.

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This is not financial advice. Please consult a professional advisor.

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