Skip to content
Catholic Online Logo

By Catholic Online (NEWS CONSORTIUM)

9/9/2013 (2 years ago)

Catholic Online (www.catholic.org)

Company cites rising healthcare costs as reason.

Obamacare is supposed to make insurance affordable for many people, but it's just not happening. For 110,000 IBM retirees, they're about to join the Obamacare market. Citing the rising cost of healthcare, IBM has said it will move the retirees to the private market, and off their current plans with the company.

IBM is moving 110,000 retirees to an insurance exchange to save money.

IBM is moving 110,000 retirees to an insurance exchange to save money.

Highlights

By Catholic Online (NEWS CONSORTIUM)

Catholic Online (www.catholic.org)

9/9/2013 (2 years ago)

Published in Politics & Policy

Keywords: IBM, healthcare, Obamacare, costs, insurance, 110, 000, coverage, Medicare


LOS ANGELES, CA (Catholic Online) - Citing the rising costs of healthcare, IBM says it will now move 110,000 retirees off of its company healthcare plan to an insurance exchange. The company says without large premium increases, the company cannot afford the rising costs of providing healthcare for retirees.

Now, when retirees become eligible for Medicare, they will be required to move to that system. IBM will still provide an annual payment to facilitate their move. Those payments will be less than the cost of providing coverage under the preexisting plan.

This will also make employees responsible for their own care, under the Medicare or Obamacare systems. Money from IBM will help them to cover gaps in Medicare coverage by purchasing additional coverage on their own.

The latest move by IBM isn't particularly rare as companies seek to insulate them from cost increases and compulsory coverage forced by Obamacare. Since individuals can now obtain insurance on their own, many are being left to do so. The era where employers provide the healthcare may be drawing to a close.

Low-paid employees who work for small hourly wages have already been hit hard by the coming of Obamacare. Many workers have seen their hours cut which directly affects the size of their paychecks. Some are now working part-time and multiple jobs, just to earn what they earned before and so they can afford to pay for their own healthcare starting in 2014.

Although these same low-wage earners also have subsidies from Obamacare, their healthcare comes at a cost few can afford. It is projected that many Americans will simply pay the penalty tax rather than pay even more for healthcare coverage under Obamacare.

The situation is a difficult one. We have a rising attitude in business that directors must maximize shareholder profits, that this is their fiduciary responsibility, and if they accomplish this there will be generous payouts to CEOs and others at the top. There is then an attitude that praises financial earnings over the well-being of the employees who are largely left to fend for themselves.

This is happening at a time when education is becoming unaffordable and the degrees students are earning are becoming less useful. The nation is seeing a rise in prosperity for the wealthy and a general decline for the masses.

This is a bad recipe because it removes moral responsibility from the employer, who treats people as disposable resources and as engines for profit. People become things -numbers on a spreadsheet as opposed to humans.

The future portends a time of upheaval where either an overreaching government steps in to provide people with basic needs, such as healthcare, or the people demand change via dramatic shifts in national policy. Only in the short term then, is the reckless pursuit of corporate profits sustainable.

IBM cannot be blamed for casting off its retirees amid a climate of government interference and skyrocketing costs. Nor can we expect other corporations and employers to break their banks for their employees. However, a new balance must be found. People have basic needs that must be met. Unfortunately, between government interference and corporate greed out of control, individual finances, for both retirees and the poor, will be stretched to breaking. When that happens, expect change to come not by election, but by hammer.


Watch Catholic Online's most viral videos here!

---


Pope Francis: end world hunger through 'Prayer and Action'


Copyright 2016 - Distributed by THE CALIFORNIA NETWORK

Pope Francis Prayer Intentions for May 2016
Universal:
Respect for Women: That in every country of the world, women may be honored and respected and that their essential contribution to society may be highly esteemed.
Evangelization: Holy Rosary: That families, communities, and groups may pray the Holy Rosary for evangelization and peace.



Comments


More Politics & Policy

REVEALED: China has an army of paid trolls, guess who else has one? Watch

Image of Don't feed the trolls.

By Marshall Connolly (CALIFORNIA NETWORK)

The next time you encounter an internet troll, be warned, he could be getting paid to fan the flames, or to douse your conversation. A new study our of Harvard reveals that China is using an army of 448 million fake troll accounts to influence public opinion. And China ... continue reading


REPORT: Inspector General SLAMS Hillary Clinton for BREAKING LAW, was WARNED by staffer, whom she PUNISHED! Watch

Image of Audit: Hillary Clinton broke the law.

By David Drudge (CALIFORNIA NETWORK)

The State Department Inspector General has ruled that Hillary Clinton broke department rules for using a private email server and for deleting emails she sent and received during her tenure. The report was released on Capitol Hill today. LOS ANGELES, CA (California ... continue reading


You won't believe who buys the most weapons from the US! Watch

Image of The United States provides the most weapons to which country (NATO)?

By Kenya Sinclair (CALIFORNIA NETWORK)

The United States provides 33 percent of the world's arms such as fighter jet aircraft, tanks and more - so which countries are buying? LOS ANGELES, CA (Catholic Online) - According to the Defense Security Cooperation Agency, the number one country purchasing ... continue reading


Obama risking national security to meet political obligation? Watch

Image of Is the Obama administration sacrificing national security in favor of meeting quotas (Reuters)?

By Kenya Sinclair (CALIFORNIA NETWORK)

With many Senate Democrats calling for a faster processing, the Obama Administration and U.S. Citizenship and Immigration Services (CIS) have drastically increased the number of Syrian refugees admitted into the United States. LOS ANGELES, CA (Catholic Online) - ... continue reading


FBI investigating Gov. McAuliffe, Clinton Foundation for Chinese ties Watch

Image of Virginia Gov. Terry McAuliffe is under FBI investigation for accepting illegal campaign contributions.

By David Drudge (CALIFORNIA NETWORK)

The FBI is investigating Virginia Gov. Terry McAuliffe on the grounds that he accepted illegal campaign contributions. There is overlap between his donors and donors to the Clinton campaign. Investigators have discovered that a Chinese politician made a particularly ... continue reading


American Steel v. China's Production - There is no such thing as free trade Watch

Image of American steel jobs have drastically fallen (iisssc).

By Kenya Sinclair (CALIFORNIA NETWORK)

As American steel production falters, China has begun efforts to dump its excess steel at slashed prices. LOS ANGELES, CA (Catholic Online) - According to Thomas J. Gibson, president and CEO of the American Iron and Steel Institute, and Chuck Schmitt, president of SSAB ... continue reading


'Shame, shame, shame': House Democrats boo Republicans Watch

Image of House Republicans halt the hostile amendment in its tracks (EPA).

By Catholic Online (NEWS CONSORTIUM)

Chaos erupted as the US House of Representatives refused to pass an amendment meant to strip away religious freedom and protections for religious contractors and those who work with the federal government. LOS ANGELES, CA (Catholic Online) - When House Democrats ... continue reading


Judge SPANKS Obama's attorneys who LIED to the court! Watch

Image of Judge Andrew Hanen shut down Obama's attorneys for lying.

By David Drudge (CALIFORNIA NETWORK)

An angry federal judge has ordered Justice Department attorneys to take annual ethics classes for lying. The lies told by Justice Department attorneys tricked 26 states into filing a lawsuit against the administration. LOS ANGELES, CA (California Network) - U.S. ... continue reading


Bill Clinton, America's favorite rapist? Watch

Image of Thew family that rapes together, destroys women's rights and justice together.

By David Drudge (CALIFORNIA NETWORK)

As Hillary Clinton declares herself the presumptive nominee of the Democratic party amid the cheers of millions of millennial supporters, few people seem to remember that her husband, Bill Clinton, is an accused serial rapist. And far from being a supporter of women' ... continue reading


YES! Oklahoma votes to outlaw abortion! Watch

Image of The Oklahoma legislature has voted to end abortion in their state.

By Marshall Connolly (CALIFORNIA NETWORK)

Oklahoma has outlawed abortion! The state legislature has passed a bill that would criminalize the procedure, except to save the life of the mother. The bill will now go to the governor for signing. LOS ANGELES, CA (Catholic Online) - The final decision will be up to ... continue reading


All Politics & Policy News

Newsletters

Newsletter Sign Up icon

Stay up to date with the latest news, information, and special offers

Subscribe to Catholic OnlineYouTube Channel

the FEED
by Catholic Online

  • REVEALED: China has an army of paid trolls, guess who else has one?
  • A Prayer Before Surgery HD Video
  • Miracle for baby born without half his skull
  • St. Philip Neri: Saint of the Day for Thursday, May 26, 2016
  • Daily Readings for Thursday, May 26, 2016
  • New study reveals Catholics hold highest retention rate - but no one ...
  • Prayer to Saint Valentine HD Video

Daily Readings

Reading 1, First Peter 1:18-25
18 For you know that the price of your ransom from the futile way of life ... Read More

Psalm, Psalms 147:12-13, 14-15, 19-20
12 Praise Yahweh, Jerusalem, Zion, praise your God.13 For he ... Read More

Gospel, Mark 10:32-45
32 They were on the road, going up to Jerusalem; Jesus was walking on ... Read More

Saint of the Day

Saint of the Day for May 25th, 2016 Image

St. Mary Magdalene de Pazzi
May 25: It would be easy to concentrate on the mystical ... Read More