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  1. #1

    Join Date
    Jul 2001
    Posts
    1,807
    Location
    Sharpsburg, Md
    Tractor
    John Deere 4100 HST

    Default Economic fallout ....

    Our corporation postponed it's annual benefit enrollment last fall. The reason given was that there were significant cost increases and the company was trying to come up with the best plan for their employees.

    We'll here is what they have done:

    POS Medical plan - increased by 42%
    Dental plan - increased by 146%
    Vision plan - increased by 38%

    Some more of the benefit package:
    removal of free long distance benefit - $25 a month
    suspension of stock option plan
    no merit increases.

    The terrible part about the last three mentioned was that the employees heard about it on the internet and news before the company send out employee notices. Talk about a slap in the face. [img]/w3tcompact/icons/shocked.gif[/img][img]/w3tcompact/icons/mad.gif[/img]

    I have heard of other companies postponing the annual enrollment period and that insurance costs have gone up.

    Are other TBNers having the same thing happening to them?

    Terry


  2. #2

    Join Date
    Aug 2001
    Posts
    472
    Location
    Central NY
    Tractor
    Kubota B7500HSD

    Default Re: Economic fallout ....

    I've always worked in the private sector and have never had Dental or Vision coverage (not offered; generally too expensive).

    I do get basic health coverage, which went up about 25% this year (2002).

    Other than health, just get a basic paycheck; no other fringe benefits, so I guess nothing to take away.

  3. #3
    Super Member
    Join Date
    Dec 2000
    Posts
    6,737
    Tractor
    JD 8320 MFWD, JD 6415 MFWD, FEL, and cab, John Deere MFWD 4600, John Deere 4020, John Deere 4430, John Deere 455 mower, Deutz, and Gehl 4610 perkins skidsteer

    Default Re: Economic fallout ....

    Terry,
    It's the same here. Everyone's insurance went up this year. Co-pays, deductibles, and patients out of pocket for coverage went way up. Typical visit now is a $30 co-pay from the big companies.

  4. #4

    Join Date
    Jul 2001
    Posts
    1,807
    Location
    Sharpsburg, Md
    Tractor
    John Deere 4100 HST

    Default Re: Economic fallout ....

    cowboydoc,

    Wow, I haven't gotten that far to see the particulars for the plan. [img]/w3tcompact/icons/eyes.gif[/img]

    Well guys, we've been on a roll for about ten years economically. Ill winds have been blowing for a year or so and Sept 11 may have been straw that broke the camels back and now the economy is beginning to feel the crunch. [img]/w3tcompact/icons/sad.gif[/img]

    Terry


  5. #5
    Super Member
    Join Date
    Dec 2000
    Posts
    6,737
    Tractor
    JD 8320 MFWD, JD 6415 MFWD, FEL, and cab, John Deere MFWD 4600, John Deere 4020, John Deere 4430, John Deere 455 mower, Deutz, and Gehl 4610 perkins skidsteer

    Default Re: Economic fallout ....

    Granted healthcare is expensive but there are just too many greedy hands on both sides of the fence in healthcare. The insurance company raises rates and then cuts the docs and hospitals so docs and hospitals raise rates so when they are cut 30% next year it won't be as bad. I'm right in the middle of it and I tell you it is one big mess. What would help alot is if we got rid of malpractice though and the lawsuits. That is a big reason in itself, not the answer by any means but it leads to alot of care that wouldn't have to be done but is just to cover your butt.

  6. #6
    Veteran Member
    Join Date
    Jan 2001
    Posts
    1,301
    Location
    Alberta
    Tractor
    Kubota B2410 with turfs

    Default Re: Economic fallout ....

    Richard,

    Aren't we back to that "greed" we were discussing the other day?! [img]/w3tcompact/icons/crazy.gif[/img] If only people realized the ripple effect of their greed!!! Sad.

    Kevin

  7. #7

    Join Date
    Jun 2001
    Posts
    81
    Location
    Lancaster, PA
    Tractor
    NH TC 29D

    Default Re: Economic fallout ....

    You are so right. It seems that very few realize the ripple effect of any of their actions. It is easy to bad mouth lawyers, but greedy people and stupid juries are all part of the problem.

  8. #8
    Platinum Member
    Join Date
    Aug 2000
    Posts
    681
    Location
    Valrico, FL
    Tractor
    No longer have :-(

    Default Re: Economic fallout ....

    The national healthcare premiums increased by roughly 10% in 2001 and 2002 is expected to be around 12+%. This in addition to similiar, yet slightly lower, increases the previous years. When the labor market was tight and economic times were great many employers were just "eating" the cost and adding it to overhead and employees were not necessarily seeing how much employers were paying. Now that the labor market is softening (unemployment) employers are finding that they don't have to absorb these costs to retain employees.

    The largest factor contributing to healthcare premium increases is Rx benefits. Rx usage/costs are growing dramatically, more than 40% a year!! Look at the P&L statements of insurance companies, for the most part they are struggling and trying to find fat to trim. Look at pharmaceutical companies P&L statements, hmmm...

    Of course there is a vicous cycle going on with health insurance, we (employees) pay more, we expect more, use the services more, providers (docs and hospitals) demand more due to increased usage and technology costs (big guys are at an advantage here), insurance companies feel the pinch and raise rates, we pay more and then expect more....

    Of course then the consolidation of hospital systems has not always been a benefit. Yes, they can gain some operational efficiencies but they can gain more corporate overhead and gain more negotiation leverage for increases from insurance carriers.

    Of course nobody probably wants to read this so I'll just shutu [img]/w3tcompact/icons/crazy.gif[/img].

  9. #9

    Join Date
    Jul 2001
    Posts
    1,807
    Location
    Sharpsburg, Md
    Tractor
    John Deere 4100 HST

    Default Re: Economic fallout ....

    Dverbarg,

    No, no, no..... you're adding to the discussion. [img]/w3tcompact/icons/smile.gif[/img]

    One of reasons I posted my information was to get some responses and see what everyone had to say. I realize that there are many factors involved and, to be honest, I wouldn't want to make the benefit decisions or be the one to report this kind of bad news. I knew it was going to be bad. My issue was the way it was handled.

    Keep the information coming - the more perspectives the better.

    Terry

  10. #10
    Gold Member
    Join Date
    Nov 2001
    Posts
    323
    Location
    Northern Kentucky
    Tractor
    l245dt

    Default Re: Economic fallout ....

    your right but dosent the judge have the final word

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