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Article: GM trims benefits to reduce costs; Salaried staff, retirees next year limited to high-deductible plans.(General Motors Co)
- Article from:
- Business Insurance
- Article date:
- October 26, 2009
- Author:
CopyrightCOPYRIGHT 2009 Crain Communications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: JERRY GEISEL
General Motors Co., once known for its rich and expensive health care benefit programs, is continuing to trim benefits and is moving to consumer-driven health care plans for both its salaried employees and retirees.
GM will offer only high-deductible CDHPs to its 24,000 salaried employees, effective Jan. 1, 2010.
GM salaried employees will choose from two plans, both linked to health savings accounts. Under one plan, the deductible will be $1,300 for single coverage and $3,100 for family coverage, with a maximum annual out-of-pocket expense of $2,200 for those with single coverage and $5,000 for family coverage. Employees ...