Just received my '07 D&B retiree benefits enrollment kit and felt compelled to post this message. As a retiree in the 55-65 age plan, D&B is increasing coverage for retirees in this bracket 43-65%. For example, a retiree with BlueCard PPO Plus with family coverage paid $938 in '06. That cost will increase from $938 to $1,348 in '07. A retiree in the 55-65 age bracket with retiree only coverage will have their cost increase from $305 to $442 a whopping 45% increase! To make things even more mind numbing, consider that you retired in '06. That retiree will see the cost of their healthcare cost quadruple in '07 from $338 to $1,348 with dependent coverage.
Retirees in the 55-65 age group were impacted most by the cap to healthcare cost D&B put in place back in '03. Although D&B suggested that future retirees plan for this, I'm not sure any of us thought to plan for these types of increases.
Class action anyone?
Yes, this is truly tragic. I am a retiree (June 2005) and have watched my PPO Plus Health Plan coverage on myself and my wife accelerate from about $285 per month to the new just announced premium rate of $890 per month.
Doesn't D&B (Executives & Directors) have any empathy/sympathy for what they are doing to so many lond time and devoted former work associates who are now on a fixed income?
It's time for a closer look of what "they" did back in 2003 or 2002 when the company voted to freeze company contribution to retiree health plan premium increases.
How best do we try to get D&B executive leadership and board of directors attention. Calls to them go unanswered or at best shruged off as "it is what it is" response.
Yes...a Class Action is looking better every day!
According to some reliable sources in the insurance industry, D&B may be practicing a form of reverse selection to drive out retirees in good health who are motivated to, and can, seek coverage at a reduced cost in the open market. Those retirees with serious pre-existing health issues unfortunately will be stuck with little if any options.
I retired before the 2003 announcement that DNB was capping its healthcare expense contribution to retirees at 2003 spending levels. For 2007, I am looking at a 64% increase in premiums for healthare. By the time I will be eligible for Medicare, my premium will have risen to over $24,000 a year if the rates continue to increase. This is unconscienable.
Class action? Good luck. D&B has every right to lay off a higher percentage of the costs on its retirees. You ought to be happy to have a traditional retirement plan to begin with - these plans are going the way of the dinosaur in American business. Suggest you quit whining and go find some work. I hear Wal Mart is hiring greeters.
More feedback from another D&B retiree:
Exactly why we need to try take our (all retirees) message of deep concern to the "appropriate" party within D&B...directors, officers, etc. We need to find out just where to go/message and how best to spread our word across the full retirement community.
At such extreme cost of health care being carried by retirees there has to be a better "mutual" agreed fix. I'm sure there's many more out there who feel same as us. I also know D&B's thought is to simply have the retirees drop out of the group plan and sign on our own outside the D&B retiree plans.
How can we find out the best forum to take this issue up with that's NOT D&B partial???
Why would you think I was included in a traditional plan. Like many D&B associates in their mid 40's I saw D&B change from a traditional plan to a cash balance plan. So, instead of having a traditional plan, I have a small annuity that doesn't even cover the cost of the healthcare premium increase. Does D&B have the legal right to make these types of changes, absolutely. Is it morally right, ask those who have been impacted so negatively after giving 30+ years of loyal and dedicated service to the company. My feedback to D&B would be to provide full disclosure to all active/current associates about the impact the '03 heathcare freeze will have on future retirees healthcare costs. I promise you that most D&B associates in their mid to late 50's don't have any idea how much their premiums will increase! It's the least D&B could do to help employees plan more effectively for retirement.
And you wonder why there's no loyalty in corporate America anymore! Here's some additonal feedback from a D&B retiree:
Indeed, they shafted us again knowing that they can. My premium is up 43.7% this year which is about the rate it has increased since I retired at the end of 2002. My premium in 2002 for my family of three was $235; for 2007, it has been increased to $1,348.13 per month. Last year it was $937.97.
D&B has found a way to unload its retiree health care plan. It is perplexing to me that our premiums rise over 40%, when healthcare costs only rise about 8%, even given that we pay all of the increase in premiums. I have complained on several occasions by phone and by e-mail and received no response whatsoever. Unfortunately, I do not think we have a legal leg to stand on and D&B knows it. We already know they do not care about doing what is right for their employees and retirees.