VEBA cuts health care costs for retirees
U.S. Bankruptcy Court Judge Martin Glenn in New York last week approved formation of the Auto Retiree VEBA Trust, which experts say is the first of its kind.
Judge Glenn's order, in a case involving the 2009 bankruptcy reorganization of Plymouth, Mich.-based auto parts manufacturer Metaldyne Corp., will make medical, prescription drug, dental and vision care available to Metaldyne retirees and their dependents. Such coverage also will be available to retirees who worked at other financially distressed or failed auto parts companies based in Michigan, Ohio and Wisconsin whose pension plans were taken over by the Pension Benefit Guaranty Corp.
The coverage will be provided through Auto Retiree VEBA Trust, a voluntary employees' beneficiary association.
Retirees and their dependents of well-known auto parts companies that include Delphi Corp. and Collins & Aikman Corp. and dozens of others will be able to obtain coverage at a fraction of the cost—due to a little-known provision in a 2009 economic stimulus law that expanded eligibility for a federal health insurance premium subsidy.
That subsidy, the Health Coverage Tax Credit, is available to individuals who have lost their jobs due to foreign competition or to pre-Medicare eligible retirees whose pension plans have been taken over by the PBGC.
The subsidy can be used to offset the cost of health insurance programs, such as COBRA continuation coverage.
The 2009 American Recovery and Reinvestment Act provision expanded the situations in which the tax credit would be available to include those in which coverage would be offered through a VEBA whose formation was authorized by a bankruptcy court.
The 2009 law also temporarily boosted the amount of the tax credit to 80% from 65%. This year, that hike in the tax credit expired with the credit falling back to 65%. But President Barack Obama last week signed into law a trade bill that increases the credit to 72.5% of the premium through 2013.
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The auto parts industry VEBA is not the first to offer retiree health care coverage. In 2008, for example, major US automakers reached an agreement with the United Auto Workers union and Chrysler LLC, Ford Motor Co. and General Motors Co. put in
Dad needed dental care. The son wanted his eyes checked. By the 9 am start of the health fair, about 500 people had lined up alongside the Quadrangle building for a health fair that also offered health insurance information, hearing and vision
About half of Americans lack dental insurance and, according to a recent survey, dental-care premiums increased at a faster rate in 2010 than traditional health-insurance premiums. Lack of coverage, increasing costs, and the lingering effects of the
Others said they had minimal dental insurance or health insurance that didn't cover dental or vision care. Pat Morris, a 60-year-old retired phone company worker, said she can get cleanings and X-rays under her health benefits, but that's it.
Members also can access outpatient care including lab, X-ray and physical therapy services at Sutter's health ancillary facilities. add vision and dental coverage for an additional monthly premium. UnitedHealthcare is the nation's largest company
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