[Sixstrings]

Oh boy, it gets worse.. not only did GE profit $14 billion in 2010 and even got a big $3.2 billion gift from those who do pay taxes, but now after raking in all that cash GE plans more austerity for its American workforce (the ones still left after offshoring and layoffs):

After not paying any taxes and making huge profits, ThinkProgress has learned that General Electric is expected to ask its nearly 15,000 unionized employees in the United States to make major concessions.

This year, 14 unions representing more than 15,000 workers will negotiate a new master contract with General Electric. Among the major concessions GE has signaled that it will ask of union workers is the elimination of a defined contribution benefit pension for new employees, a move the company has already implemented for its non-union salaried employees. Likewise, GE is signaling to the union that it will ask for the elimination of current health insurance plans in favor of lower quality health saving accounts, a move the company has already implemented for non-union salaried employees as well.

In addition, General Electric may ask some workers for a wage freeze. Since the recession began in 2007, GE threatened to close plants in Schenectady, NY and Louisville, KY unless workers took wage concessions and adopted two-tier wage structure.
http://thinkprogress.org/2011/03/28/ge-union-workers-cuts/

Oh by the way.. the CEO of GE is our nation's "jobs czar:"

GE Has Shed U.S. Jobs Since “Jobs Czar” Immelt Took Helm

President Obama has tapped General Electric Chief Executive Jeffrey Immelt to head a new White House panel tasked with finding a way to grow jobs. But since Immelt took over, GE has shed thousands of jobs, according to the conglomerate’s annual reports.
http://blogs.barrons.com/stockstowatchtoday/2011/01/21/ge-has-shed-us-jobs-since-jobs-czar-immelt-took-helm/

[vision-master]

GE is signaling to the union that it will ask for the elimination of current health insurance plans in favor of lower quality health saving accounts, a move the company has already implemented for non-union salaried employees as well.

This is NOT medical insurance in the least, might as well take the money and run.

[Sixstrings]

GE is signaling to the union that it will ask for the elimination of current health insurance plans in favor of lower quality health saving accounts, a move the company has already implemented for non-union salaried employees as well.

This is NOT medical insurance in the least, might as well take the money and run.

Yeah I wondered about that after posting it.. that can't be right, surely they're not totally replacing the employees' insurance with savings accounts. Would be interesting to get the details on that.. I would think there must be at least some kind of crappy insurance to go along with the savings account.

Health savings account alone is no insurance at all.

[ritter]

Health savings accounts (HSA) are generally coupled with a catastrophic health care plan. I'm on one and actually like it. My employer provides a catastrophic insurance policy that would cover "big" expenses and makes a contribution to my HSA. I use the $ in the HSA to pay for office visits, prescriptions, etc. It gives me the flexibility to also pay for dental or visual, provided I haven't spent all the HSA fund going to the doc for sniffles. I'm sure there are many other HSA examples, but I actually like the one my employer has offered.

[Fiddlerdave]

Health savings accounts (HSA) are generally coupled with a catastrophic health care plan. I'm on one and actually like it. My employer provides a catastrophic insurance policy that would cover "big" expenses and makes a contribution to my HSA. I use the $ in the HSA to pay for office visits, prescriptions, etc. It gives me the flexibility to also pay for dental or visual, provided I haven't spent all the HSA fund going to the doc for sniffles. I'm sure there are many other HSA examples, but I actually like the one my employer has offered.

You will think a lot less of it when you or your family have some illness or injury worse than "sniffles".

[Sixstrings]

You will think a lot less of it when you or your family have some illness or injury worse than "sniffles".

He says he likes it, I take his word for it, fair enough.

But in general.. we all know the purpose of these schemes, it's to get you to NOT GET MEDICAL TREATMENT if you've used up all the credits in your account. That's fine for discretionary spending, movies and popcorn and eating out -- if you're broke, stay home. But if you're sick, you need treatment. It's just screwed up to back folks into a corner where they feel like they can't get medical treatment because they already used their "ration."

Let's say somebody has used all their savings account credits. But then they break an arm, or an infection gets out of control, etc., then they're just going to end up in the emergency room and if it's not covered under the "catastrophic" plan and the savings account is empty then guess who pays the bill -- the rest of us.

Also.. I have a suspicion these "catastrophic" plans suck eggs. Probably a lot of chronic illnesses that aren't considered catastrophic, and with the real catastrophic stuff you're still going bankrupt anyways.

[jdmartin]

Health savings accounts (HSA) are generally coupled with a catastrophic health care plan. I'm on one and actually like it. My employer provides a catastrophic insurance policy that would cover "big" expenses and makes a contribution to my HSA. I use the $ in the HSA to pay for office visits, prescriptions, etc. It gives me the flexibility to also pay for dental or visual, provided I haven't spent all the HSA fund going to the doc for sniffles. I'm sure there are many other HSA examples, but I actually like the one my employer has offered.

You're on an HRA, which is a good plan. On an HSA, the employee pays the money into the plan. The employer walks off with a cheapo health care plan. If you have a good employer that offers an HRA, and funds it reasonably, then it's a good combination between the employee having some control (and responsibility) over their health care expenses, and the employer not going bankrupt trying to provide the benefit. The caveats are that the employer has to give you enough money in the plan to make it worthwhile, where it's not just passing the higher deductible off to you, and you as the employee have to be reasonably prudent using the plan. I've managed to accumulate enough money in my plan that a serious illness would cause me to have no out-of-pocket expenses.

Anyway, back to the original post. This story didn't surprise me in the least. The only thing that has surprised me is how much Obama has proven to be a corporate shill like the rest of the crookiticians.

[vision-master]

I've managed to accumulate enough money in my plan that a serious illness would cause me to have no out-of-pocket expenses.

I guess you don't know what teatment costs are for a serious illness, let's make that a chronic disease instead.

[Sixstrings]

Anyway, back to the original post. This story didn't surprise me in the least. The only thing that has surprised me is how much Obama has proven to be a corporate shill like the rest of the crookiticians.

Be careful with talk like that, anti-Obama views apparently aren't welcome on this forum. Don't you love America, jd?

(sarcasm)

I've managed to accumulate enough money in my plan that a serious illness would cause me to have no out-of-pocket expenses.

I guess you don't know what teatment costs are for a serious illness, let's make that a chronic disease instead.

Yeah.. life is all peaches and gravy until you get sick. What's most shocking to me is you'd think jobs with GE would be good jobs.. it must be embarrassing for these guys to get busted down to Walmart cashier benefits.

[The_Toecutter]

If we got 50 million otherwise tax-paying Americans to refuse to pay any taxes, the government wouldn't be able to jail them all.

[Pretorian]

If we got 50 million otherwise tax-paying Americans to refuse to pay any taxes, the government wouldn't be able to jail them all.

True. Barbed wire around your hands and into the river you go. In groups of 10 to 20, or whatever 1 roll of barbed wire will hold.