Saturday, March 27, 2010

Many Retirees to Lose Private Drug Coverage Due to Obamacare

A key tax break that kept retirees on company prescription-medication plans will mean dumping millions of seniors onto Medicare. Companies will lose large amounts of money this year and be forced to change their benefit plans.

"As a result of this legislation, including the additional tax burden, AT&T will be evaluating prospective changes to the active and retiree health care benefits offered by the company," AT&T said in a filing with the government on Friday

Caterpillar Inc. and Deere & Co. have already announced this bill will cost them $100 million and $150 million respectively.

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