Well, I vented about how I feel I have been treated by my former employer, Delphi/Delco/GM. It's kind of ironic that GM didn't need anymore money due to some obligations that mysteriously went away after a bankruptcy judge in New York sided with Delphi on the issue of Salaried Retires health care obligations. By the way, now Delphi wants to sue the retirees for $20 million because the retirees are trying to appeal the decision of the courts. Isn't this what the courts are for, you file something against me and if I don't like the judgement then I file back to fore stall the outcome or maybe to get it reversed.
If companies like Lehman Brothers and other credit institutions had not falsified information thus helping the greedy banks make more money on the investors money and we had not had this collapse, car sales might still be up enough that Delphi would still have enough business to not be able to show justice in what they are asking for. Maybe they should sue the banks. There is a blog that I think everyone should read. http://moneyplusthoughts.blogspot.com/ Read his background and look at his artwork but mainly, read his postings. Especially the ones on his views of the credit mess. If you have followed this market or lack there of, you will understand where he is coming from and how we got where we are today.
In Automobile Magazine there is an article by Ezra Dyer called Dyer Consequences and subtitled "I AM THE CZAR: A TEN POINT PLAN TO FIX ALL THAT AILS THE INDUSTRY". Point number 3 is as follows: "We should allow giant investment banks to increase their leverage to thirty times their capital, and ratings agencies will get paid by the companies they're rating, conflict of interest that provides incentive to drastically underestimate the risk associated with mortgage-backed securities, thus contributing to a speculative bubble that unrealistically inflates personal wealth. Voila`! Everyone buys cars....What? We already tried that?" Here's a writer in a car magazine that gets the big picture. Why can't congress get it right. Give big bucks to the banks and insurance companies and yell at the auto industry.
I have a couple of pre-existing conditions that the insurance companies just laugh at and say sorry for your luck. Delphi has been kind enough, LOL, to offer to let me 'pay as I go' for my health care and the wife's. When all is said and done it will come to about $1493 a month. If this isn't bad enough they gave us less than 30 days to look around and make decisions. For me it was cut and dry. For others that have no issues that they know of, until the insurance company looks into their backgrounds, they need time to digest what is available. Once you make the decision you cannot express mail or certify your mail to them. They stated they couldn't guarantee the receipt. After 3/27/09 anything received is voided. You could fax it and then call 24 hrs. later to confirm that they received it. Only problem is they posted the wrong number so some didn't go through until there was a correction sent out.
Still more confusion, I got a health card today, only one. I called and the insurance company said that I was the only one listed. I called back to the National Benefit Center and they told me that they had my fax and that it had not been reviewed so they had no idea as to what the card was for. I called the insurance again and they said it was for me and that the wife was good until only 4/1/09. After explaining to them that this could not be related to my 'pay as you go' decision I got "well this was started in January". That tell me that Delphi knew what they were going to do before I got my 'Dear John' letter in February.
I got my last ditch effort in this past week to get all I could out of Delphi's money for my health care. Wasn't by choice. I had my pace maker replaced because the batteries ran out. All day affair but all is better now. Two days ago I thought I would get some more for the money. I had an issue with chest pain, super headache, light headed and nausea. Went into emergency, x-ray's, two CT scans one of the head (didn't find anything there) and then of the chest since I have an aneurysm in the upper loop and they were thinking the possibility of it dissecting. Found I had a spot of pneumonia in my lungs. Here, take these pills and call your doctor on Monday. Have no idea as to what brought this on but it wasn't pneumonia. Bottom line, all is back to normal. It's is just that I knew it was coming and I'm glad I got it over with before something got all screwed up like the insurance cards this morning.
Great day. Suns out and the window is open. It's TDW.........Top Down Weather. I hear the Miata now.
Showing posts with label Insurance. Show all posts
Showing posts with label Insurance. Show all posts
Monday, March 16, 2009
Tuesday, February 24, 2009
Vent Time
I will try to make this short but that doesn't really matter now does it. This blog isn't read by many.
Today was a big day for me and a few more that 15,000 former and current retirees of Delphi Corporation. On Feb. 4th the corporation asked the bankruptcy court for permission to stop being responsible to the men and women that had worked for them with the understanding that we would receive our health insurance, dental and eye care along with some life insurance that diminished with time. We, the retirees paid into this on a monthly basis to help offset the costs. At no time were we given the opportunity to pay more on a monthly basis until 2/4/09, pay 100%. On Feb. 5, 2009 we received the docket from the law firms representing Delphi via Fed-Ex overnight. It said it all, Delphi would STOP offering any insurance to the salaried retirees on April 1, 2009. On Feb 6, 2009 we got another overnight package, this time from Delphi. It had more explanation as to why THEY HAD to do it. They owed their debtors. What, we aren't considered debtors. I worked for you (Delphi) and retired with a promise and you backed down. Maybe we should have formed a salaried union but we didn't. Maybe we should have said, keep your insurance, pay us more and we will find our own. At least we would have insurance during retirement and pre-existing conditions wouldn't make a difference.
I digress, when the Delphi package came it was like I said, a cheap explanation (pity me) as to why they had to do what they did. They also had made a decision to offer the same insurance you have but you would have to pay for it all. Wow, that helps some, those with pre-existing conditions but it also hurts most if not all. You plan your retirement around what you know and what you think you can expect. To go from $300 a month insurance payments in some cases to $1400 for the same insurance is extreme. There are pensions out there that might pay for that insurance but there will be absolutely nothing left. In fact, those individuals might owe money at the end of the month to survive.
Take a look at your own case right now with your current income. I know many retirees that are getting anywhere from $2400 to about $2800 a month. Lets say you make $4000 a month and you take out 6% state taxes, 20% federal taxes and the $1400 for insurance. That leaves you $1560 a month for utilities, house payment, house insurance food, limited entertainment, cloths etc. A car payment can drop it to $1200 or less left over. You should get the picture....the retirees are not going to make anymore money and they are going to have somewhat the same bills. And NO, they won't get $4000 a month.
Well, like I said, the news came today. The judge found in favor of Delphi. We are loosing our retirement insurance. I personally have three years to medicare. I live with a pacemaker and I am still considered a cancer patient because they keep finding spots that they remove, even though are mostly pre-cancerous thank goodness. All you have to do is see the cost of replacing the pacemaker. I am due one now and my best bet is somewhere over $50,000 since the last one was near $40,000 seven years ago. There are those that are younger than me and have pre-existing conditions. I feel sorry for them.
We did not run Delphi into the ground with bad decisions. We did not give out bad loans. We did not try to get rich in schemes that were unbelievable. We left our company in good stand, in some cases we were forced out by the bankruptcy, not ready to retire with more time left age wise.
It was said but it will never happen, lets take the health care away from all the retirees in the federal government. I'll bet that there would be a reform act then. I'll bet Judge Drain of New York would see a different light then. What gets my goat is that there is some sort of rule or law called 1114 that speaks of this action by Delphi and it is easy to read. It simply states that a corporation in bankruptcy cannot eliminate retirees health care without proper notification and time. We were given 12 days to write letters of protest to the judge. The retirees weren't a formed committee, we are scattered all over the place. We don't have a union that controls all this.
Now I don't care and that is really a bad thing to say. I don't care if and actually hope in someways that Delphi doesn't emerge from bankruptcy. There has been too many greedy hands in the pot from the day GM split them off. Yes, GM is as much at fault as anyone. I don't care if anyone buys a GM vehicle or not. They (GM) complain about their legacy payments, how about their legacy of WHO they are and where they came from. If GM was to start selling cars again do you think the American worker is going to go back to work. Over 60% of the parts supplied to GM come from Delphi. Most of which is in foreign countries now. My former plant in Kettering, OH is in several states...........of Mexico and China. One of these days we will be sending flags, shoes, clothing and toys to these countries. It will be our major exports to the countries with the major manufacturing industries. Cynical, yes, true, possibly. Support NAFTA and we will find out. Support Wal-Mart and we will find out. When you see Made in America in Wal-Mart you will know the tides have turned.
The only thing left is for Delphi to turn over my pension to the federal government, the PBGC, and in someways that might be a blessing. At least there would be no more worries as to what Delphi could take away or cheat me out of.
There are 15,200 retirees. Giving each retiree a cash buyout like they have the union workers over the years of lets say one million dollars would be $1,520,000,000. Big number right? They have spent this plus on lawyers since 2005. It's a wash because they say they are going save this and more by screwing the retiree. The only people in this whole mess that cannot win, that Delphi has always taken from to pay for something else, is the salaried worker.
Okay, I done. Well, not really but I am for now. It's never going to be over until.........
This is NOT the retirement I had tried to save for or plan for.
Today was a big day for me and a few more that 15,000 former and current retirees of Delphi Corporation. On Feb. 4th the corporation asked the bankruptcy court for permission to stop being responsible to the men and women that had worked for them with the understanding that we would receive our health insurance, dental and eye care along with some life insurance that diminished with time. We, the retirees paid into this on a monthly basis to help offset the costs. At no time were we given the opportunity to pay more on a monthly basis until 2/4/09, pay 100%. On Feb. 5, 2009 we received the docket from the law firms representing Delphi via Fed-Ex overnight. It said it all, Delphi would STOP offering any insurance to the salaried retirees on April 1, 2009. On Feb 6, 2009 we got another overnight package, this time from Delphi. It had more explanation as to why THEY HAD to do it. They owed their debtors. What, we aren't considered debtors. I worked for you (Delphi) and retired with a promise and you backed down. Maybe we should have formed a salaried union but we didn't. Maybe we should have said, keep your insurance, pay us more and we will find our own. At least we would have insurance during retirement and pre-existing conditions wouldn't make a difference.
I digress, when the Delphi package came it was like I said, a cheap explanation (pity me) as to why they had to do what they did. They also had made a decision to offer the same insurance you have but you would have to pay for it all. Wow, that helps some, those with pre-existing conditions but it also hurts most if not all. You plan your retirement around what you know and what you think you can expect. To go from $300 a month insurance payments in some cases to $1400 for the same insurance is extreme. There are pensions out there that might pay for that insurance but there will be absolutely nothing left. In fact, those individuals might owe money at the end of the month to survive.
Take a look at your own case right now with your current income. I know many retirees that are getting anywhere from $2400 to about $2800 a month. Lets say you make $4000 a month and you take out 6% state taxes, 20% federal taxes and the $1400 for insurance. That leaves you $1560 a month for utilities, house payment, house insurance food, limited entertainment, cloths etc. A car payment can drop it to $1200 or less left over. You should get the picture....the retirees are not going to make anymore money and they are going to have somewhat the same bills. And NO, they won't get $4000 a month.
Well, like I said, the news came today. The judge found in favor of Delphi. We are loosing our retirement insurance. I personally have three years to medicare. I live with a pacemaker and I am still considered a cancer patient because they keep finding spots that they remove, even though are mostly pre-cancerous thank goodness. All you have to do is see the cost of replacing the pacemaker. I am due one now and my best bet is somewhere over $50,000 since the last one was near $40,000 seven years ago. There are those that are younger than me and have pre-existing conditions. I feel sorry for them.
We did not run Delphi into the ground with bad decisions. We did not give out bad loans. We did not try to get rich in schemes that were unbelievable. We left our company in good stand, in some cases we were forced out by the bankruptcy, not ready to retire with more time left age wise.
It was said but it will never happen, lets take the health care away from all the retirees in the federal government. I'll bet that there would be a reform act then. I'll bet Judge Drain of New York would see a different light then. What gets my goat is that there is some sort of rule or law called 1114 that speaks of this action by Delphi and it is easy to read. It simply states that a corporation in bankruptcy cannot eliminate retirees health care without proper notification and time. We were given 12 days to write letters of protest to the judge. The retirees weren't a formed committee, we are scattered all over the place. We don't have a union that controls all this.
Now I don't care and that is really a bad thing to say. I don't care if and actually hope in someways that Delphi doesn't emerge from bankruptcy. There has been too many greedy hands in the pot from the day GM split them off. Yes, GM is as much at fault as anyone. I don't care if anyone buys a GM vehicle or not. They (GM) complain about their legacy payments, how about their legacy of WHO they are and where they came from. If GM was to start selling cars again do you think the American worker is going to go back to work. Over 60% of the parts supplied to GM come from Delphi. Most of which is in foreign countries now. My former plant in Kettering, OH is in several states...........of Mexico and China. One of these days we will be sending flags, shoes, clothing and toys to these countries. It will be our major exports to the countries with the major manufacturing industries. Cynical, yes, true, possibly. Support NAFTA and we will find out. Support Wal-Mart and we will find out. When you see Made in America in Wal-Mart you will know the tides have turned.
The only thing left is for Delphi to turn over my pension to the federal government, the PBGC, and in someways that might be a blessing. At least there would be no more worries as to what Delphi could take away or cheat me out of.
There are 15,200 retirees. Giving each retiree a cash buyout like they have the union workers over the years of lets say one million dollars would be $1,520,000,000. Big number right? They have spent this plus on lawyers since 2005. It's a wash because they say they are going save this and more by screwing the retiree. The only people in this whole mess that cannot win, that Delphi has always taken from to pay for something else, is the salaried worker.
Okay, I done. Well, not really but I am for now. It's never going to be over until.........
This is NOT the retirement I had tried to save for or plan for.
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