CMS Releases 2023-2032 National Health Expenditure Projections
The
Centers for Medicare & Medicaid Services’ (CMS) Office of the
Actuary has released projections of National Health Expenditures (NHE)
and health insurance enrollment for the years 2023-2032. The Office of
the Actuary projects that over 2023-2032, average annual growth in NHE of 5.6% will outpace average annual growth in gross domestic product
(GDP) (4.3%). [link]
✅ A 5+% inflation rate in healthcare costs for future and current retirees means that the benefit loses its worth quickly if capped. 5+% x $500 = @$25. So, that capped $500 monthly 2023 benefit is worth $475 in 2024; in 2025 drops to $450; in 2026 down to $425; and in 2027 lower yet to $400. In less than 5 years the employee has lost 20% of the value of the health benefit ( $400/$500 = 80%, or 20% less in purchasing power!). Why do this to long-term, dedicated employees?
😎 The SECU Board and ELT would never consider capping employee wages, would they?
Of course not!.... would they? What's the difference?
SECU's actions and decisions over the past few years have shown they no longer care about their employees(or members for that matter)
ReplyDeleteNothing surprises me anymore.
It's all about trying to minimize what they spend on the workforce, because they aren't important anyway, right? Branch employees are peons that are easily replaced and not as important to the organization as the executive team... /s
Everyone is replaceable.
Deleteright .... 4 more in 2024!
DeleteNext thing that will happen, they will stop paying for retirees medical until they reach the age of 65.
ReplyDeleteThe SECU BOARD
ReplyDeleteThe SECU BOARD will earn ‘bad press’ with this issue if they do the wrong thing.
ReplyDeleteNo worries! Just apply for a loan to cover your healthcare costs! Hopefully you have good credit so you can snag that A Tier rate! Goodluck!
ReplyDelete8 more in '24!
ReplyDeleteWhen can members expect to reap the rewards from the savings? Are member rebates being sent out next year?
ReplyDelete