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Benefits October 16, 2002
DuPont Moves to Control Health Costs
October 16, 2002 (PLANSPONSOR.com) - DuPont &
Co. employees will have a new health-care coverage option
under a revised benefit plan, the company announced
Reported by Fred Schneyer
DuPont said employees would have more flexibility under the “consumer driven” coverage choice and a greater ability to manage their health care and health insurance costs, according to a Dow Jones news report.
Employees will have to pick up 30% of the coverage costs in 2003, while DuPont pays for the rest, the company said.
DuPont will continue to pay the whole cost for retirees and survivors, but will establish subsidy limits to take effect in 2007, the company announcement said, according to Dow Jones.
Employees and pre-Medicare retirees will be separated into different pools for purposes of determining annual changes in health care premiums, DuPont said.
Providing health coverage for workers and retirees costs the company about $600 million a year, DuPont said.