Jul 23, 2018
It has been five years since Detroit’s bankruptcy filing. And at that time, city retirees found that even though they were promised full retiree health care coverage when they retired, the bankruptcy ruling meant that retirees who were too young for Medicare now found themselves in the situation where they had to find insurance elsewhere.
$940 a month for health care coverage when your pension is also reduced by 4.5 percent! When your pension is about $22,000 a year that means that HALF OF YOUR PENSION is going to cover health care costs.
You work all your life, expecting that when you retire, you can have a decent standard of living. After all, you put in years of your labor and contributed to pension and retirement funds so that you would have something when you retire.
But nothing is sacred. In this time period of slash and burn when it comes to wages, pensions, and health care coverage, many retirees face the fact that they have to go back to work, or cut back on their health care, in order to make ends meet.