- IBM intends to move 110,000 Medicare-eligible retirees off its company-sponsored health plan at the end of the year and instead give them the money to purchase coverage from Extend Health, a health-insurance exchange operated by Towers Watson (TW).
- IBM said it is making the move as the rising cost of care makes its plan unsustainable without large premium hikes, although the action won't actually reduce the company's expenses.
- IBM is joining other major companies in moving retirees to health exchanges, with Extend Health saying it has deals with 300 firms.
IBM to move 110,000 retirees onto health-insurance exchange
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