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(Bloomberg) — Kraft Heinz Co., which counts Warren Buffett’s Berkshire Hathaway Inc. as its largest shareholder, is pushing some of its retirees to health exchanges as the company cuts expenses.
The foodmaker is eliminating some benefits as it seeks to provide care in “the most cost-effective manner,” according to a letter to retirees and their spouses dated Sept. 1, a copy of which was obtained by Bloomberg.
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Rising use of the weight-loss drug is fueling the fastest health plan cost growth in a decade and a half, forcing employers to rethink coverage strategies and cost management.
As costs for care balloon, benefit leaders and employees should be proactive about their retirement saving strategies.
A 65-year-old retiring in 2025 can expect to spend $172,500 on health care expenses throughout retirement, according to Fidelity.
American companies have alleged in a series of lawsuits that the country's biggest health insurers are squandering their money.
New reporting requirements are forcing public agencies to deal with a massive amount of liability, largely due to unfunded retiree health benefits. One California city helped solve the problem with a private exchange. The format is gaining popularity with plan sponsors for their early and post-65 retirees.
