IBM bashes its former workers' health scheme -

IBM, which at one time looked after its workers from cradle to grave, wants to replace the health plan of retired workers.

IBM retirees will be moved off the health plan due to the rising costs of keeping them on and will be given money to buy their own coverage on a health insurance exchange.

It looks like Biggish Blue is trying to work out a way of saving money and wants to move away from providing the usual health benefits to retirees.

According to the Examinerpart of the problem is that the number of retired suits is increasing and they are living longer. It has been estimated that the figure will triple by 2020 if they stay on the current system.

More than 110,000 retirees who are all eligible for Medicare will be affected and it will also hit prescription drug, dental, vision, and medical coverage.

IBM has been going around telling the retirees the bad news. The company has stated that many of the retirees are "skeptical" about the changes, but that is why they are meeting with them.

It claims that the new plan will actually offer up health benefits at possibly lower costs and some that weren't even available on the company's group plans.