Buyout pressure comes amidst recent layoffs
On March 9th 2023, General Motors reported that 35,000 members of their workforce were offered a voluntary buyout. Since Michigan makes up roughly 60% of the automaker's U.S. workforce, this buyout will have a significant ripple effect for many local GM workers and their families. This buyout is offered to General Motors salaried employees with at least 5 years service, and global executives with at least 2 years of service with the company. The overall goal for GM is to reach a cost savings of $2 billion by 2024. These buyouts come right after a recent wave of layoffs in February of an estimated 500 workers, making it clear that GM is serious about improving margins at the expense of their labor force.
Displaced GM workers look to replace insurance benefits
As workers find themselves being displaced by the recent layoffs and buyout packages, many will need help replacing their insurance benefits. For displaced GM employees turning 65 or on the brink of retirement, this will be the perfect opportunity to consider their Medicare benefits. There are a variety of options and plans available for former GM employees, and the best way to navigate these options is with the help of a Medicare professional.
Factors to consider when choosing Medicare plans
Are you a former GM employee looking to explore your Medicare options? Finding the right plan can be complicated. There's a wide range of factors to consider before choosing the right plan for you and your family:
- What's my prescription drug costs?
- Do I have any serious health conditions?
- How often will I be traveling, and where?
These, along with a variety of other questions should be taken into account when choosing the best Medicare plan for you. Consulting with a local, Michigan Medicare specialist can help simplify the Medicare enrollment process.
Medicare enrollment for GM employees
If you are a GM employee recently laid off or will be accepting their recent buyout offer, you should be considering your Medicare benefits ASAP. Tyrone Carr & Associates is a Michigan Medicare agency that works with GM and automotive retirees across Southeast Michigan to help them find the best possible Medicare plans. They are available right now to schedule a complimentary appointment to discuss the latest Medicare options, and help you find the best plan for your needs. To learn more about Tyrone Carr & Associates, visit https://tcarrassociates.com/ or call (810) 534-3008 to schedule an appointment.
Learn more about the GM buyout announcement: https://www.mlive.com/public-interest/2023/03/general-motors-offers-buyouts-to-majority-of-michigans-35000-salaried-workers.html
