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American Morning

Minding Your Business: Workers Paying More for Prescriptions

Aired June 13, 2003 - 07:47   ET

THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.

THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.


BILL HEMMER, CNN ANCHOR: As if you weren't worried enough about your health care costs, more bad news on this front. Gerri is working for Andy -- good morning -- "Minding Your Business."
GERRI WILLIS, CNN FINANCIAL NEWS: Good morning.

Well, what we're seeing, so surprising now, of deductibles of as much as $150 that companies are charging their employees for prescription drug coverage. That's up pretty dramatically; also, employees being required to pay as much as 50 percent of the cost of their prescription drugs. No surprise here. The cost of prescription drugs rising over the last five years, up 50 percent to $449 last year.

DARYN KAGAN, CNN ANCHOR: Incredible. Now, there's also some news for retirees out there that's not that encouraging.

WILLIS: Yes, you know, it used to be that big companies would pay 100 percent of the cost of health care coverage for their retirees; not anymore. Just yesterday, Whirlpool said that they were going to force their retirees to pay 20 percent of their costs of health care. And that's going up across the board. DaimlerChrysler, Ford, General Motors, General Electric, all requiring that their retirees kick in to pay part of their health care costs, not too surprising.

The Kaiser Family Foundation says that 80 percent of companies are saying that over the next three years they're going to do something very similar.

HEMMER: Wow! Is there recourse there or not?

WILLIS: No.

HEMMER: Wow!

WILLIS: No, these are just promises that these companies made to these people over time. Nothing in writing.

KAGAN: So, these are people that are already retired?

WILLIS: That's right.

KAGAN: Yes.

HEMMER: Keep your fingers crossed for the stock market, then.

WILLIS: Not looking too exciting today, probably flat at the open.

KAGAN: OK.

HEMMER: All right, Gerri, we'll see you then, thanks.

TO ORDER A VIDEO OF THIS TRANSCRIPT, PLEASE CALL 800-CNN-NEWS OR USE OUR SECURE ONLINE ORDER FORM LOCATED AT www.fdch.com.




Prescriptions>


Aired June 13, 2003 - 07:47   ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
BILL HEMMER, CNN ANCHOR: As if you weren't worried enough about your health care costs, more bad news on this front. Gerri is working for Andy -- good morning -- "Minding Your Business."
GERRI WILLIS, CNN FINANCIAL NEWS: Good morning.

Well, what we're seeing, so surprising now, of deductibles of as much as $150 that companies are charging their employees for prescription drug coverage. That's up pretty dramatically; also, employees being required to pay as much as 50 percent of the cost of their prescription drugs. No surprise here. The cost of prescription drugs rising over the last five years, up 50 percent to $449 last year.

DARYN KAGAN, CNN ANCHOR: Incredible. Now, there's also some news for retirees out there that's not that encouraging.

WILLIS: Yes, you know, it used to be that big companies would pay 100 percent of the cost of health care coverage for their retirees; not anymore. Just yesterday, Whirlpool said that they were going to force their retirees to pay 20 percent of their costs of health care. And that's going up across the board. DaimlerChrysler, Ford, General Motors, General Electric, all requiring that their retirees kick in to pay part of their health care costs, not too surprising.

The Kaiser Family Foundation says that 80 percent of companies are saying that over the next three years they're going to do something very similar.

HEMMER: Wow! Is there recourse there or not?

WILLIS: No.

HEMMER: Wow!

WILLIS: No, these are just promises that these companies made to these people over time. Nothing in writing.

KAGAN: So, these are people that are already retired?

WILLIS: That's right.

KAGAN: Yes.

HEMMER: Keep your fingers crossed for the stock market, then.

WILLIS: Not looking too exciting today, probably flat at the open.

KAGAN: OK.

HEMMER: All right, Gerri, we'll see you then, thanks.

TO ORDER A VIDEO OF THIS TRANSCRIPT, PLEASE CALL 800-CNN-NEWS OR USE OUR SECURE ONLINE ORDER FORM LOCATED AT www.fdch.com.




Prescriptions>