The Truth About Health Care Costs

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The Truth About Health Care Costs

February 23, 2006

  Hartford, Connecticut - The rising cost of health care affects every American.

In 2005, according to the Kaiser Family Foundation Annual Employer Health Benefits Survey, the average U.S. worker paid $2,713 in contributions for family health care coverage, which represents approximately 25 percent of the total cost of the plan. American companies paid roughly 75 percent of their workers' health care costs for family coverage.

In rejecting the Company's contract offer, Sikorsky believes its Teamstersrepresented employees should be aware of the following facts about escalating health care costs:

In 2002, Sikorsky paid an average of $9,800 per employee who chose family coverage.

In 2005, these costs increased by 45 percent to $14,200. In 2006, these costs are expected to again increase by another 13 percent, to more than $16,000 per year for family coverage.

Under the design offered by Sikorsky, employee contributions to the new health care plan would be increased beginning in January 2007.

Employee costs for deductibles and coinsurance are capped. For example, the most commonly selected medical plan limits an employee's responsibility to $1,400 per individual and $3,500 per family per year, which does not include office visit co-pays or prescription drug coinsurance/co-pays.

By the final year, 2009, Sikorsky would pay 82 percent of the total plan cost for family health care benefits - well above the current national average.

Sikorsky is offering its Teamster employees a comprehensive health care plan design that includes medical and prescription drug coverage, vision and dental care. We are asking our employees to share more of the costs of their health care benefits in order to keep our factories in Connecticut and Florida competitive in the global aerospace marketplace.

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