GM to Cut Health Coverage

On Jan. 1, 2009, GM will stop providing health care coverage for more than 100,000 retirees and their dependents and instead will add $300 to their monthly pension checks to purchase insurance on their own. The move is another effort to cut spending by GM. the company spent $3.3 billion on retiree health coverage in 2007, and with the company hurting for ash, they will do anything to reduce expenses.