Getting majorly stressed over the failed UAW bridge loan!

My husband works for Ford Motor Company and I am sitting here about to hyperventilate due to the failed bridge loan.  I keep thinking about the future if the UAW doesn't get that loan and how it is going to affect not only my family but my health as well.  If they have to go bankrupt how in the world are we going to survive and how in the world am I going to pay for my medications!  I remember what it was like when we didn't have insurance many years ago and I don't want to go there again.    Michigan has the second highest unemployment rate in the USA so if the companies have to bankrupt, my husband is going to have a tough time getting another job because we are going to have the first highest unemployment rate.  He's a painter so he may be able to get a job painting but where does that leave us insurance wise???  Agh! Ok, I'm stressing myself out again and top that off with the xmas season and............well you get the picture!  Anyway, just had to vent. 

**Please do not turn my post into a political debate**

I know Sherry; it's bad news. My boyfriend was "furloughed" the week we moved back into his newly remodeled house two months ago. The economy is so bad here in California, even the old stand by for employment...the state.....is laying people off because of such a deficit. The bummer is my boyfriend is 55 years old and having a tough time being up against much younger people. I, on the other hand, work for aerospace and who knows where we'll be in the next few months as we are hearing rumors of being acquired by another company. So we decided to just have a nice season and ***meditate*** all the way through! I figure I have no control over what is going to happen but I do have control over my emotions -- something hard to remember, but it helps. I'm sorry you are dealing with this but know that you are not alone. Let's have one big "ooohhhhhmmmmmm" and now take a deep breath. Okay, feeling better. Take care my friend...know I'm thinking about you.

Sherry....I'm sad to hear of your situation and the fear as you describe it is real.

Is he an autobody painter?

I hope this doesn't turn out as bad as you fear.

quincyxx

It's definitely the health insurance that we are worried about too. My boyfriend takes many different meds, and I of course take the Remi. When he was first laid off we started panicking, so I know Sherry how it is. If he loses his health insurance, we will have to find a way to get him on my insurance for the time being.

Hey Red -

My dad worked for a major US Corp. that ended up going out of business. It was a lot less public and their product name is still used but lots of people lost their jobs. But here is the good news for you - it didn't happen over night. It took a LOT of time. First they filed for Chapter 11 (I think thats the one but I could be wrong) bankruptcy protection. That went through the courts for a couple years. Some people were laid off but a great deal kept their jobs. Those that were laid off got severances that included health insurance. When that ran out they could cobra. Eventually the company was bought by someone else that tried to keep it going for awhile. Few more lay offs but not tons and a couple more years in business. Then lots of people took golden handshakes/early retirement and it is now finally caput.

What I am trying to tell you is that as scary as it is you have some time. And in this time you can be preparing your resumes and looking for new jobs. (Do you work? Not judging, just curious.) Now here is one bad thing you need to be aware of. If it is declared officially bankrupt (which again, takes years) and the company ceases to exist, you lose the ability to pay for COBRA. That is because there is no longer a "group" for you to belong to.

Now if he is in fact laid off your children should be able to get health insurance through state if their parent is on unemployment. Also check with the school department.

During this time try to pigeon hole some money so you could afford Cobra for a few months if need be. Also try to get your meds mail order so you can have a three month supply on hand. Do that for all family members.

There are a bunch of companies that offer health insurance to part time employees including Petco, Home Depot, Fed Ex, UPS, and Starbucks. Worst case scenario maybe your hubby could split his time painting and working at Fed Ex or Home Depot. I have a friend that works 3 pm - 7pm and Fed Ex and gets GREAT benefits. He works his "regular" job as a contractor/carpenter 7-3ish.

I hope you don't end up in this situation but I just wanted to give you some idea.

One more thing - I think the money problem for the car industry is less about the lack of people buying cars and more about the credit crisis. I doubt American cars as a whole are going to disapeer. They may have to do some lay offs until the credit situation upswings but hopefully they will take him back after. In the mean time hopefully he could find a fairly easy to get job w/ benefits.

Again - not a political argument but just one more point - hopefully shortly after January 20th there will be an affordable private group plan for those that don't have insurance through their employer.

I know that the thought of getting your own health insurance is scary. My DH lost his job at this time last year. It turns out we were able to find a pretty affordable BC/BS plan for our family of 3 for $440 a month. It's not as bad as I thought it would be.

Stress and my IBD ='s FLARE : ( avoid it at all costs possible

Blue Cross can't deny you - my agent told me something about them being a non-profit or private (I can't remember). Whatever it was, they accept everyone with pre-existing conditions. My friend's DH had cancer and they recently started a BC/BS policy.

That happens to me as well...

On the Detriot front at least your Husband does not work for GM lol...keep the faith : )

Red_34 said...
Bbc, yep I am the same way. Except my Uc behaves its self while I'm in the stress zone...it's the afterward that affects me. I've been trying to do things to take my mind off this whole fiasco. In fact, we went out bowling last Friday with friends and my hubby and my friend started talking about it but I put a stop to it! lol I told them that tonight was a night of fun, not worrying about our future. Later in the evening, my hubby agreed that going out did him a world of good.

Sue, yep gotta love the MI! I know that the big 3 has always had their share of hardship over the years but this seems unreal. My gma, who relies on my gpas pension for her payment of the assisted living center, is going to be hit hard as well if Ford goes under. The retirees are going to have a tough time of it the most I believe. But I have faith! Because there is just NO way the government can allow the 3 to go bankrupt. Soooo many people rely on the auto industry for the livelihood that if they let anything happen to them, it would put is in a more severe repression then we are already in.

Is it 100% certain that if Ford Gm etc goes into bankruptcy protection that it will suspend pension benefits?

It is a scary time. I am hopeful that the health care reforms being talked about make progress. One would allow younger people to buy into Medicare or the federal employee health plan. That will be a good option, and that and other proposals will make the insurers compete and maybe offer more reasonable premiums. Of course it's all much more complicated than just that...but I'm hopeful.

We're all going to be affected somehow, I think. Think of the advertising dollars that would be lost if the U.S. automakers go under, and all the businesses that rely on just that piece. It gives me some peace of mind to know that we're all in this together and so will come out of it alright.

I think something will be done for the auto industry but there will be lots and lots of strings attached, so there still may be huge layoffs and/or loss of benefits. It's good the hear the unions are accepting that they have to back down on their usual aggressiveness (putting it nicely) if they want the employers to survive.

OK, that's my rambling on the whole thing. Keep the faith.

Well, joy... yesterday we just got news in a big meeting that our pensions are frozen; and no more 401k match. Guess we are lucky that we even have a pension these days, but no 401k match is tough...but hey in this day I'm happy to have a job. It definitely is a trickle down effect; the amount of stores that are closing in our area and then businesses that have just quit is crazy. I work in the procurement end of things so we are seeing it on a daily basis.