Xerox cuts healthcare benefits for some retirees

Rochester, N.Y. — Some changes are coming for some Xerox retirees.

In a letter from the company, healthcare benefits are being cut for union workers who retired on or before November 30, 2021. This change goes into effect March 1.

Those 65-years-old and up are covered by Medicare.

Financial advisors offer some advice following this announcement.

"So going forward, these retirees will have the choice of either dealing with those extras out of pocket, or seeing if they can get what we call a medi-gap plan that covers the gaps in Medicare that Xerox had been covering for many of these folks," said George Conboy, Chairman of Brighton Securities.

Conboy adds, additional costs should be minimal.

The company made a similar change for non-union retirees about three years ago.