Duke Energy scraps health insurance for retirees

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Duke Energy is joining a growing number of companies scrapping health insurance for retirees.

According to our partners at the Indianapolis Business Journal, the electric company began notifying retirees last week.

Duke Energy says it will also start giving former workers a fixed stipend to supplement Medicare coverage.

The move affects retirees age 65 and older, their spouses and dependents age 65 and older.

Duke says double-digit increases in the cost of the company’s health coverage forced it to make the move.