What is retirement med benefits?

What exactly does pfizer mean by med benefits for retired qualified personnel (0ver 55 and has 15 years of service since age 40)? Is it FREE medical insurance coverage similar to the employees coverage? Or is there some cost involved and how much? Thank you

Retired PPO $20 co pays . You will pay a group rate or slightly higher. A better deal than cobra. Ask the questions when the time comes?

The Pfizer Retiree PPO cost 100/mo. Nobody gets free medical insurance with Pfizer. You are paying for your health ins plan now. The fact that you don't know this makes me think that you are either stupid or not a Pfe employee. If that's the case then get off this site and stop wasting our time!

If your read the Severance Package on Pfieldnet, you will see a clause that states you can take advantage of your ATS coverage for a year and then chose either COBRA or retirement medical/dental. I am taking early retirement and taking advantage of the 1 year ATS medical/dental. When that expires, I will be moving on to my retirement medical/dental benefits. May I suggest you take some time to print this document. While you will be getting more information this week, you may find this helpful in coming up with various options pertaining to financial decisions. Don't just jump into any decisions today. You will have time to consider all options when they are finally REVEALED. Find a Financial Advisor. Don't use CP for guidance.

Originally Posted by Anonymous

The Pfizer Retiree PPO cost 100/mo. Nobody gets free medical insurance with Pfizer. You are paying for your health ins plan now. The fact that you don't know this makes me think that you are either stupid or not a Pfe employee. If that's the case then get off this site and stop wasting our time!

When I spoke to HrSource about this particular plan, they asked for a specific name. As usually, they had a hard time locating information. It appears as if you have to spoon feed them. Would you happen to have the name. Is it Aetna, United, etc?

Originally Posted by Anonymous

When I spoke to HrSource about this particular plan, they asked for a specific name. As usually, they had a hard time locating information. It appears as if you have to spoon feed them. Would you happen to have the name. Is it Aetna, United, etc?

It's the Pfizer retiree PPO through United Health. There has been a lot of misunderstanding about the plan. You have to have 15 years tenure "AFTER THE AGE OF 40" to be elligible. Unless you are 55 and worked for Pfizer since you were 40, and retire, you don't get it.

What about the extra 5 years they are adding to our retirement qualifications under ATS? How would that affect qualifying?

My understanding is that if you have worked for the company for at least 15 years and you add up to 5 years to your age to equal 50 or more, then you get medical insurance. You can also split this 5 years between years employed and years of age in order to qualify

Originally Posted by Anonymous

My understanding is that if you have worked for the company for at least 15 years and you add up to 5 years to your age to equal 50 or more, then you get medical insurance. You can also split this 5 years between years employed and years of age in order to qualify

The rule is that if you have 15 years of tenure past your 40th birthday, you can retire with health benefits. ATS will make up, up to 5 years in either age or tenure, the total can only be 5 years, not 5 in tenure and 5 in age. So if you are close to 55 and have been working for Pfizer since you were 40, you should be able to retire with health benefits.