Employer Insurance: Pfizer to Cap Retiree Health Benefits
Posted Sep 21 2009 10:24pm
Employer health insurance caps area headed towards big pharma too it appears, based on the number of years one has worked for the company. This is one of those issues that is up in the air right now for discussion in healthcare reform. The number of years with the company will make a difference on how much one may receive in benefits. Also, there’s the recent Wyeth acquisition too, so I’m not exactly how this all comes into play but the article stated this was an attempt to merge all of the choices together for all, so it seems like the Wyeth folks are under the same umbrella? I wonder how Pfizer retirees feel today about healthcare reform. BD
Pfizer is to cap the amount of healthcare benefits it will pay to retired employees based on their years of service with the company, according to The Day. Any retiree who hasn’t worked long enough for Pfizer or who has expensive medical bills may find Pfizer’s willingness to continue covering them has a limit.
Under the new “Total Rewards” program, Pfizer employees earn a “Retiree Medical Subsidy” based on their years of service.
One anonymous Pfizer employee complained that because the changes will only affect those retiring after January 1, the company is trying to force more retirements ahead of the merger with Wyeth, which will create 19,000 layoffs.