How Pfizer Saved Millions By Dumping Its Retirees On Medicare

[Anonymous]

Yes, Pfizer sucks, but if I were 65 today, my premiums for medicare carve out would be about $40/month and Rxs would be: Pfizer & Wyeth free, and other Rxs 80/20 plan....where are you getting these amts. Of course, this is for a single person. My dental now is $80 a month for 2 people and I AM a retired Pfizer person.

 

[Anonymous]

Fortunately, I am a very healthy 68 year old retiree of Wyeth so don't have many medical bills and never reach my deductible, so can't comment on the coverage but my monthly premium is $30.50!! My wife is also a retiree of a pharma company and she pays her own premium of $50.50 per month. We get all but one of our drugs free, You won't hear us complaining one bit!

 

[Anonymous]

F/U #7... you are the incompetence Pfizer kept. Stick to what you know and shut your pie hole about things that are above your understanding. You have shit for brains, Pfizer screwed people that made the company way back when, you my friend don't know your ass from a hole in the ground. Bye the way the hole in the ground looks alot better! You will be no better off, you will be gone before you know it, you won't even make it to retirement, so keep your comments to you situation! You know nothing about retirement from Pfizer.

 

[Anonymous]

Fortunately, I am a very healthy 68 year old retiree of Wyeth so don't have many medical bills and never reach my deductible, so can't comment on the coverage but my monthly premium is $30.50!! My wife is also a retiree of a pharma company and she pays her own premium of $50.50 per month. We get all but one of our drugs free, You won't hear us complaining one bit!

yOU DUMB OLD FART-YOU WILL BE COMPLAINING STARTING ON jANUARY 1, 2012 WHEN PFIZER SWITCHES ALL wYETH RETIREES LIKE YOU OVER TO MEDICARE,JUST LIKE US.

 

[Anonymous]

Yes, Pfizer sucks, but if I were 65 today, my premiums for medicare carve out would be about $40/month and Rxs would be: Pfizer & Wyeth free, and other Rxs 80/20 plan....where are you getting these amts. Of course, this is for a single person. My dental now is $80 a month for 2 people and I AM a retired Pfizer person.

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Your premium would not be $40/month for medicare carve out, if you are enrolled in the prescription plan and medical plan for you and a spouse. It would not even be that for ONE person. The lowest premium would be $335/month for two and only buys catastrophic medical event coverage. And, be assured the "free" prescriptions are few and far between because the doctors don't want to prescribe the PFE drugs when generics are available and (maybe) just as good or better. Also the doctors don't want patients telling them which drugs they want to be prescribed.

Dental coverage also changes on the real "retirement" plan. It is NOT a Pfizer plan, but just a plan offered by MetLife. For one person, it is (in 2011) $55/month and caps at $1,500 per year (with a yearly deductible) instead of the $2,000 you have now.

Pfizer is hoping to just drive retirees away. Go away, go away, into the dark the ELT says.

 

[Anonymous]

yOU DUMB OLD FART-YOU WILL BE COMPLAINING STARTING ON jANUARY 1, 2012 WHEN PFIZER SWITCHES ALL wYETH RETIREES LIKE YOU OVER TO MEDICARE,JUST LIKE US.

You are correct. That guy will need heart medication when he sees how high his premium will be and finds out about the non-existant coverage. Money for nothing!!!

 

[Anonymous]

Why does Obama get blamed every time huge greedy corporations screw their employees? It couldn't be further from the truth! Obama's healthcare plan was created to protect people from greedy health insurance companies through consumer protection regulations (GOP hates regulations & accountability for wrongdoing) for those who make billions in profits while continuously raising rates and denying claims. You people need to stop supporting the GOP/Tea Party, they are the ones who favor corporate greed and tax loopholes for the rich while removing worker's rights, pay & benefits. So if you get laid off and have to collect unemployment, you'll be taking advantage of worker protection benefits that you've been voting to cut....

 

[Anonymous]

You are correct. That guy will need heart medication when he sees how high his premium will be and finds out about the non-existant coverage. Money for nothing!!!

You both are complete morons. Of COURSE Medicare is the primary insurance if you are over 65. It was always that way at Wyeth. But for $30.50, the secondary insurance from Pfizer plus the drug benefit is a real bargain. I don't believe for one skinny minute that anybody is paying a $2200 per month premium.

 

[Anonymous]

to poster #25, my medicare carve out for 1 would be about $438/yr...ok, you do the math. The deductible is $700, then 80/20, after medicare pays. Of course, medicare would be my primary and the carve out is my secondary. It's a great plan. What is it you are not understanding.????

 

[Anonymous]

Why does Obama get blamed every time huge greedy corporations screw their employees? It couldn't be further from the truth! Obama's healthcare plan was created to protect people from greedy health insurance companies through consumer protection regulations (GOP hates regulations & accountability for wrongdoing) for those who make billions in profits while continuously raising rates and denying claims. You people need to stop supporting the GOP/Tea Party, they are the ones who favor corporate greed and tax loopholes for the rich while removing worker's rights, pay & benefits. So if you get laid off and have to collect unemployment, you'll be taking advantage of worker protection benefits that you've been voting to cut....

corp greed? Consider this simple little example: If yuo took out the tax looopholes that allowd GE to pay no fed taxes, how much would their tax bill increase? now, divide that by the employee salaries. On a net basis, all those tax loopholes allow for the companies to invest in areas that, if they invest correctly, that will result in new markets or larger exisitign markets...which need EMPLOYEES to d othe work. Those empllyees will pay income taxes. Sure, go ahead, tax the sh*t out of what you allege is greedy corp america..but the last i looked, it was PEOPLE (employees) that were drawing paychecks from those companies. You increase the tax bite, guess what?...the company STILL is answerable to shareholders...So,,the taxes will be paid..but the employees will be let go because the copany can no longer invest in new markets or new technologies.

Imag8ne this: If GE was taxed 100% on earnings, how would that benefit you or your neighbor or the trashy neighborhoods near your house? If GE was taxed 100%...or even 50%..or whatever, they would simply decide why bother...and fold up shop.

 

[Anonymous]

corp greed? Consider this simple little example: If yuo took out the tax looopholes that allowd GE to pay no fed taxes, how much would their tax bill increase? now, divide that by the employee salaries. On a net basis, all those tax loopholes allow for the companies to invest in areas that, if they invest correctly, that will result in new markets or larger exisitign markets...which need EMPLOYEES to d othe work. Those empllyees will pay income taxes. Sure, go ahead, tax the sh*t out of what you allege is greedy corp america..but the last i looked, it was PEOPLE (employees) that were drawing paychecks from those companies. You increase the tax bite, guess what?...the company STILL is answerable to shareholders...So,,the taxes will be paid..but the employees will be let go because the copany can no longer invest in new markets or new technologies.

Imag8ne this: If GE was taxed 100% on earnings, how would that benefit you or your neighbor or the trashy neighborhoods near your house? If GE was taxed 100%...or even 50%..or whatever, they would simply decide why bother...and fold up shop.

in a perfect world you're right, companies would invest in US jobs and we would all prosper. But we don't live in that world evidenced by the 7 million jobs moved over sees. Tax breaks like GE is afforded are used to build factories in Vietnam or Sri Lanka. So the only income taxes paid will be in foreign countries.

When less Corporate taxes are paid, due to closing of facilities or tax breaks, less services or more taxes fall to the middle class wage earners. Less services mean fewer teachers, police, firemen, and military. So by cutting taxes to GE, you're increasing my taxes and putting myself at risk. Please stay out of my wallet sir.

I agree cutting Corporate taxes sounds good when every cent is spent in the US. When that money goes to building a factory in India, Executive comp., Dividends, and stock buy backs, I'm not happy. And don't throw that Union crap around, 11.9% of US workers belong to unions.

 

[Anonymous]

Many retirees were faced with either taking the package (which included medical) or suing Pfizer for age discrimination. Most took the package.

Can we NOW sue the bustards …..in a class action law suit?

 

[Anonymous]

This is how the medicare carve out works:
Medicare usually covers 80%. If not, Pfizer, your secondary insurance (not considered your supplement) would make up that 80%, then after the $500 deductible, you could pay the remaining amt. Never would Pfizer pay more than the initial 80% medicare pays for. After you have paid your out of pocket amt (plus the $500 deductible) Pfizer would pay the remaining. Probably not worth it, unless there is a catastrophic illness happen. WOW!! PFIZER SCREWED THE RETIREES BIG TIME. Are you kidding me? I am now livid...All Retirees need to protest. Guess I'll have to arrange a protest in NY City at the Pfizer Hdqtrs...Signs about how they were unfair to their retirees...even those who worked for Wyeth, Pharmacia, WL...

 

[Anonymous]

The purpose of insurance was originally to protect you in case of catastrophic illness! If you don't have $4500 set aside for the routine stuff, after you have worked all your life, you are a total loser and terrible money manager.

 

[Anonymous]

Fortunately, I am a very healthy 68 year old retiree of Wyeth so don't have many medical bills and never reach my deductible, so can't comment on the coverage but my monthly premium is $30.50!! My wife is also a retiree of a pharma company and she pays her own premium of $50.50 per month. We get all but one of our drugs free, You won't hear us complaining one bit!

Wait until January 2012 ..........you will be singing a different song.

 

[Anonymous]

This is how the medicare carve out works:
Medicare usually covers 80%. If not, Pfizer, your secondary insurance (not considered your supplement) would make up that 80%, then after the $500 deductible, you could pay the remaining amt. Never would Pfizer pay more than the initial 80% medicare pays for. After you have paid your out of pocket amt (plus the $500 deductible) Pfizer would pay the remaining. Probably not worth it, unless there is a catastrophic illness happen. WOW!! PFIZER SCREWED THE RETIREES BIG TIME. Are you kidding me? I am now livid...All Retirees need to protest. Guess I'll have to arrange a protest in NY City at the Pfizer Hdqtrs...Signs about how they were unfair to their retirees...even those who worked for Wyeth, Pharmacia, WL...

Yes, Pfizer has screwed the retirees. We should call our key physicans and let them know what kind of company they are dealing with.

Pfizer has no class or moral values.

 

[Anonymous]

What is the big deal?

All changes to retiree health care are approved by Pfizer's Death Panel, also known internally within Pfizer as the self-enrichment Board of Directors, who toil in their Bonita Springs vacation homes like george lorch does who is too busy to craft his own response spending all that money earned for pfizer meetings at the beach.

 

[Anonymous]

corp greed? Consider this simple little example: If yuo took out the tax looopholes that allowd GE to pay no fed taxes, how much would their tax bill increase? now, divide that by the employee salaries. On a net basis, all those tax loopholes allow for the companies to invest in areas that, if they invest correctly, that will result in new markets or larger exisitign markets...which need EMPLOYEES to d othe work. Those empllyees will pay income taxes. Sure, go ahead, tax the sh*t out of what you allege is greedy corp america..but the last i looked, it was PEOPLE (employees) that were drawing paychecks from those companies. You increase the tax bite, guess what?...the company STILL is answerable to shareholders...So,,the taxes will be paid..but the employees will be let go because the copany can no longer invest in new markets or new technologies.

Imag8ne this: If GE was taxed 100% on earnings, how would that benefit you or your neighbor or the trashy neighborhoods near your house? If GE was taxed 100%...or even 50%..or whatever, they would simply decide why bother...and fold up shop.

You are so damn dumb. Only an idiot would defend a huge corporation paying no federal taxes when working people are paying 20-30% tax on their profits (wages). Go and look at Warren Buffett's latest comments. Here's a short extract of part of what he said:

Buffett said higher taxes for the rich will not discourage investment. "I have worked with investors for 60 years and I have yet to see anyone - not even when capital gains rates were 39.9 percent in 1976-77 - shy away from a sensible investment because of the tax rate on the potential gain," he said. "People invest to make money, and potential taxes have never scared them off."

 

[Anonymous]

The purpose of insurance was originally to protect you in case of catastrophic illness! If you don't have $4500 set aside for the routine stuff, after you have worked all your life, you are a total loser and terrible money manager.

The other part of this you are ignoring is that the little pot of Pfizer money set aside to pay the corporations part of your monthly retiree medical premium runs out at some point, maybe in as little as 7 or 8 years. After that pot of money is gone you are paying the ENTIRE monthly premium, which would be the same as the COBRA rate. Retire at 55 and by 62 or 63, Pfizer may be finished with any contribution to your medical costs. It's all on you from then on. How about that, Mr Smart Ass?

 

[Anonymous]

The other part of this you are ignoring is that the little pot of Pfizer money set aside to pay the corporations part of your monthly retiree medical premium runs out at some point, maybe in as little as 7 or 8 years. After that pot of money is gone you are paying the ENTIRE monthly premium, which would be the same as the COBRA rate. Retire at 55 and by 62 or 63, Pfizer may be finished with any contribution to your medical costs. It's all on you from then on. How about that, Mr Smart Ass?

OK-one more time for the slow people. Your company does NOT owe you life time health care. Your government does NOT owe you life time health care. You make a VERY good living. How about SAVING a little something for that rainy day? Take some of that 401k money you've been putting away for the past 20 years, and some of the BIG lump sum payment you'll get if you stick with the company until you retire and you'll be able to pay for your healthcare.