: Brennan Decima, CFP® . October 27, 2025
Retirement from Pfizer is more than just age and years and service, it also comes with decisions about how to protect your health and financial security. One of the most valuable benefits available to eligible employees is the Pfizer Retiree Medical Plan, which can provide ongoing healthcare coverage and, in some cases, a Retiree Medical Subsidy (RMS) to help offset retirement healthcare costs.
Below, we’ll break down how the plan works, who’s eligible, and key steps to take as you approach retirement.
Key Takeaways
- IRMAA surcharges link Medicare premiums to your modified adjusted gross income (MAGI). Even modest increases can move you into a higher bracket, raising costs for both Part B and Part D.
- You can reduce IRMAA exposure through careful income planning. Strategies include staggering Roth conversions, balancing withdrawals across account types, using HSAs or Roth IRAs, and timing large gains or distributions.
- Certain life events allow you to appeal your IRMAA surcharges. Retirement, divorce, or the death of a spouse may qualify you to file Form SSA-44 so premiums reflect your current income rather than older tax data.
What Is the Pfizer Retiree Medical Plan?
Pfizer’s Retiree Medical Plan offers eligible retirees access to continued medical coverage after leaving the company. If you qualify, Pfizer may also provide a Retiree Medical Subsidy (RMS) — a notional account representing Pfizer’s total lifetime contribution toward your retiree medical premiums.
Important: The RMS is not a cash account and cannot be withdrawn. It is simply an accounting value used to help pay for your coverage during retirement.
Who Is Eligible for the Pfizer Retiree Medical Plan?
Eligibility depends on your age and years of eligible service after age 40. You may qualify in one of two ways:
1. Retiree Medical with RMS (Subsidized Coverage):
- Age 55 or older
- 15+ years of eligible service after age 40
2. Access-Only Coverage (Full Cost):
You can still participate in the retiree plan without RMS if you meet any of the following:
- Age 62 with at least 5 years of service
- Age 55 with 10 years of service and 15 years of service after age 40
- Age 55 and your age+service= 65 or more
Enrollment Timing and Options
When you separate from Pfizer, you have several choices for how and when to enroll:
- Start coverage immediately upon separation (if you waive Active Health & Insurance Continuation coverage)
- Defer enrollment if you have other qualifying medical coverage
If you defer, you’ll have 31 days after a qualified life event (such as losing other coverage) to enroll — provided you can certify continuous group medical or Medicare coverage during the gap.
Transitioning to Medicare
If you’re Medicare-eligible or will become eligible soon after leaving Pfizer, take these steps:
- Contact Social Security to initiate Medicare enrollment (Part A and Part B).
- You’ll need a CMS-L564 Request for Employment Information form.
- Call the Pfizer Benefits Center to request that the CMS-L564 form be completed on your behalf. This allows you to enroll in Medicare Part B during a Special Enrollment Period without penalties.
Once you receive your red, white, and blue Medicare card, provide your Medicare Beneficiary Identifier (MBI) to the Pfizer Benefits Center immediately. This ensures your Pfizer coverage transitions smoothly.
Note: Once you (or your dependents) are eligible for Medicare, you must be enrolled in Parts A and B to remain covered under the Pfizer Retiree Medical Plan.
Key Takeaway
Pfizer’s Retiree Medical Plan is a significant benefit that can help safeguard your health and finances in retirement. Understanding the eligibility rules, RMS structure, and Medicare coordination can help you make informed decisions before you leave the company.
If you’re a Pfizer employee nearing retirement, it’s crucial to integrate your retiree medical options into your broader financial plan — including income, taxes, and long-term healthcare strategy.
RMS FAQs
Does all Pfizer colleagues receive the RMS?
No. The RMS is only available to retirement eligible Pfizer colleagues.
If I get a new job that offers health insurance, can I pause the Pfizer Retirement Medical?
No, once you enroll in the Pfizer Retiree Medical Plan, you can’t opt out and opt back in.
Is my spouse eligible for Pfizer retiree medical coverage?
If you are eligible for coverage and your spouse has not become Medicare Eligible, they are eligible for the Pfizer Retiree Medical plan as well.
How much does Pfizer contribute to the RMS?
8200 a year per year of service for single coverage, and 11000 per year of service for joint coverage.
Can I defer enrollment?
Yes, as long as you maintain continuous coverage in a qualified plan. You have 31 days to enroll in the Pfizer Retirement Medical upon losing coverage of another plan.
How We Can Help You With the Pfizer Retirement Medical Plan
Coordinating healthcare costs with taxes and portfolio withdrawals helps your plan work the way you expect. That starts with mapping out income sources year by year and seeing where healthcare needs line up with your goals.
Our approach builds a multiyear withdrawal plan, determines the optimal account bucket to pay health care costs, and creates an investment strategy designed to pay for that cost. You get a clear view of tradeoffs before you decide, rather than surprises after the fact.
If you want a second set of eyes on your overall financial picture, please schedule a complimentary consultation. We’ll review your tax returns, run through scenarios that work with your goals, and craft a tax focused income and investment plan designed for you.
