American Axle & Manufacturing Employees: Navigating the Transition from Pension Plans to 401(k) Options for a Comfortable Retirement

Healthcare Provider Update: Healthcare Provider for American Axle & Manufacturing American Axle & Manufacturing collaborates with a large network of healthcare providers and insurers to offer employee health benefits. While specific healthcare providers may vary based on the region and the chosen health plan, employees typically have access to major insurers like Blue Cross Blue Shield, UnitedHealthcare, and Aetna, along with numerous in-network specialists and facilities. Brief Overview of Potential Healthcare Cost Increases in 2026 As American Axle & Manufacturing employees look toward 2026, they should brace for significant healthcare cost increases. Predicted premium hikes in the Affordable Care Act (ACA) marketplace may see some states facing increases of over 60%. The projected expiration of enhanced federal subsidies could leave millions with out-of-pocket premium increases nearing 75%. These surging costs are fueled by a combination of escalating medical prices, particularly for specialty drugs, and ongoing pressures on insurers to raise their rates in light of record earnings from previous years. Consequently, employees must strategically evaluate their health coverage options and consider actions to mitigate rising expenses. Click here to learn more

Social Security

Identifying optimal ways to claim Social Security is essential to your retirement income planning. For many retirees, understanding and claiming Social Security can be difficult. Social Security benefits are not designed to be the sole source of your retirement income, but rather a part of your overall withdrawal strategy. Knowing the foundation of Social Security and using this knowledge to your ad-vantage can help you claim your maximum benefit. 

It is your responsibility to enroll in Medicare parts A and B when you first become eligible — and you must stay enrolled to have coverage for Medicare-eligible expenses. This applies to your Medicare eligible dependents as well. 

You should know how your retiree medical plan choices or Medicare eligibility impact your plan options. Before you retire, contact the U.S. Social Security Administration directly at (800) 772-1213, call your local Social Security Office or visit ssa.gov. They can help determine your eligibility, get you and/or your eligible dependents enrolled in Medicare or provide you with other government program information.

Next Step:

Check the status of your Social Security benefits before you retire. Contact the U.S. Social Security Administration by calling 800-772-1213. You can also call your local Social Security office or visit ssa.gov.

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Medicare

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If you or your dependents are currently or will become eligible for Medicare after you leave American Axle & Manufacturing, Medicare generally becomes the primary coverage for you or any of your dependents as soon as the individual becomes eligible for Medicare. This will affect your company-provided medical benefits. You and your Medicare-eligible dependents must enroll in Medicare Parts A and B when you first become eligible. Medical and MH/SA benefits payable under the company-sponsored plan will be reduced by the amounts Medicare Parts A and B would have paid whether you actually enroll in them or not. For details on coordination of benefits, refer to your summary plan description (SPD)(2). 

If you or your eligible dependent do not enroll in Medicare Parts A and B, your provider can bill you for the amounts that are not paid by Medicare or your American Axle & Manufacturing medical plan, making your out-of-pocket expenses significantly higher.

According to the Employee Benefit Research Institute (EBRI), Medicare will only cover about 60% of an individual’s medical expenses. This means a 65-year-old couple with prescription-drug expenses at the midpoint of their peers will need $259,000 in savings to have a 90% chance of covering their healthcare expenses. A single male will need $124,000 and a single female, thanks to her longer life expectancy, will need $140,000.

Next Step:

Get Medicare prescription drug information by visiting medicare.gov.

Check your SPD Summary(2) to see if you're eligilble to enroll in Medicare Parts A and B (2). If you become Medicare eligible for reasons other than age, you must contact the American Axle & Manufacturing Benefits Center about your status.