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American Tower Employees: Navigating the Essentials of Medicare Advantage Plans for Your Retirement Health Needs

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Healthcare Provider Update: Provides first-day medical coverage, FSAs, HSAs, and fertility benefits, with additional options like accident and hospital insurance 2. With ACA premiums projected to increase by 1518%, American Towers robust benefits help employees avoid steep out-of-pocket costs and maintain comprehensive coverage. Click here to learn more

Medicare Advantage, sometimes known as “Part C,” is something of a catch-all choice for American Tower employees who are ready to sign up for Medicare. Medicare Advantage plans are offered by private insurers in conjunction with the Medicare program and can provide you with additional health insurance coverage.

What’s in them?
In addition to signing up for Medicare Part A (hospital stays) and Part B (medical coverage), Medicare Advantage plans offer their subscribers extra features. This frequently, but not always, includes the Medicare Part D prescription drug plan. In some cases, Medicare Advantage plans offer coverage for areas not normally offered within regular Medicare plans. This can include dental, hearing, and vision insurance.

What are the rules?
Medicare pays for a fixed amount of your health care to American Tower offering your Medicare Advantage (MA) plan. Beyond that, each MA plan requires different out-of-pocket fees. Those fees can vary from plan to plan. Depending on your plan, you may have different rules you need to follow when seeking a medical referral to get treatment from a specialist or if you are seeking non-urgent care (even from health care providers within the plan). It’s also important to remember that rules, requirements, and features may change from year to year. It will be important to make sure that those changes line up with any treatment that you need.

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What about my prescriptions?
While most MA plans offer Part D coverage for prescription drugs, some don’t. One example would be Medicare Medical Savings Account plans. In cases where the plan can’t or chooses not to offer prescription drug coverage, you may have the ability to join a separate Medicare Prescription Drug Plan, depending on the type of plan you enroll in. You will likely have a number of questions and concerns as you examine your options for Medicare Advantage plans. Discuss these with a trusted financial professional who can help you make choices that may best fit your lifestyle.

1. Medicare.gov, 2022

What type of retirement plan does American Tower offer to its employees?

American Tower offers a 401(k) retirement savings plan to its employees.

How can employees of American Tower enroll in the 401(k) plan?

Employees of American Tower can enroll in the 401(k) plan through the company’s HR portal or by contacting the benefits department for assistance.

Does American Tower match employee contributions to the 401(k) plan?

Yes, American Tower provides a matching contribution to employee contributions made to the 401(k) plan, subject to certain limits.

What is the maximum contribution limit for the American Tower 401(k) plan?

The maximum contribution limit for the American Tower 401(k) plan is in accordance with IRS guidelines, which may change annually.

When can employees of American Tower start contributing to their 401(k) plan?

Employees of American Tower can start contributing to their 401(k) plan after completing their eligibility requirements, typically within the first few months of employment.

Are there any fees associated with the American Tower 401(k) plan?

Yes, the American Tower 401(k) plan may have administrative fees and investment fees, which are disclosed in the plan documents.

Can employees of American Tower take loans against their 401(k) savings?

Yes, employees of American Tower may have the option to take loans against their 401(k) savings, subject to the plan’s terms and conditions.

What investment options are available in the American Tower 401(k) plan?

The American Tower 401(k) plan offers a variety of investment options, including mutual funds, target-date funds, and other investment vehicles.

How often can employees change their contribution amount in the American Tower 401(k) plan?

Employees of American Tower can typically change their contribution amount at any time, subject to the plan’s guidelines.

What happens to the 401(k) savings if an employee leaves American Tower?

If an employee leaves American Tower, they can choose to roll over their 401(k) savings to another retirement account, cash out, or leave the funds in the American Tower plan if allowed.

With the current political climate we are in it is important to keep up with current news and remain knowledgeable about your benefits.
In 2024, American Tower announced a major restructuring plan involving layoffs to streamline operations. The company is focusing on reducing costs and optimizing its asset portfolio. Additionally, there are upcoming changes to their benefits and 401(k) plans, which include adjustments in contribution matching and plan eligibility.
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For more information you can reach the plan administrator for American Tower at 116 Huntington Avenue Boston, MA 2116; or by calling them at (617) 375-7500.

*Please see disclaimer for more information

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