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Healthcare Provider Update: Arch offers medical plans through Aetna and Kaiser, with HSA contributions and tiered premium costs based on salary 8. With ACA premiums increasing, Archs HSA-compatible plans provide tax-advantaged savings and cost control for employees. Click here to learn more
Medicare Advantage, sometimes known as “Part C,” is something of a catch-all choice for Arch Resources 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 Arch Resources 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 savings plan does Arch Resources offer?
Arch Resources offers a 401(k) retirement savings plan to help employees save for their future.
Does Arch Resources match employee contributions to the 401(k) plan?
Yes, Arch Resources provides a matching contribution to employee 401(k) contributions, subject to certain limits.
What is the eligibility requirement to participate in the Arch Resources 401(k) plan?
Employees of Arch Resources are eligible to participate in the 401(k) plan after completing a specified period of service.
How can employees at Arch Resources enroll in the 401(k) plan?
Employees can enroll in the Arch Resources 401(k) plan through the company’s HR portal or by contacting the HR department for assistance.
What investment options are available in the Arch Resources 401(k) plan?
The Arch Resources 401(k) plan offers a variety of investment options, including mutual funds, stocks, and bonds.
Can employees at Arch Resources take loans against their 401(k) savings?
Yes, Arch Resources allows employees to take loans against their 401(k) savings, subject to certain conditions and limits.
What is the vesting schedule for the Arch Resources 401(k) matching contributions?
The vesting schedule for Arch Resources’ matching contributions typically follows a graded schedule, which employees can review in the plan documents.
How often can employees at Arch Resources change their 401(k) contribution amount?
Employees at Arch Resources can change their 401(k) contribution amount at specified times throughout the year, as outlined in the plan guidelines.
What happens to the 401(k) savings if an employee leaves Arch Resources?
If an employee leaves Arch Resources, they can choose to roll over their 401(k) savings into another retirement account or take a distribution, subject to tax implications.
Are there any fees associated with the Arch Resources 401(k) plan?
Yes, there may be administrative fees associated with the Arch Resources 401(k) plan, which are disclosed in the plan documents.
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