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Ares Management Employees: Navigating the Essentials of Medicare Advantage Plans for Your Retirement Health Needs

Healthcare Provider Update: Provides medical, dental, and vision insurance, along with mental health benefits and flexible work arrangements 11. With ACA premiums projected to rise 18% or more 2, Aress benefits may help employees avoid marketplace instability and maintain comprehensive coverage Click here to learn more

Medicare Advantage, sometimes known as “Part C,” is something of a catch-all choice for Ares Management 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 Ares Management 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 is the purpose of Ares Management's 401(k) plan?

The purpose of Ares Management's 401(k) plan is to help employees save for retirement by providing a tax-advantaged way to contribute a portion of their salary.

What types of contributions can employees make to Ares Management's 401(k) plan?

Employees can make pre-tax contributions, Roth (after-tax) contributions, and, if eligible, catch-up contributions to Ares Management's 401(k) plan.

Does Ares Management offer a company match for 401(k) contributions?

Yes, Ares Management offers a company match for employee contributions to the 401(k) plan, subject to specific terms and conditions.

How often can employees change their contribution amounts to Ares Management's 401(k) plan?

Employees can change their contribution amounts to Ares Management's 401(k) plan at any time, subject to plan rules.

What investment options are available in Ares Management's 401(k) plan?

Ares Management's 401(k) plan offers a variety of investment options, including mutual funds, target-date funds, and other investment vehicles.

Is there a vesting schedule for the company match in Ares Management's 401(k) plan?

Yes, Ares Management has a vesting schedule for the company match, which determines when employees fully own the matched contributions.

What is the maximum contribution limit for Ares Management's 401(k) plan?

The maximum contribution limit for Ares Management's 401(k) plan is set by the IRS and may change annually; employees should check the current limit for the year.

Can employees take loans against their 401(k) balance at Ares Management?

Yes, Ares Management allows employees to take loans against their 401(k) balance, subject to specific terms and conditions outlined in the plan.

What happens to an employee's 401(k) balance if they leave Ares Management?

If an employee leaves Ares Management, they can choose to roll over their 401(k) balance to another retirement account, leave it in the plan, or withdraw it, subject to tax implications.

How can employees access their 401(k) account information at Ares Management?

Employees can access their 401(k) account information through the Ares Management benefits portal or by contacting the plan administrator.

With the current political climate we are in it is important to keep up with current news and remain knowledgeable about your benefits.

Ares Management has recently announced a restructuring plan aimed at streamlining operations and reducing overhead costs. This restructuring includes potential layoffs and changes to employee benefits as part of a broader effort to improve operational efficiency. It is crucial to address this news due to the current economic environment, where companies are making significant adjustments to adapt to shifting market conditions and regulatory changes. The investment climate is uncertain, and understanding these changes is vital for navigating financial planning and tax implications. Additionally, political decisions on economic policies may influence how these restructuring measures impact employees' retirement plans and benefits.

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For more information you can reach the plan administrator for Ares Management at 2000 Avenue of the Stars Los Angeles, CA 90067; or by calling them at (310) 201-4100.