New Update: Healthcare Costs Increasing by Over 60% in Some States. Will you be impacted?

Big Lots Employees: Navigating the Essentials of Medicare Advantage Plans for Your Retirement Health Needs

Healthcare Provider Update: Healthcare Provider for Big Lots Big Lots, a leading American retail company, partners with UnitedHealthcare to provide health insurance benefits to its employees. This arrangement is crucial for ensuring that Big Lots' workforce has access to essential healthcare resources. Potential Healthcare Cost Increases in 2026 Looking ahead to 2026, significant increases in healthcare costs are anticipated, particularly for those enrolled in Affordable Care Act (ACA) marketplace plans. Premium hikes could average around 20%, with some states potentially seeing increases over 60% due to factors like higher medical costs and the expiration of enhanced federal subsidies. As a result, eligible individuals may experience a staggering 75% rise in out-of-pocket premium expenses, putting substantial financial pressure on many families and complicating access to necessary healthcare. Click here to learn more

Medicare Advantage, sometimes known as “Part C,” is something of a catch-all choice for Big Lots 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 Big Lots 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 401(k) plan offered by Big Lots?

The 401(k) plan offered by Big Lots is a retirement savings plan that allows employees to save a portion of their paycheck before taxes are taken out.

How can employees of Big Lots enroll in the 401(k) plan?

Employees of Big Lots can enroll in the 401(k) plan by completing the enrollment process through the company’s benefits portal or by speaking with the HR department.

Does Big Lots match employee contributions to the 401(k) plan?

Yes, Big Lots offers a matching contribution to the 401(k) plan, which helps employees grow their retirement savings.

What is the maximum contribution limit for Big Lots employees participating in the 401(k) plan?

The maximum contribution limit for Big Lots employees in the 401(k) plan is set by the IRS and may change annually; employees should check the current limits for the specific year.

When can Big Lots employees start contributing to the 401(k) plan?

Big Lots employees can start contributing to the 401(k) plan after they have completed their eligibility requirements, typically within the first few months of employment.

Are there any fees associated with the Big Lots 401(k) plan?

Yes, there may be administrative fees associated with the Big Lots 401(k) plan, which will be disclosed to employees during the enrollment process.

What investment options are available in the Big Lots 401(k) plan?

The Big Lots 401(k) plan offers a range of investment options, including mutual funds, target-date funds, and other investment vehicles to suit different risk tolerances.

Can Big Lots employees take loans against their 401(k) savings?

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

What happens to the 401(k) plan if a Big Lots employee leaves the company?

If a Big Lots employee leaves the company, they can choose to roll over their 401(k) balance to another retirement account, cash out, or leave the funds in the Big Lots plan if permitted.

How often can Big Lots employees change their 401(k) contribution amounts?

Big Lots employees can typically change their 401(k) contribution amounts at any time, subject to the plan’s rules and guidelines.

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

Big Lots has announced plans to close several underperforming stores and lay off a portion of its workforce as part of a restructuring effort aimed at improving profitability. The company is also reviewing its benefit offerings and adjusting its pension plans to better align with current financial goals.

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For more information you can reach the plan administrator for Big Lots at 4900 E Dublin Granville Rd Westerville, OH 43081; or by calling them at +1 614-278-6800.