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

Healthcare Provider Update: Offers comprehensive medical, dental, and vision plans, plus telemedicine and wellness programs 1. Employees are encouraged to compare employer plans with ACA marketplace options as 2026 premium hikes approach. Click here to learn more

Medicare Advantage, sometimes known as “Part C,” is something of a catch-all choice for Biogen 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 Biogen 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 Biogen offer to its employees?

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

How can employees at Biogen enroll in the 401(k) plan?

Employees at Biogen can enroll in the 401(k) plan through the company’s HR portal or by contacting the HR department for assistance.

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

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

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

The maximum contribution limit for Biogen's 401(k) plan is determined by IRS guidelines, which may change annually.

Can employees at Biogen take loans against their 401(k) savings?

Yes, Biogen allows employees to take loans against their 401(k) savings, subject to specific terms and conditions.

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

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

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

Biogen employees can change their 401(k) contribution amounts at any time, subject to payroll processing timelines.

Is there a vesting schedule for Biogen's 401(k) matching contributions?

Yes, Biogen has a vesting schedule for its matching contributions, which means employees must work for a certain period to fully own those contributions.

Can Biogen employees roll over their 401(k) savings from a previous employer?

Yes, Biogen employees can roll over their 401(k) savings from a previous employer into Biogen's 401(k) plan.

What happens to Biogen employees' 401(k) savings if they leave the company?

If Biogen employees leave the company, they can either roll over their 401(k) savings to another qualified plan, cash out, or leave the savings in the Biogen plan if permitted.

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

Biogen is undergoing a significant restructuring that includes layoffs impacting various departments. The company is also making changes to its pension plan and 401(k) benefits.