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

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

The primary purpose of Cabot's 401(k) plan is to help employees save for retirement by allowing them to contribute a portion of their salary on a pre-tax basis.

How can employees enroll in Cabot's 401(k) plan?

Employees can enroll in Cabot's 401(k) plan by completing the enrollment process through the company's benefits portal during the enrollment period or after they become eligible.

What is the eligibility requirement for Cabot's 401(k) plan?

Employees at Cabot are generally eligible to participate in the 401(k) plan after completing a specified period of service, typically outlined in the employee handbook.

Does Cabot offer any matching contributions to the 401(k) plan?

Yes, Cabot offers a matching contribution to the 401(k) plan, which is designed to encourage employees to save for retirement.

How often can employees change their contribution rates to Cabot's 401(k) plan?

Employees can change their contribution rates to Cabot's 401(k) plan at any time, subject to the plan's guidelines.

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

Cabot's 401(k) plan offers a variety of investment options, including mutual funds, target-date funds, and other investment vehicles to suit different risk tolerances.

Can employees take loans against their 401(k) balances at Cabot?

Yes, Cabot allows employees to take loans against their 401(k) balances, subject to the terms and conditions of the plan.

What happens to Cabot's 401(k) plan if an employee leaves the company?

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

Are there any fees associated with Cabot's 401(k) plan?

Yes, there may be administrative fees and investment-related fees associated with Cabot's 401(k) plan, which are disclosed in the plan documents.

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

Employees can access their 401(k) account information through the online portal provided by Cabot's 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.

Cabot announced a restructuring plan that includes layoffs of 200 employees and a freeze on salary increases for the next year.

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For more information you can reach the plan administrator for Cabot at 2 Seaport Lane, Suite 1300 Boston, MA 2210; or by calling them at +1 617-345-0100.