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

Healthcare Provider Update: Offers medical plans through Blue Cross Blue Shield of Kansas City, dental, vision, FSAs, and CVS Caremark for pharmacy benefits 5. As ACA premiums increase, Evergys union and non-union plans provide consistent coverage 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 Evergy 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 Evergy 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 Evergy's 401(k) Savings Plan?

The purpose of Evergy's 401(k) Savings Plan is to help employees save for retirement by providing a tax-advantaged way to invest a portion of their income.

How can I enroll in Evergy's 401(k) Savings Plan?

You can enroll in Evergy's 401(k) Savings Plan by accessing the employee benefits portal or contacting the HR department for enrollment instructions.

What types of contributions can I make to Evergy's 401(k) Savings Plan?

Employees can make pre-tax contributions, Roth (after-tax) contributions, and, if eligible, catch-up contributions to Evergy's 401(k) Savings Plan.

Does Evergy offer a company match for contributions made to the 401(k) Savings Plan?

Yes, Evergy offers a company match on employee contributions to the 401(k) Savings Plan, which helps enhance your retirement savings.

What is the vesting schedule for the company match in Evergy's 401(k) Savings Plan?

The vesting schedule for the company match in Evergy's 401(k) Savings Plan typically follows a graded vesting schedule, which means you earn ownership of the match over a period of time.

How often can I change my contribution amount to Evergy's 401(k) Savings Plan?

You can change your contribution amount to Evergy's 401(k) Savings Plan at any time, subject to the plan's rules and limits.

Are there any fees associated with Evergy's 401(k) Savings Plan?

Yes, there may be administrative fees associated with Evergy's 401(k) Savings Plan, which are disclosed in the plan documents provided to employees.

What investment options are available in Evergy's 401(k) Savings Plan?

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

How can I access my account information for Evergy's 401(k) Savings Plan?

You can access your account information for Evergy's 401(k) Savings Plan through the plan's online portal or by contacting the plan administrator.

Can I take a loan from my Evergy 401(k) Savings Plan?

Yes, Evergy's 401(k) Savings Plan allows participants to take loans under certain conditions, subject to the plan's rules and limits.

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

For Evergy, the company offers both a pension plan and a 401(k) plan for its employees. The Evergy pension plan, often referred to as the defined benefit plan, requires employees to meet certain years of service and age qualifications to become eligible. The pension formula is based on the final average pay and years of service, which is typical for defined benefit plans. Non-union employees are generally enrolled in the 401(k) plan, which includes company matching contributions. The Evergy 401(k) Savings Plan, established in 1988, is the primary retirement savings option for non-union employees, while some union employees may still have access to a traditional pension plan. The specific eligibility, contribution limits, and matching details are provided in the company’s benefits documentation, typically through internal HR portals or detailed benefits guides.

Restructuring and Layoffs: Evergy announced a restructuring plan in early 2024 aimed at optimizing its operational efficiency. The plan included a reduction of approximately 5% of its workforce across various departments. This move was intended to streamline operations and reduce costs amid fluctuating energy prices and regulatory changes. Source: Bloomberg

Evergy grants stock options and RSUs as part of its employee compensation package. According to Evergy's 2022 Annual Report (Source: Evergy 2022 Annual Report, Page 45), stock options are typically offered to senior executives and key employees. RSUs are also granted to attract and retain talent, with specific vesting schedules outlined in the report. Evergy utilizes stock options and RSUs to align employee interests with company performance. The 2022 Compensation Disclosure (Source: Evergy 2022 Proxy Statement, Page 32) details that stock options are granted at an exercise price equal to the fair market value on the grant date. RSUs are granted based on performance metrics and time-based vesting criteria. In 2023, Evergy continued to offer stock options and RSUs as part of its compensation strategy. According to the 2023 Annual Report (Source: Evergy 2023 Annual Report, Page 50), stock options are given to senior management and high-performing employees. RSUs are awarded based on individual and company performance metrics.

Evergy offers a comprehensive health benefits package designed to support the well-being of its employees and their families. Their benefits include a choice of medical, dental, and vision plans, as well as life and accident insurance, long-term disability, and flexible spending accounts for medical and dependent care. The medical plans are administered through Blue Cross Blue Shield of Kansas City, and Evergy also offers SavRx for union employees as a pharmacy benefit plan (evergy.com) (Evergy | Newsroom). Specific healthcare-related acronyms used by Evergy include FSA (Flexible Spending Account) and HSA (Health Savings Account), both of which allow employees to set aside pre-tax dollars for medical expenses. Evergy’s health benefits include paid parental leave, which is part of their broader focus on work-life balance (evergy.com).

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For more information you can reach the plan administrator for Evergy at , ; or by calling them at .

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