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

Healthcare Provider Update: Employees receive medical, prescription, dental, and vision coverage, with HSA contributions for high-deductible plans. The Med-Vantage Plan offers post-employment HRA contributions, making ACA planning relevant for retirees Click here to learn more

Medicare Advantage, sometimes known as “Part C,” is something of a catch-all choice for Eversource Energy 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 Eversource Energy 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 Eversource Energy 401(k) Savings Plan?

The Eversource Energy 401(k) Savings Plan is a retirement savings plan that allows employees to save a portion of their salary on a pre-tax or after-tax basis, helping them build a financial foundation for retirement.

How can I enroll in the Eversource Energy 401(k) Savings Plan?

Employees can enroll in the Eversource Energy 401(k) Savings Plan through the company's benefits portal or by contacting the HR department for assistance.

What is the employer match for the Eversource Energy 401(k) Savings Plan?

Eversource Energy offers a competitive employer match to encourage employee participation in the 401(k) Savings Plan. Specific matching contributions can vary, so it's best to check the plan documentation for details.

Can I change my contribution rate to the Eversource Energy 401(k) Savings Plan?

Yes, employees can change their contribution rate to the Eversource Energy 401(k) Savings Plan at any time through the benefits portal or by contacting HR.

What investment options are available in the Eversource Energy 401(k) Savings Plan?

The Eversource Energy 401(k) Savings Plan offers a variety of investment options, including mutual funds, target-date funds, and company stock, allowing employees to tailor their investment strategy.

Is there a vesting schedule for the Eversource Energy 401(k) Savings Plan?

Yes, the Eversource Energy 401(k) Savings Plan has a vesting schedule for employer contributions. Employees should refer to the plan documents for specific details on the vesting timeline.

What happens to my Eversource Energy 401(k) Savings Plan if I leave the company?

If you leave Eversource Energy, you have several options regarding your 401(k) Savings Plan, including rolling over your balance to another retirement account, cashing out, or leaving it in the plan if permitted.

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

Yes, Eversource Energy allows employees to take loans from their 401(k) Savings Plan, subject to certain conditions and limits. Employees should review the plan's loan policy for more information.

Are there hardship withdrawals available in the Eversource Energy 401(k) Savings Plan?

Yes, Eversource Energy permits hardship withdrawals from the 401(k) Savings Plan under specific circumstances. Employees must meet certain criteria to qualify for a hardship withdrawal.

How often can I review my Eversource Energy 401(k) Savings Plan statements?

Employees can review their Eversource Energy 401(k) Savings Plan statements quarterly, and they can also access their account information online at any time.

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

Eversource Energy offers comprehensive employee pension and 401(k) plans for its employees, focusing on both financial security and long-term retirement benefits. Eversource Energy's pension plan is accessible through their PensionConnect platform. Employees participating in the Eversource Pension Plan can manage their accounts via the platform, which has been updated with enhanced security since January 2019 (EHR.com). In addition to the pension plan, Eversource Energy offers a 401(k) plan, which includes a 100% match on the first 3% of employee contributions. An additional employer contribution, known as KVantage, is based on both the employee's age and years of service, and ranges from 2.5% to 6.5%. For employees over the age of 40, the MedVantage program provides an annual $1,000 contribution to a Health Reimbursement Account (HRA) for post-employment medical expenses

Restructuring Layoffs: Eversource has not announced any significant layoffs in 2023-2024, but the company remains vigilant in its operational adjustments to align with market conditions. Given the ongoing economic uncertainties, it's important for employees and stakeholders to stay informed about potential restructuring efforts that could impact job security and overall company strategy.

Eversource Energy provides its employees with both stock options and Restricted Stock Units (RSUs) as part of their compensation packages. The specific stock options and RSUs available at Eversource Energy are designed to align employee interests with those of shareholders, incentivizing long-term company performance. The stock options granted by Eversource Energy typically include the right to purchase company stock at a predetermined price, often based on the market value at the time of the grant. Employees generally must meet certain vesting conditions, such as continued employment over a specified period, to exercise these options. RSUs, on the other hand, are company shares granted to employees, which also vest over time. Once vested, the RSUs are converted into actual shares of Eversource Energy stock, which the employee can then hold or sell. As of 2022, 2023, and 2024, these stock options and RSUs have been made available to a broad range of employees within the company, primarily focusing on executive-level staff and those in key positions critical to the company's success. The specific eligibility criteria, vesting schedules, and grant amounts vary based on the employee's role and performance.

Eversource Energy offers a comprehensive set of health benefits designed to support the well-being of its employees. The company's health benefits for the years 2022, 2023, and 2024 include a variety of plans such as medical, prescription, dental, and vision coverage. Employees have access to Health Savings Accounts (HSAs) and Flexible Spending Accounts (FSAs), which allow them to manage healthcare expenses with tax advantages. Eversource is also known for its wellness program, which incentivizes employees and their spouses to adopt and maintain healthy lifestyles. The program includes access to wellness resources, often powered by platforms like Virgin Pulse, and offers rewards for participation in health-related activities. Additionally, Eversource has specific provisions for employees facing serious health conditions. For instance, the company offers protections against service shut-offs for households with members facing life-threatening conditions or serious illnesses. These protections extend through specific periods and require certification from a medical professional.

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

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