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

Fifth Third Bancorp Employees: Navigating the Essentials of Medicare Advantage Plans for Your Retirement Health Needs

Healthcare Provider Update: Healthcare Provider for Fifth Third Bancorp: Fifth Third Bancorp primarily offers health benefits to its employees through Aetna, one of the largest health insurance providers in the United States. Aetna provides a range of health plans, including medical, dental, and vision coverage, tailored to meet the needs of Fifth Third Bancorp's workforce. Potential Healthcare Cost Increases in 2026: In 2026, the healthcare landscape is expected to see significant cost increases, with the Affordable Care Act (ACA) marketplace premiums projected to rise sharply, potentially exceeding 60% in some states. This surge is driven by a combination of expiring federal premium subsidies, which could result in out-of-pocket costs skyrocketing by over 75% for millions of enrollees. With higher medical costs, including hospital and drug expenses, coupled with double-digit rate hikes from major insurers, many consumers may find themselves priced out of affordable coverage options, necessitating strategic planning for their healthcare needs in the coming years. Click here to learn more

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

Fifth Third Bancorp offers a 401(k) retirement savings plan to its employees.

How can employees of Fifth Third Bancorp enroll in the 401(k) plan?

Employees of Fifth Third Bancorp can enroll in the 401(k) plan through the company’s HR portal or by contacting the benefits department for assistance.

Does Fifth Third Bancorp match employee contributions to the 401(k) plan?

Yes, Fifth Third Bancorp offers a matching contribution to employees who participate in the 401(k) plan, subject to certain limits.

What is the maximum contribution limit for the 401(k) plan at Fifth Third Bancorp?

The maximum contribution limit for the 401(k) plan at Fifth Third Bancorp follows the IRS guidelines, which may change annually. Employees should check the latest limits for the current year.

Can employees of Fifth Third Bancorp take loans against their 401(k) savings?

Yes, Fifth Third Bancorp allows employees to take loans against their 401(k) savings, subject to the plan’s rules and regulations.

What investment options are available in the Fifth Third Bancorp 401(k) plan?

The Fifth Third Bancorp 401(k) plan offers a variety of investment options, including mutual funds, target-date funds, and company stock.

Is there a vesting schedule for the employer match in the Fifth Third Bancorp 401(k) plan?

Yes, Fifth Third Bancorp has a vesting schedule for the employer match, which determines how much of the matched funds employees are entitled to based on their years of service.

How often can employees change their contribution amounts to the Fifth Third Bancorp 401(k) plan?

Employees of Fifth Third Bancorp can change their contribution amounts to the 401(k) plan at any time, subject to the plan's rules.

What happens to my Fifth Third Bancorp 401(k) if I leave the company?

If you leave Fifth Third Bancorp, you can choose to roll over your 401(k) balance to another retirement account, cash out, or leave it in the Fifth Third Bancorp plan if allowed.

Are there any fees associated with the Fifth Third Bancorp 401(k) plan?

Yes, there may be fees associated with managing the Fifth Third Bancorp 401(k) plan, which can vary based on investment choices and administrative costs.

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

Fifth Third Bancorp offers a 401(k) Profit Sharing Plan called the MB Financial, Inc. 401(k) Profit Sharing Plan, which is managed through Vanguard. This plan covers 4,032 employees and is part of Fifth Third Bancorp's retirement benefits. The company has a long history in commercial banking, dating back to its founding as the Bank of the Ohio Valley in 1858, and it provides a range of financial services across numerous states. The Fifth Third Bancorp 401(k) plan allows employees to make tax-deferred contributions, which helps them reduce taxable income today, while saving for retirement (Fifth Third Bank) (Fifth Third Bank). For employee pension plans, specific details about the company's pension formula and years of service requirements are managed under the same corporate benefit structure. Employees can participate in a comprehensive benefits program that includes retirement options, which are also part of Fifth Third's efforts to attract and retain top talent (Fifth Third Bank). The eligibility criteria for the 401(k) plan are typically based on employment status and tenure, ensuring that employees who meet the required years of service are eligible to participate. The MB Financial 401(k) plan encourages contributions to maximize retirement savings, supplemented by potential employer matching contributions, enhancing long-term financial security

Restructuring and Layoffs: In 2023, Fifth Third Bancorp announced a restructuring plan aimed at optimizing its operations and reducing costs. The bank planned to cut approximately 5% of its workforce as part of this initiative. This decision reflects broader industry trends where financial institutions are streamlining operations in response to changing market conditions. Company Benefits and Pension Changes: Alongside layoffs, Fifth Third Bancorp also revised its benefits structure, including changes to its pension plan and 401(k) matching contributions. The adjustments are aimed at improving financial stability but may impact employee retirement planning. Given the current economic uncertainties and fluctuating investment environments, it is crucial to stay informed about such changes. Understanding these developments helps employees and investors anticipate and adapt to potential impacts on financial security and retirement planning.

Fifth Third Bancorp offers stock options and RSUs as part of their employee compensation. Stock options and RSUs are typically granted to executives and senior management, providing incentives aligned with company performance. For 2022, 2023, and 2024, details on stock options and RSUs are available in the company's annual proxy statements.

Fifth Third Bancorp offers a robust benefits package that includes comprehensive health-related options for its employees. Key benefits include medical, dental, and vision insurance, which are complemented by various voluntary plans such as disability insurance, life insurance, and critical illness insurance (Fifth Third Bank) (Fifth Third Bank). The company also provides access to a Health Savings Account (HSA) for employees enrolled in high-deductible health plans (HDHPs), allowing them to save pre-tax dollars for medical expenses (Fifth Third Bank). This is an important component of their healthcare benefits, aimed at encouraging proactive financial management for healthcare needs.