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

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

Healthcare Provider Update: Hologic offers a comprehensive benefits program through its Better Rewards initiative. Employees can choose from medical plans administered by Blue Cross Blue Shield of Massachusetts, including PPO and Consumer Driven Health Plans with HSA options. The company also provides dental, vision, mental health support, and wellness resources. Additional benefits include financial security plans, career development, and family support services 6. Healthcare costs in the United States are projected to continue rising through 2026, with insurers proposing significant premium increases for Affordable Care Act (ACA) plans. A recent analysis found that ACA insurers are seeking a median premium increase of 15% for 2026, marking the largest hike since 2018. This surge is attributed to factors such as the anticipated expiration of enhanced premium tax credits, rising medical costsincluding expensive medications and increased hospital staysand a shift in the risk pool towards higher-cost enrollees. Without the renewal of enhanced subsidies, out-of-pocket premiums for ACA marketplace enrollees could increase by more than 75% on average. Click here to learn more

Medicare Advantage, sometimes known as “Part C,” is something of a catch-all choice for Hologic 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 Hologic 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.

Featured Video

Articles you may find interesting:

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 Hologic offer to its employees?

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

Does Hologic provide a matching contribution for its 401(k) plan?

Yes, Hologic provides a matching contribution to the 401(k) plan to help employees save for retirement.

What is the eligibility requirement to participate in Hologic's 401(k) plan?

Employees at Hologic are generally eligible to participate in the 401(k) plan after completing a specified period of service.

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

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

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

Hologic's 401(k) plan offers a variety of investment options, including mutual funds and target-date funds.

Can Hologic employees change their contribution percentage at any time?

Yes, Hologic employees can change their contribution percentage at any time, subject to the plan's guidelines.

Is there a vesting schedule for Hologic's matching contributions in the 401(k) plan?

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

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

The maximum contribution limit for Hologic's 401(k) plan is in line with IRS regulations, which may change annually.

Does Hologic offer any educational resources to help employees manage their 401(k) investments?

Yes, Hologic provides educational resources and tools to help employees make informed decisions about their 401(k) investments.

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

Yes, Hologic allows employees to take loans against their 401(k) savings, subject to the plan's terms and conditions.

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

Hologic Inc. offers its employees the Hologic, Inc. Savings and Investment Plan through Fidelity, covering approximately 6,291 employees. This plan allows participants to make contributions toward their retirement and benefit from company matches. The name of Hologic's 401(k) plan is the "Hologic, Inc. Savings and Investment Plan." Employees who participate in the plan can leave their account with Fidelity, roll it over into an IRA or a new 401(k) plan, or withdraw their funds, though tax penalties may apply for early withdrawal (Capitalize). Hologic does not offer a defined pension plan; instead, they focus on their 401(k) offering. The company terminology for this plan refers to it as a savings and investment vehicle aimed at helping employees grow their retirement funds.

In 2023 and 2024, Hologic has undergone significant restructuring efforts, leading to workforce layoffs and changes in employee benefits, including their 401(k) and pension plans. The company has aligned its strategy with the ongoing SECURE 2.0 Act reforms, which include updates to 401(k) contributions and eligibility, particularly for part-time employees and those nearing retirement. Hologic has also increased its focus on health benefit plans, adapting to new laws that affect retirement savings and telehealth services (Mondaq) (CLA).

Hologic offers stock options and Restricted Stock Units (RSUs) to its employees as part of their equity compensation program. These incentives are primarily aimed at retaining talent by providing long-term financial rewards. Hologic's stock options allow employees to purchase company stock at a predetermined price, typically vesting over a period of years. RSUs, on the other hand, grant employees shares of company stock once certain vesting conditions are met, which can also be tied to performance metrics. For the years 2022, 2023, and 2024, Hologic has continued to offer these equity incentives as part of their compensation packages. RSUs are primarily available to senior-level employees and high performers, allowing them to benefit from the company's growth. Stock options are more broadly available, often included in compensation for managerial and higher-level employees. In 2023, for instance, Hologic executed a significant share repurchase program, buying back millions of shares, which can positively impact the value of stock options and RSUs held by employees. This buyback program reflects the company's commitment to maximizing shareholder value, which directly benefits employees holding stock-based compensation

Lyra Health: Hologic partners with Lyra Health to offer a robust mental and emotional wellness program. This benefit includes access to in-person, virtual, digital, group, and individualized care aimed at supporting employees' mental health. Healthy Living Wellness Program: Hologic collaborates with Virgin Pulse to provide a well-being platform offering motivational tools, tips, rewards, and support to help employees and their families maintain a healthy lifestyle. Parental and Family Care Leave: U.S. employees have access to up to 16 weeks of job-protected parental leave, including 8 weeks of paid leave at 100% salary for both birth and non-birth parents. Birth parents also receive short-term disability coverage. Hologic's policy allows parents to return to work part-time at full pay during the first 4 weeks after leave. Family Care Leave offers 100% paid leave for caring for a family member with a serious health condition under FMLA. Healthcare-Related Acronyms and Terms: Some of the healthcare-related terms and acronyms used by Hologic include FMLA (Family and Medical Leave Act), NICU (Neonatal Intensive Care Unit), and short-term disability. Employee Well-Being Focus: Hologic's recent employee initiatives emphasize mental health support, wellness engagement, and flexible leave options, reflecting the company’s commitment to employee well-being

Additional Articles

Check Out Articles for Hologic employees

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

https://www.sec.gov/Archives/edgar/data/859737/000130817917000004/lholx2017_def14a.htm https://contracts.justia.com/companies/hologic-652/contract/588166/ https://www.hicapitalize.com/find-my-401k/hologic-inc/ https://www.investopedia.com/terms/h/health_care_sector.asp https://www.milliman.com/en/insight/2023-lump-sums-defined-benefit-plans-much-lower-as-interest-rates-rise https://www.foxrothschild.com/publications/interest-rate-hikes-present-challenge-for-fully-funded-pension-plans https://www.milliman.com/en/ https://investors.hologic.com/press-releases/press-release-details/2023/Hologic-Announces-Financial-Results-for-Fourth-Quarter-of-Fiscal-2023/default.aspx https://www.mondaq.com/unitedstates/employee-benefits-compensation/1272784/2023-brings-changes-to-the-laws-on-employee-benefit-plans https://www.claconnect.com/en/resources/articles/2023/new-federal-law-changes-retirement-rules-for-companies-and-employees https://www.aarp.org/retirement/planning-for-retirement/info-2023/biggest-changes-impacting-retirement-finances-in-2024.html https://mergr.com/company/hologic https://tracxn.com/d/acquisitions/acquisitions-by-hologic/__9zriJHaFq4c2cXJYeXgOTBbAmMF62NH1nVSJ1nVmpAY https://www.wbjournal.com/article/hologic-expects-layoffs-at-international-facilities-in-2024-totaling-up-to-8m-in-severance https://www.massdevice.com/hologic-cfo-mass-layoffs-are-a-failure-of-leadership/ https://www.labiotech.eu/in-depth/brace-yourself-for-a-wave-of-biotech-layoffs/ https://www.investopedia.com/ https://www.dol.gov/ https://www.emparion.com/cash-balance-pension-plan-faq/ https://www.dol.gov/agencies/ebsa/about-ebsa/our-activities/resource-center/fact-sheets/cash-balance-pension-plans