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Medicare Advantage, sometimes known as “Part C,” is something of a catch-all choice for Los Angeles Fire and Police Pensions 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 Los Angeles Fire and Police Pensions 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 the 401k/Savings Plan offered by Los Angeles Fire and Police Pensions?
The purpose of the 401k/Savings Plan offered by Los Angeles Fire and Police Pensions is to help employees save for retirement by allowing them to contribute a portion of their salary to a tax-advantaged account.
How can employees of Los Angeles Fire and Police Pensions enroll in the 401k/Savings Plan?
Employees of Los Angeles Fire and Police Pensions can enroll in the 401k/Savings Plan by completing the enrollment form available on the company's intranet or by contacting the HR department for assistance.
What types of contributions can employees make to the 401k/Savings Plan at Los Angeles Fire and Police Pensions?
Employees at Los Angeles Fire and Police Pensions can make pre-tax contributions, Roth (after-tax) contributions, and possibly employer matching contributions, depending on the plan specifics.
Is there a minimum contribution amount required for the 401k/Savings Plan at Los Angeles Fire and Police Pensions?
Yes, Los Angeles Fire and Police Pensions may have a minimum contribution amount, typically around 1% of the employee's salary, but employees should check the plan documents for specific details.
What is the maximum contribution limit for the 401k/Savings Plan at Los Angeles Fire and Police Pensions?
The maximum contribution limit for the 401k/Savings Plan at Los Angeles Fire and Police Pensions is subject to IRS regulations, which can change annually. Employees should refer to the latest IRS guidelines for the current limits.
Does Los Angeles Fire and Police Pensions offer employer matching contributions for the 401k/Savings Plan?
Yes, Los Angeles Fire and Police Pensions offers employer matching contributions to the 401k/Savings Plan, which can help employees increase their retirement savings.
How often can employees change their contribution amounts to the 401k/Savings Plan at Los Angeles Fire and Police Pensions?
Employees at Los Angeles Fire and Police Pensions can typically change their contribution amounts at any time, but they should check the plan rules for any specific restrictions.
What investment options are available within the 401k/Savings Plan at Los Angeles Fire and Police Pensions?
The 401k/Savings Plan at Los Angeles Fire and Police Pensions offers a variety of investment options, including mutual funds, target-date funds, and possibly other investment vehicles, depending on the plan.
Can employees take loans against their 401k/Savings Plan balance at Los Angeles Fire and Police Pensions?
Yes, employees may be able to take loans against their 401k/Savings Plan balance at Los Angeles Fire and Police Pensions, subject to the terms and conditions of the plan.
What happens to the 401k/Savings Plan when an employee leaves Los Angeles Fire and Police Pensions?
When an employee leaves Los Angeles Fire and Police Pensions, they have several options for their 401k/Savings Plan, including rolling it over to an IRA or another qualified plan, cashing it out, or leaving it in the plan if permitted.
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