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Healthcare Provider Update: Provides medical, dental, vision, fertility assistance, FSAs/HSAs, and mental health support, plus generous parental leave and wellness stipends 8. With ACA subsidies set to expire, Lyfts benefits package offers strong protection against rising healthcare costs, especially for employees with dependents or chronic care needs. Click here to learn more
Medicare Advantage, sometimes known as “Part C,” is something of a catch-all choice for Lyft 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 Lyft 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 Lyft offer to its employees?
Lyft offers a 401(k) retirement savings plan to help employees save for their future.
Does Lyft match employee contributions to the 401(k) plan?
Yes, Lyft provides a company match for employee contributions to the 401(k) plan, helping to enhance their retirement savings.
What is the eligibility requirement for Lyft employees to participate in the 401(k) plan?
Lyft employees are typically eligible to participate in the 401(k) plan after completing a specified period of employment, usually within the first year.
Can Lyft employees choose how much to contribute to their 401(k)?
Yes, Lyft employees can choose their contribution amount, up to the IRS annual contribution limits.
What investment options are available in Lyft's 401(k) plan?
Lyft's 401(k) plan offers a variety of investment options, including mutual funds, index funds, and other investment vehicles to suit different risk tolerances.
How often can Lyft employees change their 401(k) contribution amounts?
Lyft employees can change their 401(k) contribution amounts at regular intervals, typically on a quarterly basis or as specified by the plan.
Is there a vesting schedule for the company match in Lyft's 401(k) plan?
Yes, Lyft has a vesting schedule for the company match, meaning employees must work for a certain period before they fully own the matched funds.
Can Lyft employees take loans against their 401(k) savings?
Yes, Lyft allows employees to take loans against their 401(k) savings, subject to specific terms and conditions outlined in the plan.
What happens to my 401(k) if I leave Lyft?
If you leave Lyft, you have several options for your 401(k), including rolling it over to a new employer's plan, transferring it to an IRA, or cashing it out (though this may incur taxes and penalties).
How can Lyft employees access their 401(k) account information?
Lyft employees can access their 401(k) account information through the designated online portal or by contacting the plan administrator.
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