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Medicare Advantage, sometimes known as “Part C,” is something of a catch-all choice for Mattress Firm Group 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 Mattress Firm Group 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 Mattress Firm Group offer to its employees?
Mattress Firm Group offers a 401(k) retirement savings plan to help employees save for their future.
How can employees of Mattress Firm Group enroll in the 401(k) plan?
Employees of Mattress Firm Group can enroll in the 401(k) plan by completing the enrollment process through the company’s HR portal or by contacting the HR department for assistance.
Does Mattress Firm Group match employee contributions to the 401(k) plan?
Yes, Mattress Firm Group provides a matching contribution to employee 401(k) accounts, subject to certain limits and eligibility requirements.
What is the maximum contribution limit for the Mattress Firm Group 401(k) plan?
The maximum contribution limit for the Mattress Firm Group 401(k) plan is in accordance with IRS guidelines, which may change annually. Employees should check the current limit for the year.
Are there any vesting requirements for the 401(k) matching contributions at Mattress Firm Group?
Yes, Mattress Firm Group has a vesting schedule for matching contributions, meaning employees must work for the company for a certain period before they fully own those contributions.
Can employees of Mattress Firm Group take loans against their 401(k) savings?
Yes, Mattress Firm Group allows employees to take loans against their 401(k) savings, subject to the plan’s terms and conditions.
What investment options are available in the Mattress Firm Group 401(k) plan?
The Mattress Firm Group 401(k) plan offers a variety of investment options, including mutual funds, target-date funds, and other investment vehicles.
How often can employees of Mattress Firm Group change their 401(k) contribution amounts?
Employees of Mattress Firm Group can change their 401(k) contribution amounts at any time, subject to the plan’s guidelines.
Is there a penalty for withdrawing funds from the Mattress Firm Group 401(k) plan before retirement?
Yes, there may be penalties and taxes for withdrawing funds from the Mattress Firm Group 401(k) plan before reaching the age of 59½.
What happens to my 401(k) savings if I leave Mattress Firm Group?
If you leave Mattress Firm Group, you can choose to roll over your 401(k) savings into another retirement account, leave it in the Mattress Firm Group plan (if eligible), or cash it out (though this may incur taxes and penalties).
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