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Medicare Advantage, sometimes known as “Part C,” is something of a catch-all choice for Meritor 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 Meritor 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 primary purpose of Meritor's 401(k) Savings Plan?
The primary purpose of Meritor's 401(k) Savings Plan is to help employees save for retirement by allowing them to contribute a portion of their salary on a pre-tax or after-tax basis.
How can employees enroll in Meritor's 401(k) Savings Plan?
Employees can enroll in Meritor's 401(k) Savings Plan by accessing the enrollment portal through the company’s HR website or by contacting the HR department for assistance.
What types of contributions can employees make to Meritor's 401(k) Savings Plan?
Employees can make pre-tax contributions, Roth (after-tax) contributions, and may also be eligible for catch-up contributions if they are age 50 or older.
Does Meritor offer any matching contributions to the 401(k) Savings Plan?
Yes, Meritor offers a matching contribution to the 401(k) Savings Plan, which is designed to encourage employees to save for retirement.
What is the vesting schedule for matching contributions at Meritor?
The vesting schedule for matching contributions at Meritor typically follows a graded schedule, where employees become vested in their employer match over a period of time.
Can employees change their contribution amounts to Meritor's 401(k) Savings Plan?
Yes, employees can change their contribution amounts to Meritor's 401(k) Savings Plan at any time, subject to the plan’s guidelines.
What investment options are available in Meritor's 401(k) Savings Plan?
Meritor's 401(k) Savings Plan offers a variety of investment options, including mutual funds, target-date funds, and other investment vehicles to help employees diversify their portfolios.
How often can employees reallocate their investments in Meritor's 401(k) Savings Plan?
Employees can typically reallocate their investments in Meritor's 401(k) Savings Plan on a quarterly basis or as specified in the plan documents.
Is there a loan provision in Meritor's 401(k) Savings Plan?
Yes, Meritor's 401(k) Savings Plan may allow employees to take loans against their account balance, subject to certain conditions and limits.
At what age can employees begin withdrawing from Meritor's 401(k) Savings Plan without penalties?
Employees can begin withdrawing from Meritor's 401(k) Savings Plan without penalties at age 59½, provided they meet the plan's requirements.
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