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

Medicare Advantage, sometimes known as “Part C,” is something of a catch-all choice for Nike 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 Nike 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 Nike offer to its employees?

Nike offers a 401(k) retirement savings plan to help employees save for their future.

Does Nike provide a company match for contributions made to the 401(k) plan?

Yes, Nike provides a company match on employee contributions to the 401(k) plan, which helps boost retirement savings.

What is the eligibility requirement for Nike employees to participate in the 401(k) plan?

Nike employees are generally eligible to participate in the 401(k) plan after completing a specified period of service, typically within the first year of employment.

Can Nike employees choose how their 401(k) contributions are invested?

Yes, Nike employees have the option to choose from a variety of investment options within the 401(k) plan, allowing them to tailor their investment strategy.

What is the maximum contribution limit for Nike employees participating in the 401(k) plan?

The maximum contribution limit for Nike employees is set by the IRS and may change annually; employees should check the latest guidelines for the current limit.

Are there any fees associated with Nike's 401(k) plan?

Yes, like most 401(k) plans, Nike's plan may have administrative fees and investment-related fees, which are disclosed in the plan documents.

Does Nike allow employees to take loans against their 401(k) savings?

Yes, Nike allows eligible 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) savings if I leave Nike?

If you leave Nike, you can choose to roll over your 401(k) savings into another retirement account, cash out, or leave it in the Nike plan if allowed.

How can Nike employees access their 401(k) account information?

Nike employees can access their 401(k) account information through the companys designated retirement plan website or by contacting the plan administrator.

Does Nike offer any educational resources to help employees understand their 401(k) options?

Yes, Nike provides educational resources and tools to help employees understand their 401(k) options and make informed investment decisions.

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

Nike offers a defined contribution 401(k) plan with company matching contributions. Employees can contribute pre-tax or Roth (after-tax) dollars, and Nike matches 100% of the first 5% of eligible compensation. The plan includes various investment options, such as target-date funds, mutual funds, and a self-directed brokerage account. Nike also provides an Employee Stock Purchase Plan (ESPP) with a discount on company stock. Financial planning resources and tools are available to help employees manage their retirement savings.

Nike offers RSUs that vest over time, providing shares upon vesting. Stock options are also part of their compensation plan, allowing employees to purchase shares at a set price.