Medicare Advantage, sometimes known as “Part C,” is something of a catch-all choice for Oracle 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 Oracle 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 Oracle's 401(k) plan?
Oracle's 401(k) plan is a retirement savings plan that allows employees to save a portion of their salary on a pre-tax or Roth after-tax basis.
How can I enroll in Oracle's 401(k) plan?
Employees can enroll in Oracle's 401(k) plan through the Oracle benefits portal during the enrollment period or within 30 days of their hire date.
Does Oracle match contributions to the 401(k) plan?
Yes, Oracle offers a matching contribution to the 401(k) plan, which helps employees maximize their retirement savings.
What is the maximum contribution limit for Oracle's 401(k) plan?
The maximum contribution limit for Oracle's 401(k) plan is set by the IRS and may change annually. Employees should check the latest IRS guidelines for the current limit.
Can I change my contribution rate to Oracle's 401(k) plan?
Yes, employees can change their contribution rate to Oracle's 401(k) plan at any time through the Oracle benefits portal.
What investment options are available in Oracle's 401(k) plan?
Oracle's 401(k) plan offers a variety of investment options, including mutual funds, target-date funds, and other investment vehicles.
When can I access my funds from Oracle's 401(k) plan?
Employees can access their funds from Oracle's 401(k) plan upon reaching retirement age, or in cases of hardship, termination of employment, or other qualifying events.
Does Oracle provide financial counseling for 401(k) participants?
Yes, Oracle provides access to financial counseling services to help employees make informed decisions about their 401(k) investments.
How often can I change my investment choices in Oracle's 401(k) plan?
Employees can change their investment choices in Oracle's 401(k) plan at any time, subject to the plan's trading policies.
What happens to my Oracle 401(k) if I leave the company?
If you leave Oracle, you have several options for your 401(k), including rolling it over to another retirement account, leaving it with Oracle, or cashing it out (which may incur taxes and penalties).
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