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Healthcare Provider Update: Offers medical, dental, vision, FSAs, HSAs, and supplemental insurance options like critical illness and accident coverage 5. As ACA premiums surge, PBFs tax-advantaged accounts and group-rate insurance help employees manage rising healthcare expenses. Click here to learn more
Medicare Advantage, sometimes known as “Part C,” is something of a catch-all choice for PBF Energy 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 PBF Energy 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 PBF Energy’s 401(k) Savings Plan?
The primary purpose of PBF Energy’s 401(k) Savings Plan is to help employees save for retirement by allowing them to contribute a portion of their salary on a tax-deferred basis.
How can I enroll in PBF Energy's 401(k) Savings Plan?
Employees can enroll in PBF Energy's 401(k) Savings Plan by completing the enrollment process through the company’s designated benefits portal or by contacting the HR department for assistance.
Does PBF Energy offer matching contributions to the 401(k) Savings Plan?
Yes, PBF Energy offers matching contributions to the 401(k) Savings Plan, which helps employees increase their retirement savings.
What types of investment options are available in PBF Energy’s 401(k) Savings Plan?
PBF Energy’s 401(k) Savings Plan offers a variety of investment options, including mutual funds, target-date funds, and other investment vehicles to suit different risk tolerances.
When can I start contributing to PBF Energy’s 401(k) Savings Plan?
Employees can start contributing to PBF Energy’s 401(k) Savings Plan after they have completed their eligibility requirements, typically within the first few months of employment.
What is the maximum contribution limit for PBF Energy’s 401(k) Savings Plan?
The maximum contribution limit for PBF Energy’s 401(k) Savings Plan is determined by the IRS limits, which may change annually. Employees should refer to the plan documents for the current limits.
Can I take a loan against my 401(k) savings at PBF Energy?
Yes, PBF Energy’s 401(k) Savings Plan allows employees to take loans against their savings under certain conditions. Employees should review the plan documents for specific terms and conditions.
What happens to my 401(k) savings if I leave PBF Energy?
If you leave PBF Energy, you have several options for your 401(k) savings, including rolling it over to another retirement account, cashing it out, or leaving it in the PBF Energy plan if permitted.
Is there a vesting schedule for PBF Energy's matching contributions?
Yes, PBF Energy has a vesting schedule for matching contributions, which means that employees earn ownership of the matching funds over time based on their years of service.
How often can I change my contribution amount to PBF Energy’s 401(k) Savings Plan?
Employees can change their contribution amount to PBF Energy’s 401(k) Savings Plan at designated times throughout the year, as outlined in the plan documents.
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