Healthcare Provider Update: Offers comprehensive medical, dental, vision, life, and disability insurance, plus 401(k) matching and paid time off 9. As ACA costs rise, Summits employer-sponsored plans provide consistent coverage and financial protection for employees and their families. Click here to learn more
Medicare Advantage, sometimes known as “Part C,” is something of a catch-all choice for Summit Materials 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 Summit Materials 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 Summit Materials offer?
Summit Materials offers a 401(k) retirement savings plan to help employees save for their future.
When can employees at Summit Materials enroll in the 401(k) plan?
Employees at Summit Materials can enroll in the 401(k) plan during the initial eligibility period or during the annual open enrollment period.
Is there a company match for contributions made to the 401(k) plan at Summit Materials?
Yes, Summit Materials provides a company match for employee contributions to the 401(k) plan, subject to certain limits.
How much can employees contribute to their 401(k) at Summit Materials?
Employees at Summit Materials can contribute up to the IRS annual limit, which is adjusted periodically. For 2023, the limit is $22,500, with an additional catch-up contribution for those aged 50 and over.
Does Summit Materials offer a Roth 401(k) option?
Yes, Summit Materials offers a Roth 401(k) option, allowing employees to make after-tax contributions to their retirement savings.
What investment options are available in the Summit Materials 401(k) plan?
The Summit Materials 401(k) plan provides a variety of investment options, including mutual funds, target-date funds, and company stock.
Can employees at Summit Materials take loans against their 401(k) savings?
Yes, employees at Summit Materials may be eligible to take loans against their 401(k) savings, subject to the plan's terms and conditions.
What happens to my 401(k) balance if I leave Summit Materials?
If you leave Summit Materials, you can choose to roll over your 401(k) balance to another retirement account, cash it out, or keep it in the Summit Materials plan if eligible.
How often can employees change their contribution amounts to the 401(k) at Summit Materials?
Employees at Summit Materials can change their contribution amounts at any time, subject to the plan's guidelines.
Is there a vesting schedule for the company match in the Summit Materials 401(k) plan?
Yes, there is a vesting schedule for the company match in the Summit Materials 401(k) plan, which determines how much of the match you own based on your years of service.
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