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Healthcare Provider Update: Provides employer-sponsored health plans and a 401(k). Employees using ACA coverage should prepare for significant 2026 premium hikes and evaluate options early Click here to learn more
Medicare Advantage, sometimes known as “Part C,” is something of a catch-all choice for Surgery Partners 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 Surgery Partners 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 Surgery Partners offer to its employees?
Surgery Partners offers a 401(k) retirement savings plan to its employees.
Does Surgery Partners match employee contributions to the 401(k) plan?
Yes, Surgery Partners provides a matching contribution to employee contributions made to the 401(k) plan, subject to certain limits.
What is the eligibility requirement to participate in the Surgery Partners 401(k) plan?
Employees of Surgery Partners are generally eligible to participate in the 401(k) plan after completing a specified period of service, typically 30 days.
Can employees of Surgery Partners choose how their 401(k) contributions are invested?
Yes, employees at Surgery Partners can choose from a variety of investment options for their 401(k) contributions.
How much can employees contribute to the Surgery Partners 401(k) plan each year?
Employees can contribute up to the IRS annual limit for 401(k) contributions, which is adjusted periodically. For 2023, the limit is $22,500, with an additional catch-up contribution for those aged 50 and older.
When can employees of Surgery Partners start withdrawing from their 401(k) accounts?
Employees can typically begin withdrawing from their Surgery Partners 401(k) accounts at age 59½ without penalties, subject to plan rules.
Does Surgery Partners allow for loans against the 401(k) plan?
Yes, Surgery Partners allows employees to take loans against their 401(k) balance, subject to specific terms and conditions outlined in the plan.
What happens to my 401(k) balance if I leave Surgery Partners?
If you leave Surgery Partners, you can choose to roll over your 401(k) balance to another retirement account, leave it in the Surgery Partners plan, or cash it out, though cashing out may incur taxes and penalties.
Is there a vesting schedule for the Surgery Partners 401(k) matching contributions?
Yes, Surgery Partners has a vesting schedule for matching contributions, meaning employees must work for a certain period before they fully own the matched funds.
How can employees at Surgery Partners access their 401(k) account information?
Employees can access their Surgery Partners 401(k) account information through the plan’s online portal or by contacting the plan administrator.
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