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Healthcare Provider Update: Targa Resources offers medical, dental, and vision insurance, along with HSA/FSA options and mental health benefits 2. With ACA insurers requesting double-digit hikes for 2026, Targas internal coverage may help employees avoid steep out-of-pocket increases expected in the marketplace. Click here to learn more
Medicare Advantage, sometimes known as “Part C,” is something of a catch-all choice for Targa Resources 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 Targa Resources 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 Targa Resources' 401(k) Savings Plan?
The primary purpose of Targa Resources' 401(k) Savings Plan is to help employees save for retirement by allowing them to contribute a portion of their salary on a pre-tax or Roth after-tax basis.
How can employees at Targa Resources enroll in the 401(k) Savings Plan?
Employees at Targa Resources can enroll in the 401(k) Savings Plan by completing the online enrollment process through the company’s benefits portal during the enrollment period or after they become eligible.
What is the employer match contribution policy for Targa Resources' 401(k) Savings Plan?
Targa Resources offers a competitive employer match for contributions made to the 401(k) Savings Plan, typically matching a percentage of employee contributions up to a certain limit.
What types of investment options are available in Targa Resources' 401(k) Savings Plan?
Targa Resources' 401(k) Savings Plan provides a variety of investment options, including mutual funds, target-date funds, and company stock, allowing employees to tailor their investment strategy.
At what age can employees at Targa Resources start withdrawing from their 401(k) Savings Plan without penalties?
Employees at Targa Resources can start withdrawing from their 401(k) Savings Plan without penalties at age 59½, provided they have separated from service or are still employed.
Does Targa Resources allow loans against the 401(k) Savings Plan?
Yes, Targa Resources allows employees to take loans against their 401(k) Savings Plan, subject to specific terms and conditions outlined in the plan documents.
Can employees at Targa Resources change their contribution percentage to the 401(k) Savings Plan at any time?
Yes, employees at Targa Resources can change their contribution percentage to the 401(k) Savings Plan at any time through the benefits portal.
What happens to an employee's 401(k) Savings Plan balance if they leave Targa Resources?
If an employee leaves Targa Resources, they can choose to leave their balance in the plan, roll it over to another qualified retirement plan, or cash it out, subject to taxes and penalties.
Is there a vesting schedule for employer contributions in Targa Resources' 401(k) Savings Plan?
Yes, Targa Resources has a vesting schedule for employer contributions, meaning employees must work for the company for a certain period before they fully own the employer match.
How often can employees at Targa Resources review their 401(k) Savings Plan statements?
Employees at Targa Resources can review their 401(k) Savings Plan statements quarterly through the benefits portal or receive them via mail.
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