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Medicare Advantage, sometimes known as “Part C,” is something of a catch-all choice for Wayfair 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 Wayfair 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 Wayfair offer to its employees?
Wayfair offers a 401(k) retirement savings plan to help employees save for their future.
Does Wayfair match employee contributions to the 401(k) plan?
Yes, Wayfair provides a matching contribution to employee 401(k) plans, up to a certain percentage of the employee's salary.
How can Wayfair employees enroll in the 401(k) plan?
Wayfair employees can enroll in the 401(k) plan through the company’s HR portal during the enrollment period.
What are the eligibility requirements for Wayfair's 401(k) plan?
Employees at Wayfair are typically eligible to participate in the 401(k) plan after completing a specified period of employment.
Can Wayfair employees change their contribution percentage to the 401(k) plan?
Yes, Wayfair employees can change their contribution percentage at any time through the HR portal.
What investment options are available in Wayfair's 401(k) plan?
Wayfair's 401(k) plan offers a variety of investment options, including mutual funds and target-date funds.
Is there a vesting schedule for Wayfair's 401(k) matching contributions?
Yes, Wayfair has a vesting schedule for matching contributions, which means employees must work for a certain period before they fully own the match.
Can Wayfair employees take loans against their 401(k) savings?
Yes, Wayfair allows employees to take loans against their 401(k) savings, subject to specific terms and conditions.
What happens to Wayfair employees' 401(k) accounts if they leave the company?
If Wayfair employees leave the company, they can choose to roll over their 401(k) balance to another retirement account or leave it in the Wayfair plan, depending on the plan's rules.
Are there any fees associated with Wayfair's 401(k) plan?
Yes, there may be administrative fees associated with Wayfair's 401(k) plan, which are typically outlined in the plan documents.
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