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Medicare Advantage, sometimes known as “Part C,” is something of a catch-all choice for Westinghouse Air Brake 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 Westinghouse Air Brake 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 types of contributions can employees make to the Westinghouse Air Brake 401(k) plan?
Employees at Westinghouse Air Brake can make pre-tax and Roth (after-tax) contributions to the 401(k) plan.
Is there a company match for contributions made to the Westinghouse Air Brake 401(k) plan?
Yes, Westinghouse Air Brake offers a company match on employee contributions up to a certain percentage, which is detailed in the plan documents.
What is the eligibility requirement to participate in the Westinghouse Air Brake 401(k) plan?
Employees are eligible to participate in the Westinghouse Air Brake 401(k) plan after completing a specified period of service, typically 30 days.
How can employees at Westinghouse Air Brake enroll in the 401(k) plan?
Employees can enroll in the Westinghouse Air Brake 401(k) plan through the company’s HR portal or by contacting the HR department for assistance.
What investment options are available in the Westinghouse Air Brake 401(k) plan?
The Westinghouse Air Brake 401(k) plan offers a variety of investment options, including mutual funds, target-date funds, and company stock.
Can employees at Westinghouse Air Brake take loans against their 401(k) accounts?
Yes, Westinghouse Air Brake allows employees to take loans against their 401(k) accounts under certain conditions.
What happens to my Westinghouse Air Brake 401(k) account if I leave the company?
If you leave Westinghouse Air Brake, you can choose to leave your 401(k) account with the company, roll it over to another retirement account, or cash it out, subject to taxes and penalties.
Are there any fees associated with the Westinghouse Air Brake 401(k) plan?
Yes, there may be administrative fees and investment-related fees associated with the Westinghouse Air Brake 401(k) plan, which are outlined in the plan documents.
How often can employees change their contribution amounts to the Westinghouse Air Brake 401(k) plan?
Employees at Westinghouse Air Brake can change their contribution amounts at any time, subject to the plan’s guidelines.
Does Westinghouse Air Brake offer financial education resources for 401(k) participants?
Yes, Westinghouse Air Brake provides financial education resources and workshops to help employees make informed decisions about their 401(k) investments.
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