Medicare Advantage, sometimes known as “Part C,” is something of a catch-all choice for Asbury Automotive Group 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 Asbury Automotive Group 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 Asbury Automotive Group offer to its employees?
Asbury Automotive Group offers a 401(k) retirement savings plan to its employees.
How can employees of Asbury Automotive Group enroll in the 401(k) plan?
Employees of Asbury Automotive Group can enroll in the 401(k) plan by completing the enrollment process through the company’s HR portal or by contacting their HR representative.
Does Asbury Automotive Group provide matching contributions to the 401(k) plan?
Yes, Asbury Automotive Group provides matching contributions to the 401(k) plan, subject to specific terms and conditions.
What is the maximum contribution limit for the Asbury Automotive Group 401(k) plan?
The maximum contribution limit for the Asbury Automotive Group 401(k) plan is in line with IRS regulations, which may change annually.
Are employees of Asbury Automotive Group eligible to take loans from their 401(k) accounts?
Yes, employees of Asbury Automotive Group may have the option to take loans from their 401(k) accounts, subject to the plan’s rules.
When can employees of Asbury Automotive Group start withdrawing from their 401(k) accounts?
Employees of Asbury Automotive Group can start withdrawing from their 401(k) accounts at age 59½, or earlier under certain circumstances.
What investment options are available in the Asbury Automotive Group 401(k) plan?
The Asbury Automotive Group 401(k) plan offers a variety of investment options, including mutual funds, stocks, and bonds.
Can employees of Asbury Automotive Group change their contribution percentage to the 401(k) plan?
Yes, employees of Asbury Automotive Group can change their contribution percentage at any time, following the guidelines set by the plan.
Does Asbury Automotive Group offer financial education resources for its 401(k) plan participants?
Yes, Asbury Automotive Group provides financial education resources to help employees understand their 401(k) options and investment strategies.
Is there a vesting schedule for the employer match in the Asbury Automotive Group 401(k) plan?
Yes, there is a vesting schedule for the employer match in the Asbury Automotive Group 401(k) plan, which dictates when employees fully own the matched funds.
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