New Update: Healthcare Costs Increasing by Over 60% in Some States. Will you be impacted?

Is a Rollover into an IRA the Right Move for You as a Ensign Group Employee?

Healthcare Provider Update: Ensign Group Healthcare Provider The Ensign Group primarily operates skilled nursing facilities, assisted living facilities, and memory care services. They are known for providing a diverse range of healthcare services, including rehabilitation and care for patients with chronic conditions. Their operating model emphasizes patient-centered care, and they often partner with various healthcare providers to ensure comprehensive service delivery to their residents. Potential Healthcare Cost Increases in 2026 As the landscape of healthcare continues to evolve, significant premium hikes are anticipated in 2026, particularly for Affordable Care Act (ACA) marketplace plans. With some states forecasting increases exceeding 60%, the loss of enhanced federal premium subsidies could lead to average out-of-pocket costs spiking by over 75% for the majority of policyholders. This surge is attributed to rising medical costs and the record profits reported by major insurers, creating a perfect storm for healthcare consumers facing steep financial challenges ahead. As consumers prepare for 2026, proactive financial strategies will be essential to mitigate the impact of these escalating costs. Click here to learn more

Choosing an IRA rollover means that your money remains tax-advantaged and capable of growth, as in a Ensign Group-sponsored plan. You may also gain more investment options than what may have been available in your Ensign Group-sponsored plan. You may also gain oversight of managing these important retirement assets from your trusted Advisor.

If you roll your retirement plan assets over into an IRA account that you already own through your Advisor, you also receive the benefit of combined statements and holistic investment planning, making it easier to track your overall financial situation.

'Receive the benefit of combined statements and holistic investment planning, making it easier to track your overall financial situation.'

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Some of the benefits of rolling your money into an IRA include:

Tax-deferred growth potential: This generally avoids current income tax and distribution penalties when removed from a Ensign Group-sponsored retirement plan.

More investment choices: This allows for additional contributions, if eligible. IRAs can be combined and handled by one provider, thereby reducing trustee costs and consolidating statements. Protection from creditors in federal bankruptcy proceedings. The combined amount of your required minimum distributions (RMDs) can be taken from any of your Traditional, SEP or SIMPLE IRAs.

However, there are also some important considerations that Ensign Group should make before rolling over their money into an IRA, these include:

Internal management fees might be higher than in a Ensign Group-sponsored retirement plan.
Fees and expenses depend largely on the investments you choose.
Loans from an IRA are not allowed.
Early distributions may be subject to a 10% IRS tax penalty in addition to income tax.
RMDs begin April 1 following the year you reach 70½ and annually thereafter; leaving the money in the former Fortune-500 plan may allow RMDs to be delayed until separation from service.
IRAs are subject to state laws governing malpractice, divorce, creditors (outside of bankruptcy), and other lawsuits; leaving the money in the former Ensign Group-plan may provide additional protection against creditors.
Net unrealized appreciation (NUA) is the difference between what you paid for employer securities and their increased value. You lose favorable tax treatment of NUA if the funds are rolled into an IRA.

Hopefully, these insights will be helpful as you plan your retirement from Ensign Group.

For more information about this topic, view our e-book here: https://retirekit.theretirementgroup.com/will-your-retirement-plan-retire-with-you-e-brochure-offer

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What is the primary purpose of the 401(k) plan at Ensign Group?

The primary purpose of the 401(k) plan at Ensign Group is to help employees save for retirement by allowing them to contribute a portion of their salary on a tax-deferred basis.

Who is eligible to participate in Ensign Group's 401(k) plan?

All full-time employees of Ensign Group who meet the eligibility requirements, such as age and service time, are eligible to participate in the 401(k) plan.

How can employees enroll in the 401(k) plan at Ensign Group?

Employees can enroll in the 401(k) plan at Ensign Group by completing the online enrollment process through the designated benefits portal.

Does Ensign Group offer a company match for 401(k) contributions?

Yes, Ensign Group offers a company match for employee contributions to the 401(k) plan, which enhances the overall retirement savings.

What is the maximum contribution limit for the 401(k) plan at Ensign Group?

The maximum contribution limit for the 401(k) plan at Ensign Group is subject to IRS regulations, which are updated annually. Employees should refer to the latest guidelines for specific limits.

Can employees change their contribution percentage in Ensign Group's 401(k) plan?

Yes, employees can change their contribution percentage at any time during the year by accessing their account through the benefits portal.

What investment options are available in the Ensign Group 401(k) plan?

The Ensign Group 401(k) plan offers a variety of investment options, including mutual funds, target-date funds, and other investment vehicles to suit different risk tolerances.

How often can employees make changes to their investments in the Ensign Group 401(k) plan?

Employees can make changes to their investment allocations in the Ensign Group 401(k) plan on a regular basis, typically daily, depending on the plan's rules.

Is there a vesting schedule for the Ensign Group 401(k) company match?

Yes, Ensign Group has a vesting schedule for the company match, meaning employees must work for the company for a certain period before they fully own the matched contributions.

What happens to my 401(k) account if I leave Ensign Group?

If you leave Ensign Group, you have several options for your 401(k) account, including rolling it over to another retirement account or withdrawing the funds, subject to applicable taxes and penalties.

With the current political climate we are in it is important to keep up with current news and remain knowledgeable about your benefits.

Ensign Group offers a 401(k) Savings Plan for its employees, which includes both pre-tax and Roth after-tax contribution options. The eligibility criteria for the plan requires that all full-time and part-time employees aged 18 and above can join the plan on the first of the month following 90 days of service. Employees can contribute up to 90% of their pay on a pre-tax or Roth basis, with the annual IRS contribution limit set at $23,000 for 2024. For employees aged 50 and above, an additional "catch-up" contribution of $7,500 is allowed. Ensign Group matches 25% of the first 2% of compensation contributed by employees, with a vesting schedule of 25% per year of service, reaching full vesting after four years. The plan includes various investment options through Fidelity, including target-date funds tailored to retirement timelines.

Restructuring and Layoffs: In early 2023, Ensign Group announced a restructuring plan aimed at streamlining operations and reducing costs. This move included the consolidation of some facilities and a reduction in workforce, primarily affecting administrative and support roles. The company stated that these changes were necessary to improve efficiency and operational agility.

Ensign Group offered stock options (SO) and RSUs to its employees as part of its compensation package. The company's SO and RSU plans are designed to attract and retain key talent by aligning employee interests with shareholder value. For 2022, the stock options and RSUs were granted to executives and other key employees based on their performance and role within the company.

Ensign Group: Health Benefits Information 1. Official Website Ensign Group Benefits Overview: Ensign Group's official website often outlines employee benefits, including healthcare options. You can usually find detailed information under their "Careers" or "Employee Benefits" sections. Key Terms: Health Savings Account (HSA), Flexible Spending Account (FSA), Preventive Care, Employee Assistance Program (EAP). 2. Glassdoor Benefits Review: Reviews from employees on Glassdoor often highlight the specifics of healthcare benefits, such as health insurance plans, coverage details, and employee satisfaction. Key Terms: Health Insurance Coverage, PPO, HMO, Deductibles, Co-pays. 3. Indeed Employee Reviews: Indeed provides employee reviews and salary information, including insights into healthcare benefits and any recent changes. Key Terms: Medical, Dental, Vision Insurance, Coverage Options, Wellness Programs. 4. LinkedIn Company Updates: LinkedIn can offer updates and posts related to Ensign Group's employee benefits, including any new health initiatives or changes in benefits. Key Terms: Wellness Benefits, Health and Wellness Programs, Employee Health Plans. 5. News Articles Recent News: Look for recent news articles on healthcare benefits or changes at Ensign Group. These articles might discuss new policies, cost changes, or improvements in health benefits. Key Terms: Benefit Enhancements, Policy Changes, Healthcare Coverage Updates. Summary of Recent Employee Healthcare News for Ensign Group: 2022 Updates: Ensign Group has been working on enhancing its healthcare benefits, including improving access to preventive care and expanding wellness programs. They’ve been emphasizing mental health support and telehealth services as part of their comprehensive healthcare offerings. 2023 Developments: In 2023, Ensign Group continued to evolve its health benefits by introducing new flexible spending account options and expanding employee assistance programs. There has been a focus on providing more comprehensive coverage and better support for chronic conditions. 2024 Changes: For 2024, Ensign Group has made adjustments to its health insurance plans, including updates to deductible levels and premium costs. They have also introduced additional wellness incentives and resources to support employee health and well-being.