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Apollo Global Management Employees: Navigating the Complexities of Extended Care Costs in Retirement

Addressing the potential risks of extended-term care expenses may be one of the biggest financial challenges for Apollo Global Management employees who are developing a retirement strategy.

Seven in ten Apollo Global Management employees over age 65 can expect to need extended care services at some point in their lives. So understanding the various types of extended care services – and what those services may cost – is critical as you consider your retirement approach.

What Is Extended Care?

Extended care is not a single activity. It refers to a variety of medical and non–medical services needed by those who have a chronic illness or disability – most commonly associated with aging.

Extended care can include everything from assistance with activities of daily living – help dressing, bathing, using the bathroom, or even driving to the store – to more intensive therapeutic and medical care requiring the services of skilled medical personnel.

Extended care may be provided at home, at a community center, in an assisted living facility, or in a skilled nursing home. And extended care is not exclusively for the elderly; it is possible to need extended care at any age.

How Much Does Extended Care Cost?

Extended care costs vary state by state and region by region. The 2021 national average for care in a skilled care facility (single occupancy in a nursing home) was $108,405 a year. The national average for care in an assisted living center (single occupancy) was $54,000 a year. Home health aides cost a median of $27 per hour, but that rate may increase when a licensed nurse is required.

What Are the Payment Choices?

Often, extended care is provided by family and friends. Providing care can be a burden, however, and the need for assistance tends to increase with age.

Apollo Global Management employees who would rather not burden their family and friends have two main choices for covering the cost of extended care: they can choose to self-insure or they can purchase extended care insurance.

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Many self-insure by default – simply because they haven't made other arrangements. Those who self-insure may depend on personal savings and investments to fund any extended care needs. The other approach is to consider purchasing extended care insurance, which can cover all levels of care, from skilled care to custodial care to in-home assistance.

When it comes to addressing your extended care needs, many look to select a strategy that may help them protect assets, preserve dignity, and maintain independence. If those concepts are important to you, consider your approach to extended care.

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What is the 401(k) plan offered by Apollo Global Management?

The 401(k) plan at Apollo Global Management is a retirement savings plan that allows employees to save a portion of their salary on a tax-deferred basis.

How can I enroll in the 401(k) plan at Apollo Global Management?

Employees can enroll in the Apollo Global Management 401(k) plan by completing the enrollment process through the company’s HR portal or by contacting the HR department for assistance.

What types of contributions can I make to the Apollo Global Management 401(k) plan?

Employees at Apollo Global Management can make pre-tax contributions, Roth (after-tax) contributions, and may also have the option for catch-up contributions if they are age 50 or older.

Does Apollo Global Management match employee contributions to the 401(k) plan?

Yes, Apollo Global Management offers a matching contribution to the 401(k) plan, which helps employees increase their retirement savings.

What is the vesting schedule for employer contributions in the Apollo Global Management 401(k) plan?

The vesting schedule for employer contributions at Apollo Global Management typically follows a graded vesting schedule, which means employees earn rights to employer contributions over a specified period.

Can I take a loan against my 401(k) at Apollo Global Management?

Yes, Apollo Global Management allows employees to take loans against their 401(k) plan balance, subject to certain terms and conditions.

What investment options are available in the Apollo Global Management 401(k) plan?

The 401(k) plan at Apollo Global Management offers a variety of investment options, including mutual funds, target-date funds, and other investment vehicles.

How often can I change my contribution amount in the Apollo Global Management 401(k) plan?

Employees at Apollo Global Management can change their contribution amount at any time, typically through the HR portal or by contacting HR.

What happens to my 401(k) plan if I leave Apollo Global Management?

If you leave Apollo Global Management, you can choose to roll over your 401(k) balance to another retirement account, leave it in the Apollo plan (if eligible), or cash it out (subject to taxes and penalties).

Is there a minimum contribution requirement for the Apollo Global Management 401(k) plan?

Yes, Apollo Global Management may have a minimum contribution requirement for employees participating in the 401(k) plan, which is typically communicated during the enrollment process.

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For more information you can reach the plan administrator for Apollo Global Management at 9 W 57th St New York, NY 10019; or by calling them at (212) 515-3200.