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Arch Resources Employees: Navigating the Complexities of Extended Care Costs in Retirement

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

Seven in ten Arch Resources 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.

Arch Resources 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 type of retirement savings plan does Arch Resources offer?

Arch Resources offers a 401(k) retirement savings plan to help employees save for their future.

Does Arch Resources match employee contributions to the 401(k) plan?

Yes, Arch Resources provides a matching contribution to employee 401(k) contributions, subject to certain limits.

What is the eligibility requirement to participate in the Arch Resources 401(k) plan?

Employees of Arch Resources are eligible to participate in the 401(k) plan after completing a specified period of service.

How can employees at Arch Resources enroll in the 401(k) plan?

Employees can enroll in the Arch Resources 401(k) plan through the company’s HR portal or by contacting the HR department for assistance.

What investment options are available in the Arch Resources 401(k) plan?

The Arch Resources 401(k) plan offers a variety of investment options, including mutual funds, stocks, and bonds.

Can employees at Arch Resources take loans against their 401(k) savings?

Yes, Arch Resources allows employees to take loans against their 401(k) savings, subject to certain conditions and limits.

What is the vesting schedule for the Arch Resources 401(k) matching contributions?

The vesting schedule for Arch Resources’ matching contributions typically follows a graded schedule, which employees can review in the plan documents.

How often can employees at Arch Resources change their 401(k) contribution amount?

Employees at Arch Resources can change their 401(k) contribution amount at specified times throughout the year, as outlined in the plan guidelines.

What happens to the 401(k) savings if an employee leaves Arch Resources?

If an employee leaves Arch Resources, they can choose to roll over their 401(k) savings into another retirement account or take a distribution, subject to tax implications.

Are there any fees associated with the Arch Resources 401(k) plan?

Yes, there may be administrative fees associated with the Arch Resources 401(k) plan, which are disclosed in the plan documents.

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

Arch Resources announced a restructuring plan aimed at reducing operational costs and focusing on higher-margin assets. This restructuring includes potential layoffs and shifts in focus from certain coal operations. Given the current economic climate and potential impact on energy markets, it is crucial to follow these changes as they could influence investment strategies and regulatory adjustments.

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For more information you can reach the plan administrator for Arch Resources at One CityPlace Dr Suite 300 Creve Coeur, MO 63141; or by calling them at (314) 994-2700.