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Benchmark Electronics Employees: Navigating the Complexities of Extended Care Costs in Retirement

Healthcare Provider Update: Healthcare Provider for Benchmark Electronics The primary healthcare provider for Benchmark Electronics is UnitedHealthcare. This partnership ensures that employees have access to comprehensive medical coverage options, aligning with your interest in potential healthcare costs. Potential Healthcare Cost Increases in 2026 As we look ahead to 2026, healthcare consumers are facing a challenging landscape characterized by significant premium increases for Affordable Care Act (ACA) marketplace plans. Nationwide, some states are projected to see hikes exceeding 60% as insurers grapple with high medical costs and the potential loss of enhanced federal subsidies. Estimates suggest that without corrective legislative actions, up to 22 million enrollees could experience out-of-pocket premium increases of over 75%. This scenario may lead to many middle-income Americans facing affordability issues as rising premiums coincide with decreased support, potentially pricing them out of adequate healthcare coverage. Click here to learn more

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

Seven in ten Benchmark Electronics 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.

Benchmark Electronics 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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ACL.gov, 2022

What is the 401(k) plan offered by Benchmark Electronics?

The 401(k) plan at Benchmark Electronics is a retirement savings plan that allows employees to save a portion of their salary on a pre-tax basis, helping them prepare for retirement.

Does Benchmark Electronics match employee contributions to the 401(k) plan?

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

How can I enroll in the Benchmark Electronics 401(k) plan?

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

What are the eligibility requirements for the Benchmark Electronics 401(k) plan?

Employees of Benchmark Electronics are generally eligible to participate in the 401(k) plan after completing a specified period of service, as outlined in the plan documents.

Can I change my contribution rate to the Benchmark Electronics 401(k) plan?

Yes, employees can change their contribution rate to the Benchmark Electronics 401(k) plan at any time, subject to the plan's rules and limits.

What investment options are available in the Benchmark Electronics 401(k) plan?

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

Is there a vesting schedule for the employer match in the Benchmark Electronics 401(k) plan?

Yes, the employer match in the Benchmark Electronics 401(k) plan may be subject to a vesting schedule, which determines when employees fully own the matched contributions.

Can I take a loan from my Benchmark Electronics 401(k) plan?

Yes, employees may have the option to take a loan against their 401(k) balance in the Benchmark Electronics plan, subject to specific terms and conditions.

What happens to my Benchmark Electronics 401(k) if I leave the company?

If you leave Benchmark Electronics, you have several options for your 401(k) plan, including rolling it over to another retirement account, cashing it out, or leaving it with Benchmark Electronics.

Are there any fees associated with the Benchmark Electronics 401(k) plan?

Yes, the Benchmark Electronics 401(k) plan may have administrative fees and investment-related fees, 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.

In 2024, Benchmark Electronics announced a significant restructuring plan involving the reduction of its workforce by approximately 10%. The company is also undergoing changes to its employee benefits package, including adjustments to its 401(k) matching contributions.

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For more information you can reach the plan administrator for Benchmark Electronics at 56 South Rockford Dr Tempe, AZ 85281; or by calling them at +1 480-967-2100.