Healthcare Provider Update: Healthcare Provider for Brookdale Senior Living: Brookdale Senior Living collaborates with several healthcare providers to ensure that its residents receive comprehensive care. The primary healthcare partnerships include local hospitals, primary care physicians, and specialized geriatric care providers, facilitating a continuum of care that is essential for the elderly population. Brookdale's integrated healthcare approach helps address the diverse medical needs of its residents, providing services ranging from routine check-ups to specialized treatments. --- Potential Healthcare Cost Increases in 2026: As we approach 2026, Brookdale Senior Living employees and residents may face significant healthcare cost increases. The anticipated rise in health insurance premiums for Affordable Care Act (ACA) marketplace plans, with some states reporting hikes over 60%, could lead to a drastic increase in out-of-pocket expenses. If enhanced federal premium subsidies expire as expected, nearly 92% of marketplace enrollees could see their premiums soar by over 75%. This shift highlights the need for Brookdale's community members to evaluate their healthcare plans and budgets carefully to manage these impending costs effectively. Click here to learn more
Addressing the potential risks of extended-term care expenses may be one of the biggest financial challenges for Brookdale Senior Living employees who are developing a retirement strategy.
Seven in ten Brookdale Senior Living 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.
Brookdale Senior Living 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.
GenWorth.com, 2022
ACL.gov, 2022
What type of retirement savings plan does Brookdale Senior Living offer to its employees?
Brookdale Senior Living offers a 401(k) retirement savings plan to its employees.
Is participation in the 401(k) plan at Brookdale Senior Living mandatory?
Participation in the 401(k) plan at Brookdale Senior Living is voluntary; employees can choose to enroll.
What is the employer match for the 401(k) plan at Brookdale Senior Living?
Brookdale Senior Living offers a competitive employer match for contributions made to the 401(k) plan, typically matching a percentage of employee contributions.
When can employees at Brookdale Senior Living enroll in the 401(k) plan?
Employees at Brookdale Senior Living can enroll in the 401(k) plan during their initial onboarding period or during the annual open enrollment period.
How can employees at Brookdale Senior Living make contributions to their 401(k) plan?
Employees at Brookdale Senior Living can make contributions to their 401(k) plan through payroll deductions.
What are the contribution limits for the 401(k) plan at Brookdale Senior Living?
The contribution limits for the 401(k) plan at Brookdale Senior Living are set according to IRS guidelines, which may change annually.
Does Brookdale Senior Living offer any investment options within the 401(k) plan?
Yes, Brookdale Senior Living offers a variety of investment options within the 401(k) plan, including mutual funds and other investment vehicles.
Can employees at Brookdale Senior Living take loans against their 401(k) savings?
Yes, employees at Brookdale Senior Living may have the option to take loans against their 401(k) savings, subject to specific plan rules.
How can employees at Brookdale Senior Living access their 401(k) account information?
Employees at Brookdale Senior Living can access their 401(k) account information online through the plan’s designated website or by contacting the plan administrator.
What happens to the 401(k) plan if an employee leaves Brookdale Senior Living?
If an employee leaves Brookdale Senior Living, they have several options for their 401(k) savings, including rolling it over to another retirement account or cashing it out.
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