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Edwards Lifesciences 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 Edwards Lifesciences employees who are developing a retirement strategy.

Seven in ten Edwards Lifesciences 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.

Edwards Lifesciences 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 plan does Edwards Lifesciences offer to its employees?

Edwards Lifesciences offers a 401(k) savings plan to help employees save for retirement.

Does Edwards Lifesciences match employee contributions to the 401(k) plan?

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

How can I enroll in the 401(k) plan at Edwards Lifesciences?

Employees can enroll in the Edwards Lifesciences 401(k) plan through the company's benefits portal during the open enrollment period or upon hire.

What is the eligibility requirement for the 401(k) plan at Edwards Lifesciences?

Generally, all full-time employees of Edwards Lifesciences are eligible to participate in the 401(k) plan after completing a specified period of service.

Can I change my contribution percentage to the Edwards Lifesciences 401(k) plan?

Yes, employees can change their contribution percentage to the Edwards Lifesciences 401(k) plan at any time through the benefits portal.

What investment options are available in the Edwards Lifesciences 401(k) plan?

The Edwards Lifesciences 401(k) plan offers a variety of investment options, including mutual funds and target-date funds, allowing employees to choose based on their risk tolerance.

When can I start withdrawing from my Edwards Lifesciences 401(k) plan?

Employees can typically begin withdrawing from their Edwards Lifesciences 401(k) plan without penalty at age 59½, subject to plan rules.

Is there a loan option available through the Edwards Lifesciences 401(k) plan?

Yes, Edwards Lifesciences allows employees to take loans against their 401(k) balance, subject to specific terms and conditions.

How often can I make changes to my investment allocations in the Edwards Lifesciences 401(k) plan?

Employees can typically make changes to their investment allocations in the Edwards Lifesciences 401(k) plan on a quarterly basis or as specified in the plan documents.

What happens to my Edwards Lifesciences 401(k) plan if I leave the company?

If you leave Edwards Lifesciences, you can roll over your 401(k) balance to another retirement account, withdraw the funds, or leave the balance in the plan, depending on the plan’s rules.

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For more information you can reach the plan administrator for Edwards Lifesciences at One Edwards Way Irvine, CA 92614; or by calling them at (949) 250-2500.