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Addressing the potential risks of extended-term care expenses may be one of the biggest financial challenges for Elanco Animal Health employees who are developing a retirement strategy.
Seven in ten Elanco Animal Health 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.
Elanco Animal Health 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 is the 401(k) plan offered by Elanco Animal Health?
The 401(k) plan at Elanco Animal Health is a retirement savings plan that allows employees to save a portion of their paycheck before taxes are taken out.
Does Elanco Animal Health offer matching contributions to the 401(k) plan?
Yes, Elanco Animal Health offers matching contributions to the 401(k) plan, which helps employees maximize their retirement savings.
How can employees enroll in the 401(k) plan at Elanco Animal Health?
Employees can enroll in the 401(k) plan at Elanco Animal Health through the company’s benefits portal during the enrollment period or after a qualifying event.
What are the eligibility requirements for the 401(k) plan at Elanco Animal Health?
To be eligible for the 401(k) plan at Elanco Animal Health, employees typically need to meet certain criteria, such as age and length of service.
Can employees take loans against their 401(k) at Elanco Animal Health?
Yes, Elanco Animal Health allows employees to take loans against their 401(k) balance under certain conditions.
What investment options are available in the Elanco Animal Health 401(k) plan?
The 401(k) plan at Elanco Animal Health offers a variety of investment options, including mutual funds, stocks, and bonds, allowing employees to customize their investment strategy.
How often can employees change their contribution percentage to the Elanco Animal Health 401(k) plan?
Employees at Elanco Animal Health can change their contribution percentage to the 401(k) plan at any time, subject to company policies.
Is there a vesting schedule for the matching contributions at Elanco Animal Health?
Yes, Elanco Animal Health has a vesting schedule for matching contributions, which means employees must work for the company for a certain period before they fully own the matching funds.
What happens to an employee's 401(k) account if they leave Elanco Animal Health?
If an employee leaves Elanco Animal Health, they can choose to roll over their 401(k) balance to another retirement account, cash out, or leave it in the Elanco plan if eligible.
Are there any fees associated with the Elanco Animal Health 401(k) plan?
Yes, there may be administrative fees associated with the Elanco Animal Health 401(k) plan, which are disclosed in the plan documents.
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