New Update: Healthcare Costs Increasing by Over 60% in Some States. Will you be impacted?

Energy Transfer Employees: Navigating the Complexities of Extended Care Costs in Retirement

Healthcare Provider Update: Healthcare Provider for Energy Transfer Energy Transfer employees typically rely on employer-sponsored health insurance plans, which are often managed through major healthcare providers like UnitedHealthcare, BlueCross BlueShield, or Aetna, depending on the specific agreements and market presence in their regions. Potential Healthcare Cost Increases in 2026 Looking ahead to 2026, Energy Transfer employees may face significant healthcare challenges as premium increases for Affordable Care Act (ACA) plans are projected to surge sharply, with some states reporting hikes of over 60%. The anticipated expiration of enhanced federal premium subsidies is expected to exacerbate this situation, pushing average out-of-pocket premiums up by more than 75% for many individuals. As medical costs continue to rise-driven by increased hospital expenses, specialty drugs, and systemic inflation-Energy Transfer employees should prepare for a substantial shift in their healthcare expenses, making it crucial to evaluate options early and strategically plan for the upcoming changes. Click here to learn more

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

Seven in ten Energy Transfer 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.

Energy Transfer 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 primary purpose of Energy Transfer's 401(k) Savings Plan?

The primary purpose of Energy Transfer's 401(k) Savings Plan is to help employees save for retirement by allowing them to contribute a portion of their salary on a pre-tax basis.

How can I enroll in Energy Transfer's 401(k) Savings Plan?

Employees can enroll in Energy Transfer's 401(k) Savings Plan by completing the enrollment process through the company's benefits portal or by contacting the HR department for assistance.

Does Energy Transfer offer a company match for contributions to the 401(k) Savings Plan?

Yes, Energy Transfer offers a company match for employee contributions to the 401(k) Savings Plan, which enhances the overall retirement savings for employees.

What types of investment options are available in Energy Transfer's 401(k) Savings Plan?

Energy Transfer's 401(k) Savings Plan typically offers a variety of investment options, including mutual funds, target-date funds, and company stock, allowing employees to diversify their portfolios.

Can I change my contribution amount to Energy Transfer's 401(k) Savings Plan at any time?

Yes, employees can change their contribution amount to Energy Transfer's 401(k) Savings Plan at any time, subject to any plan-specific guidelines.

What is the vesting schedule for the company match in Energy Transfer's 401(k) Savings Plan?

The vesting schedule for the company match in Energy Transfer's 401(k) Savings Plan may vary, but typically employees become fully vested after a certain number of years of service.

Are there any fees associated with Energy Transfer's 401(k) Savings Plan?

Yes, there may be administrative fees and investment-related fees associated with Energy Transfer's 401(k) Savings Plan, which are disclosed in the plan documents.

How can I access my account information for Energy Transfer's 401(k) Savings Plan?

Employees can access their account information for Energy Transfer's 401(k) Savings Plan through the plan's online portal or by contacting the plan administrator.

What happens to my 401(k) Savings Plan account if I leave Energy Transfer?

If you leave Energy Transfer, you have several options for your 401(k) Savings Plan account, including rolling it over to another retirement account, cashing it out, or leaving it in the plan if permitted.

Can I take a loan from my 401(k) Savings Plan at Energy Transfer?

Yes, Energy Transfer's 401(k) Savings Plan may allow employees to take loans against their account balance, subject to specific terms and conditions.

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

Energy Transfer offers a 401(k) plan with company match and discretionary profit-sharing contributions. The plan includes various investment options and financial planning resources.

Energy Transfer offers RSUs to its executives and key employees. RSUs vest over multiple years, aligning employee interests with long-term company goals.

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For more information you can reach the plan administrator for Energy Transfer at 8111 Westchester Dr Dallas, TX 75225; or by calling them at (214) 981-0700.