Healthcare Provider Update: Healthcare Provider for Flowserve Flowserve Corporation partners with Anthem Blue Cross Blue Shield to provide healthcare plans and services for its employees. Anthem is noted for its extensive provider network and range of health insurance options, which includes access to various plans tailored to meet the diverse needs of Flowserve's workforce. Potential Healthcare Cost Increases in 2026 As we approach 2026, healthcare costs are poised to escalate significantly, driven by expected record premium hikes in the Affordable Care Act (ACA) marketplace. With premium increases averaging 18% and some states experiencing hikes exceeding 60%, the impact on Flowserve employees could be notable. The expiration of enhanced federal premium subsidies adds to the financial burden, potentially resulting in out-of-pocket premium increases of over 75% for many workers, raising concerns about accessibility and affordability of essential healthcare services as we move into the next year. Click here to learn more
Addressing the potential risks of extended-term care expenses may be one of the biggest financial challenges for Flowserve employees who are developing a retirement strategy.
Seven in ten Flowserve 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.
Flowserve 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 Flowserve offer to its employees?
Flowserve offers a 401(k) retirement savings plan to help employees save for their future.
How can Flowserve employees enroll in the 401(k) plan?
Flowserve employees can enroll in the 401(k) plan through the company’s HR portal or by contacting the HR department for assistance.
Does Flowserve match employee contributions to the 401(k) plan?
Yes, Flowserve offers a matching contribution to the 401(k) plan, which helps employees maximize their retirement savings.
What is the maximum contribution percentage that Flowserve employees can contribute to their 401(k)?
Flowserve employees can contribute up to the IRS limit, which is adjusted annually. Employees should check the latest guidelines for the current limit.
Are there any eligibility requirements for Flowserve employees to participate in the 401(k) plan?
Yes, Flowserve employees must meet certain eligibility requirements, such as a minimum length of service, to participate in the 401(k) plan.
Can Flowserve employees take loans against their 401(k) savings?
Yes, Flowserve allows employees to take loans against their 401(k) savings, subject to specific terms and conditions outlined in the plan.
What investment options are available in Flowserve's 401(k) plan?
Flowserve offers a variety of investment options in its 401(k) plan, including mutual funds, target-date funds, and other investment vehicles.
How often can Flowserve employees change their 401(k) contribution amounts?
Flowserve employees can change their 401(k) contribution amounts at designated times throughout the year, typically during open enrollment periods.
Is there a vesting schedule for Flowserve's 401(k) matching contributions?
Yes, Flowserve has a vesting schedule for its matching contributions, which determines when employees fully own those contributions.
Can Flowserve employees access their 401(k) funds before retirement?
Flowserve employees may access their 401(k) funds before retirement under certain circumstances, such as hardship withdrawals or loans.