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Addressing the potential risks of extended-term care expenses may be one of the biggest financial challenges for Genesis Energy employees who are developing a retirement strategy.
Seven in ten Genesis Energy 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.
Genesis Energy 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 Genesis Energy 401(k) plan?
The Genesis Energy 401(k) plan is a retirement savings plan that allows employees to save a portion of their paycheck for retirement on a tax-deferred basis.
How can I enroll in the Genesis Energy 401(k) plan?
Employees can enroll in the Genesis Energy 401(k) plan through the company’s benefits portal or by contacting the HR department for assistance.
Is there a waiting period to join the Genesis Energy 401(k) plan?
Yes, Genesis Energy typically has a waiting period for new employees, which is communicated during the onboarding process.
What types of contributions can I make to the Genesis Energy 401(k) plan?
Employees can make pre-tax contributions, Roth (after-tax) contributions, and possibly catch-up contributions if they are age 50 or older in the Genesis Energy 401(k) plan.
Does Genesis Energy offer a company match for the 401(k) plan?
Yes, Genesis Energy offers a company match to encourage employees to save for retirement, subject to specific terms outlined in the plan.
What is the maximum contribution limit for the Genesis Energy 401(k) plan?
The maximum contribution limit for the Genesis Energy 401(k) plan is determined by IRS regulations and can change annually. Employees should check the latest guidelines for the current limit.
Can I change my contribution amount in the Genesis Energy 401(k) plan?
Yes, employees can change their contribution amount at any time through the Genesis Energy benefits portal.
What investment options are available in the Genesis Energy 401(k) plan?
The Genesis Energy 401(k) plan offers a variety of investment options, including mutual funds, target-date funds, and possibly company stock.
How often can I change my investment choices in the Genesis Energy 401(k) plan?
Employees can typically change their investment choices in the Genesis Energy 401(k) plan on a quarterly basis or as specified in the plan documents.
What happens to my Genesis Energy 401(k) plan if I leave the company?
If you leave Genesis Energy, you have several options for your 401(k) plan, including rolling it over to another retirement account, cashing it out, or leaving it with Genesis Energy, depending on the plan rules.
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