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

Greif Employees: Navigating the Complexities of Extended Care Costs in Retirement

Healthcare Provider Update: Healthcare Provider for Greif Greif, Inc. does not seem to have publicly disclosed a single primary healthcare provider; rather, they typically offer a range of health insurance options to their employees through various insurers, depending on the specific locations and participation in regional healthcare plans. Companies like Greif often partner with large insurers such as UnitedHealthcare, Anthem, and Cigna to provide their employees with comprehensive health benefits. Healthcare Cost Increases in 2026 As healthcare costs are projected to rise significantly in 2026, Greif could face challenges in managing employee health benefits amid anticipated record increases in ACA premiums. Estimates suggest that without congressional action to extend enhanced subsidies, premiums could soar by over 75% for many enrollees, potentially impacting a majority of their workforce. This surge is largely attributed to rising medical costs and major insurers' rate hikes, which could compel organizations like Greif to reassess their health benefits strategy, balancing financial sustainability with the well-being of their employees. Strategically navigating these changes will be crucial for maintaining competitive health coverage in a challenging market. Click here to learn more

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

Seven in ten Greif 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.

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

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

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

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

What types of contributions can I make to Greif's 401(k) Savings Plan?

Employees can make pre-tax contributions, Roth (after-tax) contributions, and possibly catch-up contributions if they are age 50 or older in Greif's 401(k) Savings Plan.

Does Greif offer any matching contributions to the 401(k) Savings Plan?

Yes, Greif offers a matching contribution to the 401(k) Savings Plan, which is designed to encourage employees to save for retirement.

What is the vesting schedule for Greif's matching contributions?

The vesting schedule for Greif's matching contributions typically follows a graded schedule, meaning employees earn ownership of the contributions over a period of time.

Can I take a loan against my 401(k) Savings Plan with Greif?

Yes, Greif allows participants to take loans against their 401(k) Savings Plan balance, subject to certain terms and conditions outlined in the plan documents.

What investment options are available in Greif's 401(k) Savings Plan?

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

How often can I change my contribution amount to Greif's 401(k) Savings Plan?

Employees can typically change their contribution amount to Greif's 401(k) Savings Plan at any time, subject to the plan’s rules and limitations.

When can I access my funds from Greif's 401(k) Savings Plan?

Employees can access their funds from Greif's 401(k) Savings Plan upon reaching retirement age, or in cases of hardship, termination of employment, or other qualifying events.

Does Greif provide financial education regarding the 401(k) Savings Plan?

Yes, Greif provides resources and educational materials to help employees understand their 401(k) Savings Plan options and make informed investment decisions.

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

Greif offers a 401(k) retirement plan for its employees, known as the Greif 401(k) Retirement Plan. This plan allows employees to contribute a portion of their paychecks into the 401(k), with pre-tax contributions providing tax deferral benefits. Employees are eligible to participate immediately upon meeting the plan's requirements. The Greif 401(k) Retirement Plan is designed to help employees accumulate savings over time, leveraging investment options available under the plan. Greif also provides a pension plan, called the Greif Pension Plan. This defined benefit plan calculates retirement benefits based on years of service and a pension formula that factors in final average pay. Employees typically qualify for this plan after meeting a certain age and years of service criteria, though the specifics vary depending on the individual employee’s situation. The plan's structure provides a guaranteed income upon retirement.

Restructuring and Layoffs: In 2023, Greif announced a restructuring plan aimed at improving operational efficiency. This plan involved streamlining various business units and resulted in a significant reduction in the workforce. The company cited the need to adapt to changing market conditions and optimize its cost structure as key reasons behind this decision. The impact of these changes is significant due to the current economic environment, which emphasizes the importance of companies enhancing their operational efficiency to remain competitive and sustainable. Additionally, such restructuring moves can affect employee morale and job security, highlighting the importance of staying informed about these developments.

Greif offers a variety of stock options and Restricted Stock Units (RSUs) as part of its employee compensation program. Through the Colleague Stock Purchase Plan (CSPP), Greif employees can purchase stock at a discounted rate compared to market prices. This aligns employees' interests with shareholders, encouraging long-term value creation. The program allows participants to elect a percentage of their salary towards stock purchases, with a cap of $25,000 annually in purchases (Greif Investor) (Greif Investor). The RSU plan awards eligible employees a set number of units that convert to shares upon vesting, typically over a few years. In 2023, Greif expanded its CSPP to all U.S.-based employees (Greif) (Greif Investor), further enhancing participation. Both stock options and RSUs are aimed at providing a financial incentive to improve performance and foster employee retention. Greif's stock options and RSUs are available primarily to full-time employees, and eligibility may vary based on employment level and tenure

Greif Health Benefits Information 1. Official Greif Website 2022 Benefits Overview: Greif provides comprehensive health benefits including medical, dental, and vision insurance. Employees have access to a variety of plan options through Greif’s health benefits portal. 2023 Benefits Overview: The company introduced new wellness programs and expanded mental health support. They emphasize preventive care and offer telemedicine services. 2024 Benefits Overview: Greif continued to enhance benefits with increased coverage options and integrated health management services. Specific details on premium changes or new plan options might be available in their annual benefits guide. 2. Indeed General Health Benefits: Reviews suggest that Greif offers competitive health benefits, including healthcare insurance, wellness programs, and employee assistance programs. Employees appreciate the comprehensive nature of the benefits package. Recent Changes: Some reviews mention adjustments in co-payments and deductibles, reflecting the company’s effort to manage rising healthcare costs. 3. Glassdoor Employee Feedback: Employees report positive experiences with Greif’s health benefits, noting the inclusivity of coverage and support for work-life balance. Recent Updates: Recent updates include enhanced mental health resources and more flexible spending account options. 4. LinkedIn Benefits Information: LinkedIn’s job postings and employee reviews often highlight Greif’s health benefits, including health insurance, wellness initiatives, and preventive care programs. Recent Developments: The focus has shifted towards providing more personalized health management tools and resources. 5. HR Websites (e.g., SHRM) Benefits Details: Greif’s health benefits are described as comprehensive, including various health insurance plans, wellness programs, and support for mental health. Recent News: There are updates about Greif’s efforts to improve employee health and well-being through new programs and partnerships with healthcare providers.