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

Healthcare Provider Update: Hasbro provides health insurance benefits to its U.S. employees, including medical, dental, and prescription coverage. The company supports employee wellness through Health Savings Accounts (HSAs), disability and life insurance, and an onsite fitness center. Additional benefits include paid parental leave, tuition reimbursement, and pet insurance 3. Healthcare costs in the United States are projected to continue rising through 2026, with insurers proposing significant premium increases for Affordable Care Act (ACA) plans. A recent analysis found that ACA insurers are seeking a median premium increase of 15% for 2026, marking the largest hike since 2018. This surge is attributed to factors such as the anticipated expiration of enhanced premium tax credits, rising medical costsincluding expensive medications and increased hospital staysand a shift in the risk pool towards higher-cost enrollees. Without the renewal of enhanced subsidies, out-of-pocket premiums for ACA marketplace enrollees could increase by more than 75% on average. Click here to learn more

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

Seven in ten Hasbro 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.

Hasbro 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 Hasbro's 401(k) plan?

Hasbro's 401(k) plan is a retirement savings plan that allows employees to save a portion of their salary on a pre-tax or after-tax basis for retirement.

How does Hasbro match employee contributions to the 401(k) plan?

Hasbro offers a matching contribution to the 401(k) plan, typically matching a percentage of employee contributions up to a certain limit.

When can employees at Hasbro start contributing to the 401(k) plan?

Employees at Hasbro can begin contributing to the 401(k) plan after completing their initial eligibility period, which is typically outlined in the employee handbook.

What investment options are available in Hasbro's 401(k) plan?

Hasbro's 401(k) plan offers a variety of investment options, including mutual funds, target-date funds, and other investment vehicles to help employees grow their retirement savings.

Can employees at Hasbro take loans against their 401(k) savings?

Yes, Hasbro allows employees to take loans against their 401(k) savings, subject to certain terms and conditions outlined in the plan document.

What happens to my 401(k) plan if I leave Hasbro?

If you leave Hasbro, you have several options for your 401(k) plan, including rolling it over to an IRA, transferring it to a new employer's plan, or cashing it out.

Does Hasbro offer financial education resources for employees regarding the 401(k) plan?

Yes, Hasbro provides financial education resources and workshops to help employees understand their 401(k) options and make informed investment decisions.

Are there any fees associated with Hasbro's 401(k) plan?

Yes, Hasbro's 401(k) plan may have administrative fees and investment-related fees, which are disclosed in the plan documents provided to employees.

How often can employees at Hasbro change their 401(k) contribution amount?

Employees at Hasbro can change their 401(k) contribution amount during designated enrollment periods or as specified in the plan guidelines.

What is the vesting schedule for Hasbro's 401(k) matching contributions?

Hasbro has a vesting schedule for matching contributions, meaning employees must work for the company for a certain period before they fully own the matching funds.

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

Company Pension Plan Information: Name of Pension Plan: For Hasbro, this is typically called the "Hasbro Pension Plan." Years of Service and Age Qualification: Employees generally need a minimum number of years of service (often 5 years) and must meet a specific age requirement (often 65 years old) to qualify for full pension benefits. The exact details can vary, so I will verify these specifics. 401(k) Plan Information: Name of 401(k) Plan: This is usually referred to as the "Hasbro 401(k) Plan." Eligibility: Generally, employees are eligible for participation in the 401(k) plan after a specified period of employment, commonly after 30 days to 1 year

Restructuring and Layoffs: In early 2023, Hasbro announced a significant restructuring plan involving a workforce reduction of about 15% to streamline operations and reduce costs. This move was part of a broader strategy to optimize the company's portfolio and focus on its most profitable lines. The layoffs primarily affected roles in sales and marketing as Hasbro shifted towards digital and direct-to-consumer models. Given the current economic environment, where companies are adjusting to post-pandemic market conditions and inflationary pressures, it is essential to stay informed about such changes as they can impact job security and market stability.

In 2022, Hasbro provided stock options (SO) and restricted stock units (RSU) as part of its compensation package to key executives and high-performing employees. The stock options had a vesting schedule over several years, while RSUs were typically granted with a performance or time-based vesting period

Healthcare Benefits (2022-2024): Hasbro offers a comprehensive benefits package, including health insurance plans (medical, dental, and vision), wellness programs, and mental health support. The company provides coverage through major providers and includes preventive care, prescription drug coverage, and access to a network of healthcare professionals.

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For more information you can reach the plan administrator for Hasbro at , ; or by calling them at .

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