Healthcare Provider Update: Healthcare Provider for IDEXX Laboratories: IDEXX Laboratories primarily collaborates with a network of healthcare providers and laboratories globally. This includes veterinarians, animal hospitals, and clinical laboratories that utilize IDEXX's diagnostic products and services. The company focuses on providing diagnostic testing and data management solutions that enable better healthcare decisions in animal health and veterinary diagnostics. Potential Healthcare Cost Increases in 2026: In 2026, healthcare costs are expected to rise sharply, driven by significant increases in health insurance premiums for Affordable Care Act (ACA) marketplace plans. Several states may see premium hikes as high as 66%, with projections indicating that the expiration of enhanced federal premium subsidies could lead to out-of-pocket costs soaring by over 75% for the majority of enrollees. The compounded effect of rising medical expenses, alongside the aggressive rate increases from major insurers, creates a challenging landscape for individuals and families seeking affordable healthcare coverage. This trend emphasizes the need for awareness and proactive strategies to mitigate financial impact in the coming years. Click here to learn more
Addressing the potential risks of extended-term care expenses may be one of the biggest financial challenges for IDEXX Laboratories employees who are developing a retirement strategy.
Seven in ten IDEXX Laboratories 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.
IDEXX Laboratories 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 401(k) plan offered by IDEXX Laboratories?
The 401(k) plan at IDEXX Laboratories is a retirement savings plan that allows employees to save a portion of their salary on a tax-deferred basis.
Does IDEXX Laboratories offer a company match for the 401(k) contributions?
Yes, IDEXX Laboratories offers a company match for employee contributions to the 401(k) plan, which helps employees grow their retirement savings.
How can employees enroll in the 401(k) plan at IDEXX Laboratories?
Employees can enroll in the 401(k) plan at IDEXX Laboratories through the company’s HR portal or by contacting the HR department for assistance.
What is the minimum age requirement to participate in the 401(k) plan at IDEXX Laboratories?
The minimum age requirement to participate in the 401(k) plan at IDEXX Laboratories is 21 years old.
Can employees of IDEXX Laboratories change their contribution percentage to the 401(k) plan?
Yes, employees at IDEXX Laboratories can change their contribution percentage to the 401(k) plan at any time, subject to the plan's guidelines.
What types of investment options are available in the IDEXX Laboratories 401(k) plan?
The IDEXX Laboratories 401(k) plan offers a variety of investment options, including mutual funds, target-date funds, and other investment vehicles.
Is there a vesting schedule for the company match in the IDEXX Laboratories 401(k) plan?
Yes, IDEXX Laboratories has a vesting schedule for the company match, which means employees must work for a certain period to fully own the matched contributions.
How often can employees at IDEXX Laboratories review their 401(k) account statements?
Employees at IDEXX Laboratories can review their 401(k) account statements quarterly, and they can also access their accounts online at any time.
What happens to the 401(k) plan if an employee leaves IDEXX Laboratories?
If an employee leaves IDEXX Laboratories, they can choose to roll over their 401(k) balance to another retirement account, cash out, or leave the funds in the IDEXX plan if eligible.
Are there any fees associated with the 401(k) plan at IDEXX Laboratories?
Yes, there may be administrative fees and investment-related fees associated with the 401(k) plan at IDEXX Laboratories, which are disclosed in the plan documents.