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Healthcare Provider Update: Healthcare Provider for International Paper International Paper typically utilizes large national insurers for its employee health coverage, primarily opting for options like UnitedHealthcare, Anthem (Elevance Health), or Aetna. These providers are known for offering comprehensive health plans that include medical, dental, and vision coverage for employees across various regions. Potential Healthcare Cost Increases in 2026 As we approach 2026, significant healthcare cost increases are anticipated, largely driven by escalating premiums in the Affordable Care Act (ACA) marketplace. States could see premium hikes exceeding 60%, influenced by rising medical costs, the possible expiration of federal premium subsidies, and aggressive rate adjustments by major insurers. Specifically, more than 22 million enrollees may face premium increases of over 75%, a development that poses serious implications for budget-conscious families and employers alike. As the healthcare landscape evolves, proactive strategies will be essential to mitigate the impact of these unsettling financial shifts. Click here to learn more
Addressing the potential risks of extended-term care expenses may be one of the biggest financial challenges for International Paper employees who are developing a retirement strategy.
Seven in ten International Paper 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.
International Paper 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 the 401(k) plan offered by International Paper?
The primary purpose of the 401(k) plan at International Paper is to help employees save for retirement by allowing them to contribute a portion of their salary on a pre-tax basis.
Who is eligible to participate in the International Paper 401(k) plan?
All eligible employees of International Paper, typically those who meet certain age and service requirements, can participate in the 401(k) plan.
How does International Paper match employee contributions to the 401(k) plan?
International Paper provides a matching contribution to the 401(k) plan, which is a percentage of the employee's contributions, up to a specified limit.
Can employees of International Paper change their contribution percentage to the 401(k) plan?
Yes, employees of International Paper can change their contribution percentage at any time, subject to plan rules.
What investment options are available in the International Paper 401(k) plan?
The International Paper 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 employer match in the International Paper 401(k) plan?
Yes, International Paper has a vesting schedule for the employer match, meaning employees must work for a certain period before they fully own the matched contributions.
How can employees of International Paper access their 401(k) account information?
Employees can access their 401(k) account information through the International Paper employee portal or by contacting the plan administrator.
Are loans available from the International Paper 401(k) plan?
Yes, employees may have the option to take loans from their International Paper 401(k) plan, subject to specific terms and conditions.
What happens to an employee's 401(k) account when they leave International Paper?
When an employee leaves International Paper, they can choose to roll over their 401(k) balance to another retirement account, cash out, or leave the funds in the International Paper plan if allowed.
Does International Paper offer financial education resources for employees regarding the 401(k) plan?
Yes, International Paper provides financial education resources and tools to help employees make informed decisions about their 401(k) savings.
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