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Healthcare Provider Update: Lincoln Electric Holdings utilizes the Affordable Care Act (ACA) marketplace for its healthcare provision, catering primarily to its employees and retirees through various health insurance plans. As we approach 2026, Lincoln Electric Holdings employees are likely to face significant increases in healthcare costs. With the expiration of enhanced federal premium subsidies, many individuals could see their out-of-pocket ACA premiums surge by over 75%, according to industry projections. This scenario, compounded by overall rising medical expenses, presents a perfect storm for employees needing to navigate their healthcare finances more strategically in light of these anticipated changes. Click here to learn more
Addressing the potential risks of extended-term care expenses may be one of the biggest financial challenges for Lincoln Electric Holdings employees who are developing a retirement strategy.
Seven in ten Lincoln Electric Holdings 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.
Lincoln Electric Holdings 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 type of retirement savings plan does Lincoln Electric Holdings offer?
Lincoln Electric Holdings offers a 401(k) retirement savings plan for its employees.
Does Lincoln Electric Holdings match employee contributions to the 401(k) plan?
Yes, Lincoln Electric Holdings provides a matching contribution to employee contributions made to the 401(k) plan.
What is the maximum contribution limit for employees in the Lincoln Electric Holdings 401(k) plan?
The maximum contribution limit for employees in the Lincoln Electric Holdings 401(k) plan is determined by IRS regulations, which may change annually.
Can employees of Lincoln Electric Holdings choose between different investment options in their 401(k) plan?
Yes, employees of Lincoln Electric Holdings can choose from a variety of investment options within the 401(k) plan.
When can employees of Lincoln Electric Holdings start participating in the 401(k) plan?
Employees of Lincoln Electric Holdings can typically start participating in the 401(k) plan after completing a specified period of service, as outlined in the plan documents.
Is there a vesting schedule for the employer match in the Lincoln Electric Holdings 401(k) plan?
Yes, Lincoln Electric Holdings has a vesting schedule for employer matching contributions, which means employees must work for a certain period before they fully own those contributions.
How can Lincoln Electric Holdings employees access their 401(k) account information?
Lincoln Electric Holdings employees can access their 401(k) account information online through the plan's designated website or by contacting the plan administrator.
Are loans available from the Lincoln Electric Holdings 401(k) plan?
Yes, Lincoln Electric Holdings may allow employees to take loans against their 401(k) balances, subject to the plan's terms and conditions.
What happens to the 401(k) plan if an employee leaves Lincoln Electric Holdings?
If an employee leaves Lincoln Electric Holdings, they have several options regarding their 401(k) plan, including rolling it over to another retirement account, cashing it out, or leaving it in the Lincoln Electric Holdings plan if eligible.
Does Lincoln Electric Holdings offer any financial education resources for 401(k) participants?
Yes, Lincoln Electric Holdings provides financial education resources and tools to help employees make informed decisions about their 401(k) savings.
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