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Addressing the potential risks of extended-term care expenses may be one of the biggest financial challenges for Murphy Oil employees who are developing a retirement strategy.
Seven in ten Murphy Oil 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.
Murphy Oil 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 plan does Murphy Oil offer to its employees?
Murphy Oil offers a 401(k) retirement savings plan to its employees.
How can employees of Murphy Oil enroll in the 401(k) plan?
Employees of Murphy Oil can enroll in the 401(k) plan through the company’s HR portal or by contacting the HR department for assistance.
Does Murphy Oil match employee contributions to the 401(k) plan?
Yes, Murphy Oil provides a matching contribution to employee contributions, subject to specific terms and conditions.
What is the maximum employee contribution limit for Murphy Oil’s 401(k) plan?
The maximum employee contribution limit for Murphy Oil’s 401(k) plan follows the IRS guidelines, which may change annually.
Can employees of Murphy Oil take loans against their 401(k) savings?
Yes, employees of Murphy Oil may have the option to take loans against their 401(k) savings, subject to plan rules.
What investment options are available in Murphy Oil's 401(k) plan?
Murphy Oil’s 401(k) plan typically offers a variety of investment options, including mutual funds, stocks, and bonds.
Is there a vesting schedule for the employer match in Murphy Oil’s 401(k) plan?
Yes, Murphy Oil has a vesting schedule for the employer match, which determines when employees fully own the matched contributions.
How often can employees change their contribution amounts in Murphy Oil's 401(k) plan?
Employees of Murphy Oil can change their contribution amounts during designated enrollment periods or as specified in the plan documents.
What happens to my 401(k) if I leave Murphy Oil?
If you leave Murphy Oil, you can roll over your 401(k) balance to another retirement account, cash out, or leave it in the plan, depending on the plan’s rules.
Are there any fees associated with Murphy Oil's 401(k) plan?
Yes, there may be fees associated with Murphy Oil's 401(k) plan, which are outlined in the plan documents provided to employees.
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