Healthcare Provider Update: Healthcare Provider for Performance Food Group Performance Food Group (PFG) collaborates with Vizient, Inc., a leading healthcare performance improvement company, to enhance its healthcare solutions for its employees. Vizient serves a significant portion of acute care providers and assists healthcare organizations in achieving cost-effective care and operational excellence. Potential Healthcare Cost Increases in 2026 As the healthcare landscape evolves, significant increases in costs are anticipated for 2026, particularly for consumers utilizing Affordable Care Act (ACA) plans. With potential hikes in premiums exceeding 60% in some states, the expiration of enhanced federal subsidies could leave over 22 million marketplace enrollees facing out-of-pocket premium increases of more than 75%. This scenario, compounded by rising medical costs and substantial profit margins reported by major insurers, signals a challenging economic environment for healthcare consumers in the upcoming year. Addressing these anticipated changes early will be critical for both individuals and businesses to mitigate potential financial burdens. Click here to learn more
Addressing the potential risks of extended-term care expenses may be one of the biggest financial challenges for Performance Food Group employees who are developing a retirement strategy.
Seven in ten Performance Food Group 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.
Performance Food Group 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 Performance Food Group offer to its employees?
Performance Food Group offers a 401(k) retirement savings plan to its employees.
Does Performance Food Group match employee contributions to the 401(k) plan?
Yes, Performance Food Group provides a matching contribution to employee contributions made to the 401(k) plan, subject to certain limits.
What is the eligibility requirement to participate in the Performance Food Group 401(k) plan?
Employees of Performance Food Group are eligible to participate in the 401(k) plan after completing a specific period of service, typically outlined in the plan documents.
Can employees of Performance Food Group choose how their 401(k) contributions are invested?
Yes, employees can choose from a variety of investment options available within the Performance Food Group 401(k) plan.
How can employees of Performance Food Group enroll in the 401(k) plan?
Employees can enroll in the Performance Food Group 401(k) plan through the company’s HR portal or by contacting the HR department for assistance.
What is the maximum contribution limit for the Performance Food Group 401(k) plan?
The maximum contribution limit for the Performance Food Group 401(k) plan is in line with IRS guidelines, which may change annually.
Does Performance Food Group offer a Roth 401(k) option?
Yes, Performance Food Group offers a Roth 401(k) option, allowing employees to make after-tax contributions to their retirement savings.
Are there any fees associated with the Performance Food Group 401(k) plan?
Yes, there may be administrative and investment fees associated with the Performance Food Group 401(k) plan, which are disclosed in the plan documents.
When can employees of Performance Food Group access their 401(k) funds?
Employees can access their 401(k) funds upon reaching retirement age, or in cases of hardship, termination of employment, or other qualifying events as defined by the plan.
How often can employees change their contribution percentage in the Performance Food Group 401(k) plan?
Employees can change their contribution percentage at designated times throughout the year, as specified in the Performance Food Group 401(k) plan guidelines.
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