/General/General%208.png?width=1280&height=853&name=General%208.png)
Healthcare Provider Update: Provides medical, dental, and vision coverage, FSAs, HSAs with company contributions, and mental health benefits 4. With ACA costs rising, PoolCorps preventive care and wellness incentives help employees manage healthcare expenses proactively. Click here to learn more
Addressing the potential risks of extended-term care expenses may be one of the biggest financial challenges for Pool employees who are developing a retirement strategy.
Seven in ten Pool 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.
Pool 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.
Featured Video
Articles you may find interesting:
- Corporate Employees: 8 Factors When Choosing a Mutual Fund
- Use of Escrow Accounts: Divorce
- Medicare Open Enrollment for Corporate Employees: Cost Changes in 2024!
- Stages of Retirement for Corporate Employees
- 7 Things to Consider Before Leaving Your Company
- How Are Workers Impacted by Inflation & Rising Interest Rates?
- Lump-Sum vs Annuity and Rising Interest Rates
- Internal Revenue Code Section 409A (Governing Nonqualified Deferred Compensation Plans)
- Corporate Employees: Do NOT Believe These 6 Retirement Myths!
- 401K, Social Security, Pension – How to Maximize Your Options
- Have You Looked at Your 401(k) Plan Recently?
- 11 Questions You Should Ask Yourself When Planning for Retirement
- Worst Month of Layoffs In Over a Year!
- Corporate Employees: 8 Factors When Choosing a Mutual Fund
- Use of Escrow Accounts: Divorce
- Medicare Open Enrollment for Corporate Employees: Cost Changes in 2024!
- Stages of Retirement for Corporate Employees
- 7 Things to Consider Before Leaving Your Company
- How Are Workers Impacted by Inflation & Rising Interest Rates?
- Lump-Sum vs Annuity and Rising Interest Rates
- Internal Revenue Code Section 409A (Governing Nonqualified Deferred Compensation Plans)
- Corporate Employees: Do NOT Believe These 6 Retirement Myths!
- 401K, Social Security, Pension – How to Maximize Your Options
- Have You Looked at Your 401(k) Plan Recently?
- 11 Questions You Should Ask Yourself When Planning for Retirement
- Worst Month of Layoffs In Over a Year!
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 Pool?
The 401(k) plan offered by Pool is a retirement savings plan that allows employees to save a portion of their paycheck before taxes are taken out, helping them to build a nest egg for their future.
Does Pool offer a matching contribution for its 401(k) plan?
Yes, Pool offers a matching contribution to the 401(k) plan, which helps employees maximize their retirement savings.
How can employees at Pool enroll in the 401(k) plan?
Employees at Pool can enroll in the 401(k) plan by completing the enrollment form available through the HR portal or by contacting the HR department for assistance.
What are the eligibility requirements to participate in Pool's 401(k) plan?
To participate in Pool's 401(k) plan, employees must be at least 21 years old and have completed one year of service with the company.
Can employees at Pool change their contribution percentage for the 401(k) plan?
Yes, employees at Pool can change their contribution percentage at any time by submitting a request through the HR portal.
What investment options are available in Pool's 401(k) plan?
Pool's 401(k) plan offers a variety of investment options, including mutual funds, target-date funds, and company stock, allowing employees to choose based on their risk tolerance.
Is there a vesting schedule for Pool's 401(k) matching contributions?
Yes, Pool has a vesting schedule for matching contributions, which means that employees must work for a certain number of years before they fully own the matched funds.
How often can employees at Pool access their 401(k) account statements?
Employees at Pool can access their 401(k) account statements quarterly through the online portal.
What happens to my 401(k) plan if I leave Pool?
If you leave Pool, you can choose to roll over your 401(k) balance to another retirement account, cash it out, or leave it in the Pool plan if you meet the eligibility requirements.
Are there any fees associated with Pool's 401(k) plan?
Yes, there may be administrative fees associated with Pool's 401(k) plan, which are disclosed in the plan documents provided to employees.
-2.png?width=300&height=200&name=office-builing-main-lobby%20(52)-2.png)
.webp?width=300&height=200&name=office-builing-main-lobby%20(27).webp)
-2.png)
.webp)