Regeneron Pharmaceuticals Employees: Navigating the Complexities of Extended Care Costs in Retirement

Addressing the potential risks of extended-term care expenses may be one of the biggest financial challenges for Regeneron Pharmaceuticals employees who are developing a retirement strategy.

Seven in ten Regeneron Pharmaceuticals 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.

Regeneron Pharmaceuticals 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 401(k) plan offered by Regeneron Pharmaceuticals?

The 401(k) plan at Regeneron Pharmaceuticals is a retirement savings plan that allows employees to save a portion of their salary on a tax-deferred basis.

How can employees of Regeneron Pharmaceuticals enroll in the 401(k) plan?

Employees can enroll in the Regeneron Pharmaceuticals 401(k) plan by completing the enrollment process through the company’s HR portal or by contacting the HR department for assistance.

What types of contributions can employees make to the Regeneron Pharmaceuticals 401(k) plan?

Employees can make pre-tax contributions, Roth (after-tax) contributions, and potentially catch-up contributions if they are eligible.

Does Regeneron Pharmaceuticals offer a company match for the 401(k) contributions?

Yes, Regeneron Pharmaceuticals offers a company match for employee contributions to the 401(k) plan, which helps enhance retirement savings.

What is the vesting schedule for the Regeneron Pharmaceuticals 401(k) company match?

The vesting schedule for the company match in the Regeneron Pharmaceuticals 401(k) plan typically follows a graded vesting schedule, which employees can review in the plan documents.

Can employees take loans against their 401(k) savings at Regeneron Pharmaceuticals?

Yes, Regeneron Pharmaceuticals allows employees to take loans against their 401(k) savings, subject to specific terms and conditions outlined in the plan.

What investment options are available in the Regeneron Pharmaceuticals 401(k) plan?

The Regeneron Pharmaceuticals 401(k) plan offers a variety of investment options, including mutual funds, target-date funds, and other investment vehicles to suit different risk tolerances.

How often can employees change their contribution amounts to the Regeneron Pharmaceuticals 401(k) plan?

Employees can change their contribution amounts to the Regeneron Pharmaceuticals 401(k) plan at any time, subject to the plan's guidelines.

What happens to the 401(k) savings if an employee leaves Regeneron Pharmaceuticals?

If an employee leaves Regeneron Pharmaceuticals, they have several options for their 401(k) savings, including rolling over to another retirement account, cashing out, or leaving the funds in the plan if allowed.

Are there any fees associated with the Regeneron Pharmaceuticals 401(k) plan?

Yes, there may be fees associated with the Regeneron Pharmaceuticals 401(k) plan, including administrative fees and investment-related fees, which are disclosed in the plan documents.