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Addressing the potential risks of extended-term care expenses may be one of the biggest financial challenges for Skechers U.S.A. employees who are developing a retirement strategy.
Seven in ten Skechers U.S.A. 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.
Skechers U.S.A. 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 Skechers U.S.A. offer to its employees?
Skechers U.S.A. offers a 401(k) retirement savings plan to its employees.
Is there a company match for contributions made to the 401(k) plan at Skechers U.S.A.?
Yes, Skechers U.S.A. provides a company match for eligible employee contributions to the 401(k) plan.
How can employees at Skechers U.S.A. enroll in the 401(k) plan?
Employees at Skechers U.S.A. can enroll in the 401(k) plan through the company’s HR portal or by contacting the HR department for assistance.
What is the minimum age requirement to participate in the Skechers U.S.A. 401(k) plan?
The minimum age requirement to participate in the Skechers U.S.A. 401(k) plan is 21 years old.
How much can employees contribute to their 401(k) plans at Skechers U.S.A.?
Employees at Skechers U.S.A. can contribute up to the IRS limit for 401(k) contributions, which is adjusted annually.
Does Skechers U.S.A. offer any investment options within the 401(k) plan?
Yes, Skechers U.S.A. offers a variety of investment options within the 401(k) plan, including mutual funds and target-date funds.
Can employees at Skechers U.S.A. take loans against their 401(k) savings?
Yes, Skechers U.S.A. allows employees to take loans against their 401(k) savings under certain conditions.
What happens to the 401(k) plan if an employee leaves Skechers U.S.A.?
If an employee leaves Skechers U.S.A., they have several options for their 401(k) plan, including rolling it over to another retirement account or cashing it out.
Are there any fees associated with the Skechers U.S.A. 401(k) plan?
Yes, there may be administrative fees associated with the Skechers U.S.A. 401(k) plan, which are disclosed in the plan documents.
How often can employees at Skechers U.S.A. change their contribution amounts to the 401(k) plan?
Employees at Skechers U.S.A. can change their contribution amounts to the 401(k) plan at specified times, typically during open enrollment periods.
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