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Spirit AeroSystems Holdings Employees: Navigating the Complexities of Extended Care Costs in Retirement

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Healthcare Provider Update: Healthcare Provider for Spirit AeroSystems Holdings Spirit AeroSystems Holdings typically offers employees access to the UnitedHealthcare plans for health insurance coverage. This includes a variety of options under the Affordable Care Act (ACA) marketplace, allowing employees to choose plans that meet their medical needs. Healthcare Cost Increases in 2026 As Spirit AeroSystems Holdings looks toward 2026, employees and their families may face significant increases in healthcare costs. Recent forecasts indicate that health insurance premiums for ACA marketplace plans could surge by as much as 75% due to a combination of expiring federal subsidies and heightened medical expenses. In states like New York, premium hikes could reach up to 66.4%, while the national average may exceed 20%. With these impending increases, proactive financial planning, including assessing healthcare expenditures and enrollment strategies, will be crucial for families navigating this challenging landscape. Click here to learn more

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

Seven in ten Spirit AeroSystems Holdings 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.

Spirit AeroSystems Holdings 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 savings plan does Spirit AeroSystems Holdings offer to its employees?

Spirit AeroSystems Holdings offers a 401(k) retirement savings plan to help employees save for retirement.

Can employees of Spirit AeroSystems Holdings contribute to their 401(k) plan?

Yes, employees of Spirit AeroSystems Holdings can contribute a portion of their salary to the 401(k) plan.

What is the maximum contribution limit for the 401(k) plan at Spirit AeroSystems Holdings?

The maximum contribution limit for the 401(k) plan at Spirit AeroSystems Holdings is subject to IRS regulations, which may change annually.

Does Spirit AeroSystems Holdings offer a company match for 401(k) contributions?

Yes, Spirit AeroSystems Holdings offers a company match on employee contributions to the 401(k) plan, up to a certain percentage.

When can employees at Spirit AeroSystems Holdings enroll in the 401(k) plan?

Employees at Spirit AeroSystems Holdings can enroll in the 401(k) plan during their initial onboarding or during designated open enrollment periods.

Are there any fees associated with the 401(k) plan at Spirit AeroSystems Holdings?

Yes, there may be administrative fees associated with the 401(k) plan at Spirit AeroSystems Holdings, which are disclosed in the plan documents.

What investment options are available in the Spirit AeroSystems Holdings 401(k) plan?

The Spirit AeroSystems Holdings 401(k) plan offers a variety of investment options, including mutual funds, target-date funds, and other investment vehicles.

How can employees of Spirit AeroSystems Holdings access their 401(k) account information?

Employees of Spirit AeroSystems Holdings can access their 401(k) account information through the plan's online portal or by contacting the plan administrator.

What happens to the 401(k) plan if an employee leaves Spirit AeroSystems Holdings?

If an employee leaves Spirit AeroSystems Holdings, they have several options for their 401(k) plan, including cashing out, rolling over to another retirement account, or leaving the funds in the plan.

Does Spirit AeroSystems Holdings allow for loans against the 401(k) plan?

Yes, Spirit AeroSystems Holdings may allow employees to take loans against their 401(k) balance, subject to specific terms and conditions.

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For more information you can reach the plan administrator for Spirit AeroSystems Holdings at , ; or by calling them at .

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