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Healthcare Provider Update: StoneX provides health insurance, cafeteria perks, and job training, though details on specific providers are limited 6. With ACA premiums expected to rise sharply, StoneXs internal coverage may offer more stability, especially for employees with dependents. Click here to learn more
Addressing the potential risks of extended-term care expenses may be one of the biggest financial challenges for StoneX Group employees who are developing a retirement strategy.
Seven in ten StoneX 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.
StoneX 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 StoneX Group offer to its employees?
StoneX Group offers a 401(k) retirement plan to help employees save for their future.
How can employees at StoneX Group enroll in the 401(k) plan?
Employees can enroll in the StoneX Group 401(k) plan through the company’s HR portal or by contacting the HR department for assistance.
Does StoneX Group match employee contributions to the 401(k) plan?
Yes, StoneX Group offers a matching contribution to the 401(k) plan, which helps employees maximize their retirement savings.
What is the maximum contribution limit for the StoneX Group 401(k) plan?
The maximum contribution limit for the StoneX Group 401(k) plan follows the IRS guidelines, which are updated annually.
Can employees at StoneX Group take loans against their 401(k) savings?
Yes, StoneX Group allows employees to take loans against their 401(k) savings, subject to specific terms and conditions.
Are there any fees associated with the StoneX Group 401(k) plan?
Yes, there may be administrative fees associated with the StoneX Group 401(k) plan, which are disclosed in the plan documents.
What investment options are available in the StoneX Group 401(k) plan?
The StoneX Group 401(k) plan offers a variety of investment options, including mutual funds, stocks, and bonds.
When can employees at StoneX Group start withdrawing from their 401(k) plan?
Employees can typically start withdrawing from their StoneX Group 401(k) plan at age 59½, subject to certain conditions.
Does StoneX Group provide educational resources about the 401(k) plan?
Yes, StoneX Group offers educational resources and workshops to help employees understand their 401(k) plan options and investment strategies.
How often can employees at StoneX Group change their 401(k) contribution amounts?
Employees at StoneX Group can change their 401(k) contribution amounts at any time, typically during open enrollment periods or as specified in the plan.
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