Healthcare Provider Update: Targa Resources offers medical, dental, and vision insurance, along with HSA/FSA options and mental health benefits 2. With ACA insurers requesting double-digit hikes for 2026, Targas internal coverage may help employees avoid steep out-of-pocket increases expected in the marketplace. Click here to learn more
Addressing the potential risks of extended-term care expenses may be one of the biggest financial challenges for Targa Resources employees who are developing a retirement strategy.
Seven in ten Targa Resources 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.
Targa Resources 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 primary purpose of Targa Resources' 401(k) Savings Plan?
The primary purpose of Targa Resources' 401(k) Savings Plan is to help employees save for retirement by allowing them to contribute a portion of their salary on a pre-tax or Roth after-tax basis.
How can employees at Targa Resources enroll in the 401(k) Savings Plan?
Employees at Targa Resources can enroll in the 401(k) Savings Plan by completing the online enrollment process through the company’s benefits portal during the enrollment period or after they become eligible.
What is the employer match contribution policy for Targa Resources' 401(k) Savings Plan?
Targa Resources offers a competitive employer match for contributions made to the 401(k) Savings Plan, typically matching a percentage of employee contributions up to a certain limit.
What types of investment options are available in Targa Resources' 401(k) Savings Plan?
Targa Resources' 401(k) Savings Plan provides a variety of investment options, including mutual funds, target-date funds, and company stock, allowing employees to tailor their investment strategy.
At what age can employees at Targa Resources start withdrawing from their 401(k) Savings Plan without penalties?
Employees at Targa Resources can start withdrawing from their 401(k) Savings Plan without penalties at age 59½, provided they have separated from service or are still employed.
Does Targa Resources allow loans against the 401(k) Savings Plan?
Yes, Targa Resources allows employees to take loans against their 401(k) Savings Plan, subject to specific terms and conditions outlined in the plan documents.
Can employees at Targa Resources change their contribution percentage to the 401(k) Savings Plan at any time?
Yes, employees at Targa Resources can change their contribution percentage to the 401(k) Savings Plan at any time through the benefits portal.
What happens to an employee's 401(k) Savings Plan balance if they leave Targa Resources?
If an employee leaves Targa Resources, they can choose to leave their balance in the plan, roll it over to another qualified retirement plan, or cash it out, subject to taxes and penalties.
Is there a vesting schedule for employer contributions in Targa Resources' 401(k) Savings Plan?
Yes, Targa Resources has a vesting schedule for employer contributions, meaning employees must work for the company for a certain period before they fully own the employer match.
How often can employees at Targa Resources review their 401(k) Savings Plan statements?
Employees at Targa Resources can review their 401(k) Savings Plan statements quarterly through the benefits portal or receive them via mail.
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