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Addressing the potential risks of extended-term care expenses may be one of the biggest financial challenges for Toll Brothers employees who are developing a retirement strategy.
Seven in ten Toll Brothers 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.
Toll Brothers 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 Toll Brothers offer to its employees?
Toll Brothers offers a 401(k) retirement savings plan to its employees.
Does Toll Brothers match employee contributions to the 401(k) plan?
Yes, Toll Brothers provides a matching contribution to the 401(k) plan, helping employees maximize their retirement savings.
What is the eligibility requirement for Toll Brothers' 401(k) plan?
Employees of Toll Brothers are generally eligible to participate in the 401(k) plan after completing a specified period of service.
How can employees at Toll Brothers enroll in the 401(k) plan?
Employees at Toll Brothers can enroll in the 401(k) plan through the company’s benefits portal or by contacting the HR department for assistance.
What investment options are available in Toll Brothers' 401(k) plan?
Toll Brothers' 401(k) plan offers a variety of investment options, including mutual funds, target-date funds, and company stock.
Can employees at Toll Brothers take loans against their 401(k) savings?
Yes, Toll Brothers allows employees to take loans against their 401(k) savings, subject to certain terms and conditions.
What is the vesting schedule for Toll Brothers' 401(k) matching contributions?
The vesting schedule for Toll Brothers' 401(k) matching contributions typically follows a graded vesting schedule, which means employees earn ownership of the contributions over time.
How often can employees at Toll Brothers change their 401(k) contribution amount?
Employees at Toll Brothers can change their 401(k) contribution amount at specified times throughout the year, usually during open enrollment or after a qualifying event.
What happens to the 401(k) savings if an employee leaves Toll Brothers?
If an employee leaves Toll Brothers, they can roll over their 401(k) savings into another retirement account, cash out, or leave the funds in the Toll Brothers plan, subject to plan rules.
Is there a limit to how much employees can contribute to their 401(k) at Toll Brothers?
Yes, there are annual contribution limits set by the IRS that apply to Toll Brothers' 401(k) plan, which may change each year.
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