New Update: Healthcare Costs Increasing by Over 60% in Some States. Will you be impacted?

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

Healthcare Provider Update: Healthcare Provider for TTEC Holdings: TTEC Holdings partners with various healthcare providers to offer benefits to its employees. While the specific primary healthcare provider may vary based on employee locality and coverage needs, major insurers such as UnitedHealthcare and Cigna are commonly utilized for health insurance plans associated with TTEC Holdings. Healthcare Cost Increases in 2026: In 2026, employees of TTEC Holdings are likely to face significant increases in healthcare costs due to a surge in Affordable Care Act (ACA) premiums, where some states may see hikes exceeding 60%. The anticipated expiration of enhanced federal subsidies coupled with rising medical expenses means that many employees could experience out-of-pocket premiums skyrocketing by over 75%. To minimize the financial impact, TTEC employees should begin evaluating their healthcare options early, considering both marketplace plans and employer-specific offerings, while actively engaging with HR for informed decision-making. Click here to learn more

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

Seven in ten TTEC 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.

TTEC 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 is the 401(k) plan offered by TTEC Holdings?

The 401(k) plan at TTEC Holdings is a retirement savings plan that allows employees to save a portion of their paycheck before taxes are taken out.

How can employees of TTEC Holdings enroll in the 401(k) plan?

Employees of TTEC Holdings can enroll in the 401(k) plan during their initial onboarding process or during the annual open enrollment period.

Does TTEC Holdings offer a matching contribution to the 401(k) plan?

Yes, TTEC Holdings provides a matching contribution to the 401(k) plan to help employees maximize their retirement savings.

What is the vesting schedule for TTEC Holdings' 401(k) matching contributions?

The vesting schedule for TTEC Holdings' matching contributions typically follows a standard schedule, which employees can review in the plan documents.

Can employees of TTEC Holdings take loans against their 401(k) savings?

Yes, TTEC Holdings allows employees to take loans against their 401(k) savings, subject to specific terms and conditions outlined in the plan.

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

The TTEC Holdings 401(k) plan offers a variety of investment options, including mutual funds, stocks, and bonds, allowing employees to diversify their portfolios.

Is there an automatic enrollment feature in the TTEC Holdings 401(k) plan?

Yes, TTEC Holdings may have an automatic enrollment feature that enrolls eligible employees in the 401(k) plan unless they opt out.

How can employees of TTEC Holdings change their contribution percentage to the 401(k) plan?

Employees can change their contribution percentage by accessing their account online or by contacting the HR department at TTEC Holdings.

When can employees of TTEC Holdings access their 401(k) funds?

Employees can access their 401(k) funds upon reaching retirement age, or under certain circumstances such as hardship withdrawals or loans.

Are there any fees associated with the TTEC Holdings 401(k) plan?

Yes, there may be fees associated with the TTEC Holdings 401(k) plan, which are disclosed in the plan documents and can vary based on investment choices.