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

Under Armour Employees: Navigating the Complexities of Extended Care Costs in Retirement

Healthcare Provider Update: Healthcare Provider for Under Armour Under Armour's healthcare benefits are managed through a partnership with various national insurers that provide coverage options for their employees. While specific healthcare providers may vary based on the individual plans and geographic location, major insurers involved in employer-sponsored plans, such as Aetna, UnitedHealthcare, and Anthem, are known to offer various health plans that Under Armour employees can choose from. Potential Healthcare Cost Increases in 2026 In 2026, Under Armour employees may face significant healthcare cost increases as insurance premiums through the Affordable Care Act (ACA) marketplace are projected to surge. With several states expecting hikes of over 60%, the termination of enhanced federal subsidies could leave many employees with out-of-pocket premium costs soaring by more than 75%. Companies, including Under Armour, are also likely to adjust their health benefit structures, potentially shifting a greater share of expenses to employees amid rising medical costs. Employees are encouraged to stay informed and strategically evaluate their health plan options, as proactive planning can mitigate the impact of these escalating costs., 'sources': [], 'images': [] Click here to learn more

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

Seven in ten Under Armour 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.

Under Armour 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 Under Armour?

Under Armour offers a 401(k) plan that allows employees to save for retirement through pre-tax and Roth after-tax contributions.

How does Under Armour match employee contributions to the 401(k) plan?

Under Armour provides a matching contribution to the 401(k) plan, typically matching a percentage of the employee's contributions up to a certain limit.

When can employees enroll in Under Armour's 401(k) plan?

Employees at Under Armour can enroll in the 401(k) plan during their initial onboarding period or during the annual open enrollment period.

What investment options are available in Under Armour's 401(k) plan?

Under Armour's 401(k) plan offers a variety of investment options, including mutual funds and target-date funds, to help employees diversify their retirement savings.

Can employees take loans against their 401(k) savings at Under Armour?

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

What happens to my 401(k) if I leave Under Armour?

If you leave Under Armour, you have several options for your 401(k), including rolling it over to an IRA or another employer's plan, cashing it out, or leaving it in the Under Armour plan if allowed.

Is there a vesting schedule for Under Armour's 401(k) matching contributions?

Yes, Under Armour has a vesting schedule for its matching contributions, which means that employees must work for a certain period before they fully own the matched funds.

How can employees access their 401(k) account information at Under Armour?

Employees can access their 401(k) account information through the designated online portal provided by Under Armour's retirement plan administrator.

Are there any fees associated with Under Armour's 401(k) plan?

Yes, there may be administrative fees and investment-related fees associated with Under Armour's 401(k) plan, which are disclosed in the plan documents.

Can employees change their contribution amounts to Under Armour's 401(k) plan?

Yes, employees can change their contribution amounts to Under Armour's 401(k) plan during the annual open enrollment period or as permitted by the plan.