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Addressing the potential risks of extended-term care expenses may be one of the biggest financial challenges for Univar Solutions employees who are developing a retirement strategy.
Seven in ten Univar Solutions 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.
Univar Solutions 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 the 401(k) plan at Univar Solutions?
The primary purpose of the 401(k) plan at Univar Solutions is to help employees save for retirement by allowing them to contribute a portion of their salary on a pre-tax basis.
How can employees at Univar Solutions enroll in the 401(k) plan?
Employees at Univar Solutions can enroll in the 401(k) plan by accessing the company’s benefits portal and following the enrollment instructions provided.
Does Univar Solutions offer a company match for the 401(k) contributions?
Yes, Univar Solutions offers a company match for 401(k) contributions, which helps employees increase their retirement savings.
What is the maximum contribution limit for the 401(k) plan at Univar Solutions?
The maximum contribution limit for the 401(k) plan at Univar Solutions is aligned with IRS guidelines, which can change annually. Employees should check the latest limits on the benefits portal.
Can employees at Univar Solutions change their contribution percentage to the 401(k) plan?
Yes, employees at Univar Solutions can change their contribution percentage at any time through the benefits portal.
What investment options are available within the Univar Solutions 401(k) plan?
The Univar Solutions 401(k) plan offers a variety of investment options, including mutual funds, target-date funds, and other investment vehicles to suit different risk tolerances.
Is there a vesting schedule for the company match in the Univar Solutions 401(k) plan?
Yes, there is a vesting schedule for the company match in the Univar Solutions 401(k) plan, which determines when employees fully own the matched contributions.
How often can employees at Univar Solutions review their 401(k) account statements?
Employees at Univar Solutions can review their 401(k) account statements quarterly, and they can also access their account information online at any time.
What happens to the 401(k) plan if an employee leaves Univar Solutions?
If an employee leaves Univar Solutions, they have several options for their 401(k) plan, including rolling it over to an IRA or a new employer's plan, or cashing it out, subject to taxes and penalties.
Can employees take loans against their 401(k) at Univar Solutions?
Yes, employees at Univar Solutions may have the option to take loans against their 401(k) balance, subject to the plan's specific rules and limits.
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