Vizio Holding Employees: Navigating the Complexities of Extended Care Costs in Retirement

Healthcare Provider Update: Healthcare Provider for Vizio Holding Vizio Holding offers its employees health insurance through a variety of providers, including major national insurers. While exact details may vary based on plans and individual circumstances, prominent options typically include companies like UnitedHealthcare, Anthem, and Aetna, among others, depending on the region and healthcare network utilized by the company. Healthcare Cost Increases in 2026 In 2026, healthcare costs are poised to increase significantly, with projections indicating that rates for plans purchased through the Affordable Care Act (ACA) marketplace could rise sharply, with some states facing hikes exceeding 60%. The anticipated increase is largely driven by the expiration of enhanced federal premium subsidies, escalating medical costs due to inflation, and aggressive rate increases from major insurers. For Vizio Holding employees, this trend suggests that out-of-pocket premium payments may soar, potentially impacting their financial planning and access to affordable healthcare coverage. It's essential for employees to assess their options early and prepare for these changes effectively. Click here to learn more

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

Seven in ten Vizio Holding 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.

Vizio Holding 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