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

Vulcan Materials Employees: Navigating the Complexities of Extended Care Costs in Retirement

Healthcare Provider Update: Vulcan Materials Company utilizes the services of various healthcare providers, primarily focusing on employer-sponsored health plans to offer coverage to its employees. This means that healthcare costs for these employees are directly influenced by the company's insurance choices and market conditions. As we approach 2026, healthcare costs are predicted to see significant escalations-especially for those covered under plans tied to the Affordable Care Act (ACA). Record premium increases, with 2026 projected hikes exceeding 60% in certain states, are anticipated due to a combination of factors including skyrocketing medical expenses and the likely expiration of enhanced federal subsidies. Vulcan Materials employees, along with many others, may face a drastic increase in out-of-pocket costs, with estimates suggesting a rise of up to 75% for those reliant on ACA marketplace insurance. This forthcoming burden highlights the need for careful evaluation of health benefits and proactive financial planning as 2026 approaches. Click here to learn more

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

Seven in ten Vulcan Materials 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.

Vulcan Materials 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 Vulcan Materials offer to its employees?

Vulcan Materials offers a 401(k) Savings Plan to help employees save for retirement.

Does Vulcan Materials provide a company match for contributions made to the 401(k) plan?

Yes, Vulcan Materials provides a company match for employee contributions to the 401(k) plan, subject to specific terms.

What is the minimum age requirement to participate in Vulcan Materials' 401(k) Savings Plan?

Employees must be at least 21 years old to participate in Vulcan Materials' 401(k) Savings Plan.

How can employees enroll in the 401(k) Savings Plan at Vulcan Materials?

Employees can enroll in the 401(k) Savings Plan at Vulcan Materials through the company’s benefits portal or by contacting the HR department.

What are the contribution limits for the Vulcan Materials 401(k) plan?

Contribution limits for the Vulcan Materials 401(k) plan align with IRS regulations, which may change annually.

Can employees of Vulcan Materials take loans against their 401(k) savings?

Yes, Vulcan Materials allows employees to take loans against their 401(k) savings, subject to the plan's terms and conditions.

What investment options are available in Vulcan Materials' 401(k) Savings Plan?

Vulcan Materials offers a variety of investment options within the 401(k) Savings Plan, including mutual funds and target-date funds.

Is there a vesting schedule for the company match in Vulcan Materials' 401(k) plan?

Yes, Vulcan Materials has a vesting schedule for the company match, which outlines when employees fully own the matched contributions.

How often can employees change their contribution amounts to the Vulcan Materials 401(k) plan?

Employees can change their contribution amounts to the Vulcan Materials 401(k) plan at any time, subject to specific deadlines.

What happens to my 401(k) savings if I leave Vulcan Materials?

If you leave Vulcan Materials, you have several options for your 401(k) savings, including rolling it over to another retirement account or cashing it out.