Healthcare Provider Update: Williams provides medical coverage through UnitedHealthcare, including preventive care, chronic condition support, and fertility services. Employees also receive HSA contributions and access to FSAs 4. As ACA premiums surge, Williamss consumer-driven plans and wellness incentives offer a strong buffer against rising healthcare expenses. Click here to learn more
Addressing the potential risks of extended-term care expenses may be one of the biggest financial challenges for Williams employees who are developing a retirement strategy.
Seven in ten Williams 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.
Williams 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 types of retirement savings plans does Williams offer to its employees?
Williams offers a 401(k) retirement savings plan to help employees save for their future.
Does Williams match employee contributions to the 401(k) plan?
Yes, Williams provides a matching contribution to employee 401(k) plans, which enhances the overall savings potential.
What is the eligibility requirement for employees to participate in the Williams 401(k) plan?
Employees are typically eligible to participate in the Williams 401(k) plan after completing a specified period of employment, usually within the first year.
How can employees at Williams enroll in the 401(k) plan?
Employees can enroll in the Williams 401(k) plan through the company’s HR portal or by contacting the HR department for assistance.
What investment options are available in the Williams 401(k) plan?
Williams offers a variety of investment options in its 401(k) plan, including mutual funds, target-date funds, and other investment vehicles.
How often can employees at Williams change their 401(k) contribution amount?
Employees at Williams can change their 401(k) contribution amount at any time, subject to plan guidelines.
Is there a vesting schedule for the employer match in the Williams 401(k) plan?
Yes, Williams has a vesting schedule for the employer match, which means employees must work for a certain period before they fully own the matched contributions.
Can employees take loans against their 401(k) balance at Williams?
Yes, employees at Williams may have the option to take loans against their 401(k) balance, subject to specific terms and conditions.
What happens to the 401(k) plan if an employee leaves Williams?
If an employee leaves Williams, they can either roll over their 401(k) balance to another retirement account, cash out, or leave the funds in the Williams plan if permitted.
Does Williams provide financial education resources for employees regarding the 401(k) plan?
Yes, Williams offers financial education resources and workshops to help employees make informed decisions about their 401(k) savings.
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