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Winnebago Industries Employees: Navigating the Complexities of Extended Care Costs in Retirement

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

Seven in ten Winnebago Industries 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.

Winnebago Industries 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 Winnebago Industries?

The 401(k) plan at Winnebago Industries is a retirement savings plan that allows employees to save a portion of their paycheck before taxes are taken out.

How can employees enroll in the 401(k) plan at Winnebago Industries?

Employees can enroll in the Winnebago Industries 401(k) plan by completing the enrollment process through the company’s HR portal or by contacting the HR department for assistance.

Does Winnebago Industries match employee contributions to the 401(k) plan?

Yes, Winnebago Industries offers a matching contribution to the 401(k) plan, which helps employees boost their retirement savings.

What is the maximum contribution limit for the 401(k) plan at Winnebago Industries?

The maximum contribution limit for the 401(k) plan at Winnebago Industries is set according to IRS guidelines, which may change annually.

Can employees take loans against their 401(k) savings at Winnebago Industries?

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

What types of investment options are available in the Winnebago Industries 401(k) plan?

The 401(k) plan at Winnebago Industries offers a variety of investment options, including mutual funds, stocks, and bonds, allowing employees to diversify their portfolios.

Is there a vesting period for the employer match in the Winnebago Industries 401(k) plan?

Yes, there is typically a vesting period for the employer match in the Winnebago Industries 401(k) plan, which means employees must work for a certain period before they fully own the matched contributions.

How can employees access their 401(k) account information at Winnebago Industries?

Employees can access their 401(k) account information through the online portal provided by Winnebago Industries or by contacting the plan administrator.

What happens to the 401(k) plan if an employee leaves Winnebago Industries?

If an employee leaves Winnebago Industries, they have several options for their 401(k) plan, including rolling it over to another retirement account, cashing it out, or leaving it in the current plan if allowed.

Can employees change their contribution percentage to the 401(k) plan at Winnebago Industries?

Yes, employees at Winnebago Industries can change their contribution percentage to the 401(k) plan at any time, subject to the plan's rules.