Healthcare Provider Update: Healthcare Provider for Wynn Resorts: Wynn Resorts primarily offers health insurance benefits through major insurers including UnitedHealthcare and Anthem Blue Cross Blue Shield. These providers play a significant role in delivering comprehensive healthcare coverage to their employees. Potential Healthcare Cost Increases in 2026: In 2026, Wynn Resorts employees relying on Affordable Care Act (ACA) plans should brace for significant premium hikes, with many states reporting increases exceeding 60%. The confluence of rising medical costs, the likely expiration of enhanced federal premium subsidies, and aggressive rate adjustments by major insurers may lead to out-of-pocket premium increases of over 75% for many enrollees. With the top 10 insurers collectively showcasing record revenues, these escalating costs could impose substantial financial strain on employees and retirees navigating their healthcare choices. Click here to learn more
Addressing the potential risks of extended-term care expenses may be one of the biggest financial challenges for Wynn Resorts employees who are developing a retirement strategy.
Seven in ten Wynn Resorts 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.
Wynn Resorts 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 savings plan does Wynn Resorts offer to its employees?
Wynn Resorts offers a 401(k) retirement savings plan to help employees save for their future.
Does Wynn Resorts match employee contributions to the 401(k) plan?
Yes, Wynn Resorts provides a matching contribution to employee 401(k) accounts, subject to certain limits.
What is the eligibility requirement for employees to participate in the Wynn Resorts 401(k) plan?
Employees of Wynn Resorts are eligible to participate in the 401(k) plan after completing a specified period of service, typically within the first year of employment.
How can employees at Wynn Resorts enroll in the 401(k) plan?
Employees can enroll in the Wynn Resorts 401(k) plan through the company’s benefits portal or by contacting the HR department for assistance.
What types of investment options are available in the Wynn Resorts 401(k) plan?
The Wynn Resorts 401(k) plan offers a variety of investment options, including mutual funds, target-date funds, and other investment vehicles.
Can employees at Wynn Resorts take loans against their 401(k) savings?
Yes, Wynn Resorts allows employees to take loans against their 401(k) savings, subject to the plan's terms and conditions.
What is the vesting schedule for employer contributions in the Wynn Resorts 401(k) plan?
The vesting schedule for employer contributions in the Wynn Resorts 401(k) plan typically follows a graded vesting schedule, which employees can review in the plan documents.
Are there any fees associated with the Wynn Resorts 401(k) plan?
Yes, there may be administrative fees and investment-related fees associated with the Wynn Resorts 401(k) plan, which are disclosed in the plan materials.
How often can employees at Wynn Resorts change their 401(k) contribution amounts?
Employees at Wynn Resorts can change their 401(k) contribution amounts during designated enrollment periods or as specified in the plan guidelines.
What happens to the 401(k) savings if an employee leaves Wynn Resorts?
If an employee leaves Wynn Resorts, they have several options for their 401(k) savings, including rolling it over to another retirement account, cashing it out, or leaving it in the Wynn Resorts plan if eligible.
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