Empowering Employees to Help Meet the Healthcare Challenge in Retirement
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- Jonathan Henderson
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1 AT A GLANCE Empowering Employees to Help Meet the Healthcare Challenge in Retirement Employers can play a significant role in helping their employees achieve a financially secure retirement by addressing the least understood threat to their retirement dreams the cost of healthcare. The failure to plan adequately for the increase in demand for healthcare in retirement and their projected costs may upend even the best-laid plans. HEALTHCARE: AN INCREASING BURDEN ON THE NATION AND THE INDIVIDUAL Healthcare costs continue to rise unabated National Healthcare Expenditures per Capita % Increase from Year Expenditure Previous Decade 1980 $1, $2, % 2000 $4, % 2010 $8, % National Healthcare Expenditures as Share of GDP Year % of GDP % % % % Average Annual Growth Rates for NHE and GDP Year GDP NHE 1980s +6.8% +9.8% 1990s +4.3% +5.4% % +5.6% Source: Health Spending: Trends and Impact, The Henry J. Kaiser Family Foundation, September 2015 While future costs may strain retirement assets What a Retiree Can Expect to Spend on Healthcare in Retirement Couple s Age Life Expectancy Retirement Year Projected Health Care Expenses 65 87, $402, , $645,466 Source: HealthView Services: 2015 Retirement Health Care Costs Data Report
2 LONG-TERM CARE COSTS ALSO LOOMING With age comes the additional burden of long-term care. A majority of retirees will need some long-term care 7 in 10 individuals age 65 or older will need long-term care Source: Long-term care: Who needs care?, U.S. Department of Health and Human Services, 2016 These costs also could severely strain retirement assets. Home Health Aide 1.03% inflation $3,520 per month Assisted Living $3,600 per month 3.53% inflation Nursing Home $7,000 per month 3.95% inflation Source: Genworth Cost of Care Survey, 2015 PROFILE OF EMPLOYER-PROVIDED HEALTH BENEFITS 47.9% PPO Most Common Plans 44.1% Family 41.4% Prescription Drug 30.8% HDHP Number of Health Insurance Plans Offered 28.1% 22.4% Three Two 39.5% One Source: Healthcare Benefits Trends Benchmark Study, The Healthcare Trends Institute, 2016
3 IMPACT OF ACA ON EMPLOYER-PROVIDED HEALTHCARE COVERAGE The Affordable Care Act (ACA) hasn t dented most employers commitment to providing health benefits to its employees 94% of employers continue to provide coverage Nearly all plan on continuing coverage but containing costs has become a top priority. >33% have increased out-of-pocket limits, in-network deductibles and/or employees premium share > 20% have increased copayments or coinsurance for primary care, participants share of drug costs 20% have adopted or expanded wellness programs, while another 17% plan on doing so in the next 12 months 15% have adjusted hours to reduce number of eligible employees Source: 2015 Employer-Sponsored Health Care: ACA s Impact, International Foundation of Employee Benefit Plans HIGHER COSTS SQUEEZE EMPLOYEES Employees Have Borne the Brunt of More Costly Medical Coverage Average annual health insurance premiums have increased 61% in the last 10 years while the worker contribution has increased 83% 61% 83% The average deductible for single coverage in 2015 was $1,318, up from $917 in 2010; for small firms the average deductible in 2015 was $1,836 $917 $1,318 $1,836 63% of covered workers in small firms are in a plan with a deductible of at least $1,000 for single coverage vs. 39% for large firms 39% 63% The percentage of covered workers in plans with an annual deductible increased from 55% in 2006 to 81% in % 81% The percentage of covered workers in plans with an annual deductible increased from 55% in 2006 to 81% in 2015 Source: 2015 Health Benefits Survey, The Henry J.Kaiser Family Foundation, September 2015
4 COST-EFFECTIVE HEALTHCARE FUNDING STRATEGIES for Individuals Live a healthy lifestyle Increase annual retirement contributions Purchase a Medigap insurance policy in retirement Consider long-term care insurance before retirement and for Employers Educate employees about healthcare costs in retirement Offer comprehensive financial education and tools to address all facets of financial wellness Encourage greater 401(k) plan participation and higher contributions Provide access to long-term care coverage Offer employees Flexible Savings Accounts Health Reimbursement Accounts Health Savings Accounts A BLUEPRINT TOWARD A MORE HOLISTIC APPROACH TO RETIREMENT Creating an Enduring Employer-Employee Partnership Comprehensive Employee Education Program Promoting Healthy Lifestyles Integrated Retirement Approach Create an Education Program that incorporates both financial and physical wellness for your employees Education should include building awareness of longterm medical care costs, the limits of government programs and how best to prepare themselves Employees need to understand the connection between lifestyle choices today and the impact on future healthcare expenses Communicate with your employees to identify key topics of concern for your workforce
5 EMPLOYEE EMPOWERMENT CAN START WITH A PLAN EVALUATION PNC Retirement Solutions SM welcomes the opportunity to speak with you about your organization s retirement plan and its employee education strategy. To get the conversation started, ask your PNC representative for a free plan evaluation. You will receive actionable steps to consider for plan design, administration, employee education, investments, fees, and more. PNC invites you to contact us: Call (855) ; vestedinterest@pnc.com; or Visit The PNC Financial Services Group, Inc. ( PNC ) uses the marketing names PNC Retirement Solutions SM and Vested Interest for non-discretionary defined contribution plan services and investment options provided through its subsidiary, PNC Bank, National Association ( PNC Bank ), which is a Member FDIC. PNC Bank also provides custody, escrow, and directed trustee services; FDIC-insured banking products and services; and lending of funds. PNC does not provide legal, tax, or accounting advice unless, with respect to tax advice, PNC Bank has entered into a written tax services agreement. PNC does not provide services in any jurisdiction in which it is not authorized to conduct business. PNC does not provide investment advice to PNC Retirement Solutions and Vested Interest plan sponsors or participants. Vested Interest is a registered service mark and PNC Retirement Solutions is a service mark of The PNC Financial Services Group, Inc. Investments: Not FDIC Insured. No Bank Guarantee. May Lose Value.
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