/General/General%208.png?width=1280&height=853&name=General%208.png)
Healthcare Provider Update: Healthcare Provider for ExxonMobil For the upcoming year, ExxonMobil's primary healthcare provider is Blue Cross and Blue Shield of Texas (BCBSTX). Effective from January 1, 2025, employees and their families will access healthcare through BCBSTX, ensuring improved network access and support for managing healthcare costs. Prescription drug services will continue to be provided by Express Scripts. Potential Healthcare Cost Increases in 2026 In 2026, ExxonMobil may experience significant healthcare cost increases, paralleling broader trends in the Affordable Care Act (ACA) marketplace. With some states projecting premium hikes of over 60% and the potential loss of enhanced federal premium subsidies, many employees could see their out-of-pocket costs escalate dramatically. The Kaiser Family Foundation has highlighted that without congressional action, most marketplace enrollees might face increases exceeding 75%. These combined pressures will necessitate careful planning and strategic healthcare decisions from ExxonMobil employees going into 2026. Click here to learn more
'Estate planning is essential for ExxonMobil employees nearing retirement to make sure their assets are properly allocated and their legacy is preserved, reducing future complications and optimizing the smooth transfer of benefits like retirement accounts and life insurance policies.' – Wesley Boudreaux, a representative of The Retirement Group, a division of Wealth Enhancement.
'By prioritizing estate planning, ExxonMobil employees can safeguard their retirement benefits, streamline the management of their assets, and confirm their loved ones are well cared for, ultimately providing peace of mind during the retirement transition.' – Patrick Ray, a representative of The Retirement Group, a division of Wealth Enhancement.
In this article, we will discuss:
-
The importance of estate planning for ExxonMobil employees nearing retirement
-
Key steps for organizing and managing your assets, including retirement accounts and insurance
-
Common mistakes to avoid in estate planning and the benefits of starting early
The process of making arrangements for the administration and allocation of a person's assets upon their passing or in the case of incapacitation is known as estate planning. You can make sure your affairs are handled appropriately, your loved ones are cared for, and your wishes are respected by taking a few preparatory actions. From drafting a will to using key legal instruments to manage your financial and medical decisions, estate preparation entails a number of steps. For ExxonMobil employees nearing retirement, making these steps a priority is particularly important given the scope of benefits and accounts involved. To make sure your estate plan is in order, here is a checklist of 16 things to consider as part of your estate planning process.
Important Takeaways:
-
Make sure your estate plan is carried out smoothly by keeping track of all your assets and wishes. It may help to keep thorough written lists and let your estate administrator know where they are.
-
To facilitate a smooth transfer of assets, designate named beneficiaries on insurance policies, retirement funds, and other accounts.
1. Inventory Your Assets
ExxonMobil employees should begin by listing all tangible assets. This includes items such as your house, vehicles, tools, jewelry, and personal collections. Don’t forget items of sentimental value like family heirlooms and photo albums.
2. Keep Records of Your Intangible Assets
Beyond physical possessions, ExxonMobil retirees should gather documentation for 401k accounts, IRAs, life insurance, and ExxonMobil benefit accounts. Include institution names, account numbers, and storage locations for any paper documents.
3. Compile a Debt List
List your outstanding debts such as mortgages, credit cards, HELOCs, and personal loans. Include all necessary details so your estate administrator can quickly identify and resolve any liabilities.
4. Create a Membership List
Whether you’re part of ExxonMobil alumni associations or other organizations, list all affiliations that could provide life insurance, survivor benefits, or charitable giving connections.
5. Make Copies of the Lists You Have
Keep at least three copies: one for yourself, one for your estate administrator, and one in a secure location such as a fireproof safe or safe deposit box. ExxonMobil’s employee resource centers may offer guidance on document storage.
6. Examine Your Retirement Funds
ExxonMobil offers a variety of retirement plans. Confirm that your 401k, pension plans, and life insurance policies have updated and correct beneficiaries, especially after life events like marriage or divorce.
7. Revisit Your Policy
Review annuity and insurance policies to make sure your heirs receive benefits without delays. ExxonMobil life insurance plans may be a key part of your legacy, so keeping this documentation up to date is critical.
8. Permit Designations for “Transfer on Death”
For ExxonMobil employees with brokerage or savings accounts, designating a TOD beneficiary can reduce the burden of probate. This applies to certain accounts depending on your state’s laws.
9. Select a Trustworthy Estate Administrator
Choose a dependable person who can handle the complexity of your estate. For ExxonMobil employees, this might be someone familiar with handling corporate benefits and related tax forms.
10. Write Your Will
Draft a will that covers distribution of your assets, guardianship of minor children, and care of pets. A clearly written will is essential in avoiding confusion, especially when ExxonMobil retirement benefits are involved.
11. Examine Your Documents Frequently
Revisit your estate documents at least every two years or after major life changes to make sure they align with your current financial and family situation.
12. Make a Copy for Your Administrator
Make sure your estate administrator has access to the original will and is informed of its location. Only the original can be submitted to probate court.
13. Speak with a Financial Planner or Estate Attorney
In addition to speaking with any retirement advisor provided by ExxonMobil, take time to consult with an independent estate attorney to assess your unique family, financial, and tax planning needs.
14. Simplify Your Finances
ExxonMobil retirees often accumulate multiple retirement accounts from past employers. Consolidating them into one IRA can make future management more efficient.
15. Complete Any Other Vital Records
Documents like a durable power of attorney and a health care proxy allow decisions to be made on your behalf by someone you trust. ExxonMobil resources may help guide employees to legal support services for drafting these forms.
16. Make Use of College Funding Accounts
If you wish to help your grandchildren, setting up a 529 plan can benefit them while also helping reduce your taxable estate. Many ExxonMobil employees use these tools to support the next generation.
Typical Errors in Estate Planning
Failing to plan altogether is a major error. Not naming contingent beneficiaries or neglecting to update documents after major life events can create confusion and delay. ExxonMobil employees should take care to communicate their wishes clearly and review documentation often.
The Dangers of Living Without an Estate Plan
Without a clear estate plan, your assets could be tied up in probate. This process may delay access to ExxonMobil retirement benefits and increase legal costs for your heirs.
The Bottom Line
Though estate planning can seem overwhelming, especially for long-tenured ExxonMobil employees with layered benefits, starting now offers peace of mind. Early planning helps reduce future complications, allows for thoughtful giving, and helps preserve your legacy.
According to a 2020 study from the National Institute on Aging , nearly 70% of Americans over age 65 will require long-term care. These costs can significantly reduce a retirement estate. Including long-term care insurance in your planning helps manage these risks and preserve your lifestyle and legacy.
Conclusion
Use this checklist to build a solid estate plan. From naming beneficiaries and cataloging your assets to preparing legal documents and discussing end-of-life preferences, every detail matters. Estate planning is like preparing for a major expedition—you want the right gear, a clear path, and a well-considered map. Thoughtful preparation today means fewer detours for your loved ones tomorrow.
Featured Video
Articles you may find interesting:
- Corporate Employees: 8 Factors When Choosing a Mutual Fund
- Use of Escrow Accounts: Divorce
- Medicare Open Enrollment for Corporate Employees: Cost Changes in 2024!
- Stages of Retirement for Corporate Employees
- 7 Things to Consider Before Leaving Your Company
- How Are Workers Impacted by Inflation & Rising Interest Rates?
- Lump-Sum vs Annuity and Rising Interest Rates
- Internal Revenue Code Section 409A (Governing Nonqualified Deferred Compensation Plans)
- Corporate Employees: Do NOT Believe These 6 Retirement Myths!
- 401K, Social Security, Pension – How to Maximize Your Options
- Have You Looked at Your 401(k) Plan Recently?
- 11 Questions You Should Ask Yourself When Planning for Retirement
- Worst Month of Layoffs In Over a Year!
- Corporate Employees: 8 Factors When Choosing a Mutual Fund
- Use of Escrow Accounts: Divorce
- Medicare Open Enrollment for Corporate Employees: Cost Changes in 2024!
- Stages of Retirement for Corporate Employees
- 7 Things to Consider Before Leaving Your Company
- How Are Workers Impacted by Inflation & Rising Interest Rates?
- Lump-Sum vs Annuity and Rising Interest Rates
- Internal Revenue Code Section 409A (Governing Nonqualified Deferred Compensation Plans)
- Corporate Employees: Do NOT Believe These 6 Retirement Myths!
- 401K, Social Security, Pension – How to Maximize Your Options
- Have You Looked at Your 401(k) Plan Recently?
- 11 Questions You Should Ask Yourself When Planning for Retirement
- Worst Month of Layoffs In Over a Year!
Sources:
1. Segal, Troy. 'Estate Planning: 16 Things to Do Before You Die.' Investopedia , 16 Jan. 2025, https://www.investopedia.com/articles/retirement/10/estate-planning-checklist.asp .
2. 'Estate Planning Checklist.' Charles Schwab , https://www.schwab.com/estate-planning/estate-planning-checklist .
3. 'Estate Planning Checklist: Five Tasks to Prioritize.' Kiplinger , https://www.kiplinger.com/retirement/estate-planning/602219/estate-planning-checklist-5-tasks-to-do-now-while-youre-still .
4. 'Estate Planning Mistakes to Avoid for Retirees and Pre-Retirees.' Goldstone Financial Group , https://www.goldstonefinancialgroup.com/essential-estate-planning-mistakes-to-avoid-for-retirees .
5. 'Estate Planning Checklist: 7 Key Steps To Making A Successful Plan.' Bankrate , https://www.bankrate.com/retirement/estate-planning-checklist .
How does the ExxonMobil Savings Plan compare against typical retirement savings plans, and what unique features does it offer that can benefit employees approaching retirement? Additionally, can you elaborate on the necessary steps ExxonMobil employees should take within the savings plan to ensure maximum contributions and employer match during their service years?
ExxonMobil Savings Plan: ExxonMobil's Savings Plan offers flexibility with pre-tax, after-tax, and Roth contributions, and features a 7% company match for the first 6% of employee contributions, a unique benefit compared to typical plans. Employees should contribute the maximum percentage to receive the full match and regularly review their investment allocations through the Voya platform(ExxonMobil_2024_ExxonMo…).
What are the eligibility criteria for employees to participate in the ExxonMobil Pension Plan, and how is the retirement benefit calculated? As employees consider their long-term savings strategy, how does the option of a lump-sum distribution versus an annuity influence their financial planning at ExxonMobil?
ExxonMobil Pension Plan: Employees are automatically enrolled and eligible for benefits after five years of service, with full retirement benefits offered at 55 with 15 years of service. The pension is calculated based on 1.6% of final average pay multiplied by years of service, minus a social security offset. Lump-sum and annuity options affect long-term financial planning, with lump sums offering immediate flexibility while annuities provide a steady income(ExxonMobil_2024_ExxonMo…).
In what ways does the ExxonMobil Employee Assistance Program (EAP) support employees during personal or family crises, and what confidentiality measures are in place to protect their privacy? Additionally, how can ExxonMobil employees access these services, and what are the key resources available through this program?
Employee Assistance Program (EAP): ExxonMobil's EAP provides confidential counseling services for personal and family issues like anxiety, addiction, and family conflict. Services are accessible by phone, video chat, or text, with privacy strictly protected. Employees can contact ComPsych for guidance and support through the GuidanceNow app or website(ExxonMobil_2024_ExxonMo…).
With the introduction of Flexible Spending Accounts (FSAs) at ExxonMobil, how do these accounts help employees manage their health care and dependent care expenses more effectively? What guidelines should employees follow to ensure they maximize their tax advantages while complying with IRS regulations during the enrollment process?
Flexible Spending Accounts (FSAs): FSAs at ExxonMobil allow employees to reduce taxable income by contributing pre-tax dollars to healthcare or dependent care expenses. Employees should estimate their expenses carefully during the enrollment period and comply with IRS rules, ensuring they submit claims by April 15th of the following year(ExxonMobil_2024_ExxonMo…).
How does ExxonMobil define "work-life balance," and what specific benefits and programs are in place to support this philosophy for employees? Can you discuss how employees can utilize these options, such as flexible schedules and leave of absence policies, without negatively impacting their career progression within the company?
Work-Life Balance: ExxonMobil promotes work-life balance with programs like “Flex Your Day,” allowing flexibility in work hours, and up to 20 days of back-up dependent care. Employees are encouraged to use these options strategically to maintain career progression while balancing personal obligations(ExxonMobil_2024_ExxonMo…).
In light of the various medical plan options offered at ExxonMobil, how should employees approach selecting the right plan to best meet their healthcare needs? What factors should they consider, including family health history and financial implications, when making their decisions?
Medical Plan Selection: ExxonMobil offers Aetna POS II and network-only options, allowing employees to choose between plans based on cost, coverage, and provider access. Employees should assess their family's healthcare needs, financial situation, and preferred providers when selecting the most appropriate plan(ExxonMobil_2024_ExxonMo…).
For ExxonMobil employees nearing retirement, what resources are available to help them understand the nuances of health benefits coordination through Medicare and their ExxonMobil coverage? How can they best navigate this transition, and what checkpoints should they be aware of to ensure they remain compliant with company policies during retirement?
Retirement Health Benefits and Medicare: ExxonMobil offers resources to help employees coordinate health benefits with Medicare upon retirement. Employees nearing retirement should explore their options through the Your Total Rewards portal and ensure compliance with company policies during the transition(ExxonMobil_2024_ExxonMo…).
What financial education resources does ExxonMobil provide to employees to promote informed decision-making about their retirement savings and benefits? Can you detail how programs like the Financial Fitness Program enable employees to strategically manage their finances and plan for retirement?
Financial Education Resources: ExxonMobil's Financial Fitness Program, provided in collaboration with Ernst & Young, helps employees manage their finances with resources such as EY Navigate and personalized financial planning. This program supports informed decision-making about retirement and savings strategies(ExxonMobil_2024_ExxonMo…).
As part of the benefits provided by ExxonMobil, how does the company facilitate employee participation in volunteer programs and charitable activities through the ExxonMobil Foundation? How can employees engage with these initiatives while also balancing their work commitments?
Volunteer Programs: Through the ExxonMobil Foundation, employees can engage in charitable activities via the Volunteer Involvement Program (VIP), which offers grants to nonprofits based on time spent volunteering. Participation in these programs is flexible, enabling employees to balance work commitments with volunteer efforts(ExxonMobil_2024_ExxonMo…).
How can ExxonMobil employees get in touch with benefits representatives to address specific questions about their retirement and savings plans? What are the recommended channels and best times to reach out for assistance to ensure they receive timely and relevant information about their options?
Contacting Benefits Representatives: Employees can reach out to the ExxonMobil Benefits Service Center at 833-776-9966 during business hours (8 a.m. to 4 p.m. CST) for assistance with retirement and savings plan questions. The Your Total Rewards portal also offers 24/7 access for reviewing and managing benefits(ExxonMobil_2024_ExxonMo…).
-2.png?width=300&height=200&name=office-builing-main-lobby%20(52)-2.png)
.webp?width=300&height=200&name=office-builing-main-lobby%20(27).webp)
-2.png)
.webp)