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5 Tips for Long-Term Health Planning Every Graybar Electric Employee Should Consider

'Graybar Electric employees preparing for the later stages of life benefit from addressing long-term planning early by taking steady, proactive steps that align their personal goals with the realities of aging.' - Paul Bergeron, The Retirement Group, a division of Wealth Enhancement.

'Graybar Electric employees can strengthen their long-term planning by taking thoughtful, early steps that support clarity and confidence as they age to stay proactive and intentional in shaping their future.' - Tyson Mavar, The Retirement Group, a division of Wealth Enhancement.

In this article, we will discuss:

How to prepare for the challenges of aging through proactive planning.
How to organize your living situation, documents, and family communication.
How to use tools like HSAs and long-term care insurance to support future needs.

Important lessons learned

- Although planning is never too late, starting early can help you get ready for the difficulties that come with growing older, especially for employees navigating the benefit programs offered through Graybar Electric.

- Clearly state your expectations and ambitions, including where you want to live and how you want to maintain your preferred lifestyle.

- Organize vital paperwork and make sure your family is aware of your financial situation and wishes.

- To assist with future medical costs, consider long-term care insurance options and health savings accounts (HSAs).

Government estimates reveal that someone turning 65 today has roughly a 70% chance of needing some type of long-term care services or supports in later life. ¹ This highlights why planning matters for those preparing for retirement from Graybar Electric. With odds like that, having a plan in place can help you or your loved ones get ready for medical, financial, or personal challenges that may arise.

Thinking about these things isn't always simple, and many put off planning until facing a crisis with an elderly parent, spouse, or themselves. Our understanding of our needs is often shaped by personal experiences, whether involving an abrupt loss, a long illness, or many years of independence. While some people use skilled nursing facilities, senior communities, or at-home care, others rely on help from family or neighbors. These experiences highlight the importance of not making rushed decisions or leaving critical choices to others.

Planning may be done at any age, but the longer you delay, the harder it may be—something many Graybar Electric professionals recognize as they approach retirement. With the right information and guidance, you can create a long-term health plan that reflects your objectives, accounts for potential obstacles, and helps you prepare for future costs as you age.

1. Clarify your objectives and expectations

Your future vision should be the first step in any long-term plan, including for those charting retirement paths after a long tenure with Graybar Electric. Consider what you want for yourself and what you believe would be an ideal outcome. Knowing your objectives helps provide direction while shaping your plan.

Being realistic about what you might anticipate in the coming years is also important. Even if your experience may differ from past generations, your family’s medical history can offer insight. Conversations with your health care providers can help you understand what to monitor and how to support your health over time. Reflecting on how much assistance you may need—and from whom—allows you to make choices aligned with the quality of life you want.

2. Evaluate your living conditions

Think about whether your current home will still meet your needs as you age, a common consideration among employees preparing for retirement from Graybar Electric. Home accessibility plays an important role since falls remain the leading cause of injury-related deaths among people 65 and older. ²

Modifying your home—such as installing ramps, handrails, or improved accessibility—can be easier when done proactively rather than in an emergency. If modifications are too costly or impractical, downsizing to a home more suitable for aging needs may be worthwhile. Moving earlier also gives you more time to adjust.

Proximity to support is another key factor. Living near dependable family members, trusted neighbors, or health care providers can make a meaningful difference when more assistance becomes necessary.

3. Arrange your paperwork

Clear documentation allows your wishes to be carried out and gives your family what they need in an emergency, which is especially important for those coordinating retirement assets earned during years at Graybar Electric. Essential estate planning documents include:

- A will , which outlines how assets not governed by beneficiary designations or titling should be distributed and who will manage your affairs after your passing.
- A financial power of attorney , permitting someone to handle your financial matters if you become unable to do so.
- A medical power of attorney (health care proxy) , allowing someone to receive information and make medical decisions if you cannot.
- A living will , documenting your wishes regarding care and end-of-life decisions.

Preparing these documents in advance makes it easier for your family to navigate difficult times.

4. Speak with your relatives

Open communication improves planning, particularly for families where one or more members are transitioning from a career at Graybar Electric. While discussing finances and end-of-life decisions can feel uncomfortable, it is vital for your loved ones to know where documents are stored and understand the general structure of your financial affairs. You do not need to disclose every detail—just note how many accounts you hold, where they are located, how they are titled, and who should be contacted in an emergency, such as executors or trustees.

5. Consider health savings accounts and long-term care “hybrid” insurance policies

Those enrolled in a qualifying high-deductible health plan—including some used by employees at Graybar Electric—may be eligible to contribute to a Health Savings Account (HSA). These accounts allow contributions that are pre-tax or tax-deductible, offer tax-free growth, and allow tax-free withdrawals for qualified medical expenses. Although contribution limits apply, HSAs can support both current and future medical needs.

Another option is hybrid long-term care insurance, which links long-term care benefits to life insurance. If you develop a qualifying cognitive condition or cannot perform at least two activities of daily living (such as bathing or dressing), these policies may allow access to part of the death benefit for care. Even if long-term care benefits are never used, the life insurance component typically provides value to beneficiaries.

The Retirement Group can help

Long-term care planning can be technically and emotionally challenging, particularly for those coordinating benefits tied to years of service with Graybar Electric. The Retirement Group can help you review your options, understand potential financial implications, and shape a plan tailored to your needs. You can call (800) 900-5867 to learn more or speak with our team.

Engage in professional work

Working with a knowledgeable specialist allows you to address both the financial and personal dimensions of long-term planning. With thoughtful preparation, you can build a plan that reflects your goals and provides clarity for you and your loved ones as you age.

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Sources:

1. Administration for Community Living. “ How Much Care Will You Need? ” U.S. Department of Health & Human Services, 18 Feb. 2020.

2. Centers for Disease Control and Prevention. “ About Older Adult Fall Prevention ,” May 16, 2024.

3. Internal Revenue Service. Publication 969: Health Savings Accounts and Other Tax-Favored Health Plans. Internal Revenue Service, 2024.

4. National Association of Insurance Commissioners. A Shopper’s Guide to Long-Term Care Insurance. NAIC, 2019.

5. National Institute on Aging. “Advance Care Planning: Advance Directives for Health Care.” National Institutes of Health, 31 Oct. 2022.

What steps must an employee take to ensure they accurately calculate their pension benefits when planning for retirement under the Electricians Pension Plan, IBEW 995? Employees need to understand the various factors that contribute to benefit calculations, including years of service credits, age, and any early retirement reductions. Participants should also familiarize themselves with the formulas outlined in the plan regarding Normal Retirement and Early Retirement benefits.

Employees under the Electricians Pension Plan, IBEW 995 can ensure accurate pension calculations by reviewing the plan's formulas, which consider factors like service credits, age, and early retirement reductions. The plan provides specific calculation methods for Normal and Early Retirement pensions, so employees should refer to their accrued credits and apply the appropriate formula based on the years of service to get a precise benefit estimate(Electricians_Pension_Pl…).

How does the Electricians Pension Plan, IBEW 995, treat periods of active service compared to breaks in service when determining eligibility for pension benefits? Employees should be aware that their length of service is critical to establishing eligibility, and any periods identified as breaks in service may impact their pension status. Understanding the definition and implications of breaks in service can be vital for maximizing retirement benefits.

Service periods under the Electricians Pension Plan, IBEW 995 are critical for pension eligibility and accrual. Breaks in service, defined as periods where an employee is not credited with at least 250 hours in a plan year, can disrupt benefit accrual and participation. However, the plan provides grace periods for specific situations such as disability or maternity, preventing these gaps from affecting eligibility(Electricians_Pension_Pl…).

What are the implications of returning to work after starting to receive benefits under the Electricians Pension Plan, IBEW 995, and how can it affect ongoing pension payments? It's important for employees to recognize the conditions classified as "Disqualifying Employment" that can lead to suspending their pension benefits. Knowing how working while receiving benefits influences the plan can help retirees make informed decisions about their post-retirement employment.

Returning to work after starting to receive benefits under the Electricians Pension Plan, IBEW 995 can result in a suspension of benefits if the work qualifies as "Disqualifying Employment." Employees should check the plan’s definitions to see if their employment will affect their pension payments. Generally, working over 40 hours per month in covered employment or similar trades can trigger a suspension(Electricians_Pension_Pl…).

In what ways can an employee's spousal status influence the benefits they receive from the Electricians Pension Plan, IBEW 995? Employees need to understand how their marital status affects pension distributions, including survivor benefits and waivers. This knowledge is crucial for planning, as certain benefit structures depend significantly on whether the participant has a qualified spouse.

Spousal status significantly affects the distribution of benefits under the Electricians Pension Plan, IBEW 995. If an employee is married, the default pension option is the Joint and Survivor Annuity, which provides a continued payout to the spouse upon the participant’s death. The plan also outlines the necessary waivers and consents required for changing these benefits based on marital status(Electricians_Pension_Pl…).

How do changes in the Internal Revenue Service (IRS) regulations affect the contribution limits and benefit payouts related to the Electricians Pension Plan, IBEW 995? Employees should keep informed on the most current IRS guidelines, as they directly influence how benefits are calculated and dispersed. Awareness of IRS limits can prevent unexpected tax penalties and ensure compliance with pension law.

IRS regulations play an important role in determining contribution limits and payout structures under the Electricians Pension Plan, IBEW 995. Changes to IRS rules may affect the maximum allowable benefits and tax treatments. Employees should keep up to date with IRS guidelines to avoid potential tax penalties and ensure their pension plan remains in compliance(Electricians_Pension_Pl…).

What documentation is required for employees to maintain their eligibility for pension benefits under the Electricians Pension Plan, IBEW 995, especially after significant life events such as marriage, divorce, or disability? Employees must notify the plan office of life changes and provide necessary documentation. Understanding what these documents are and how they should be submitted is crucial for maintaining eligibility and accessing benefits.

Significant life events such as marriage, divorce, or disability require timely submission of documentation to the Electricians Pension Plan, IBEW 995 to maintain eligibility. This may include marriage certificates, divorce decrees, or proof of disability. Employees should contact the plan office to ensure all required paperwork is properly submitted to avoid interruptions in benefits(Electricians_Pension_Pl…).

What processes are in place for employees to appeal a denial of benefits under the Electricians Pension Plan, IBEW 995, and what timelines must they adhere to? Employees should be aware of their rights under ERISA concerning claims and appeals, including the time limits for submitting appeals. This knowledge ensures they are equipped to address any potential issues they may encounter during the pension claim process.

If a claim for benefits is denied, the Electricians Pension Plan, IBEW 995 provides an appeals process. Employees must file a written appeal within 60 days of receiving the denial notice. The appeal should include any relevant documentation, and employees should follow the timeline and procedures outlined in the plan to ensure proper consideration of their case(Electricians_Pension_Pl…).

How can employees determine if their employer is meeting its financial obligation to the Electricians Pension Plan, IBEW 995, particularly regarding contributions? Understanding the mechanisms for verifying employer contributions can help employees ensure that they are accruing the appropriate benefits. Employees should know whom to contact and what reports they can access to gather this information.

Employees concerned about their employer meeting its contribution obligations to the Electricians Pension Plan, IBEW 995 can contact the plan’s administrative office for verification. The plan allows participants to access contribution reports to confirm that employers are properly crediting their accounts(Electricians_Pension_Pl…).

What resources are available through the Electricians Pension Plan, IBEW 995, for employees seeking to enhance their understanding of their retirement options and benefits? Employees should seek detailed information provided through the plan documents and know how to access educational resources, such as workshops or one-on-one sessions with plan administrators. Utilizing available resources ensures they are making informed decisions about their retirement.

The Electricians Pension Plan, IBEW 995 offers various resources to help employees understand their retirement options. These include the plan’s summary description, workshops, and individual consultations with plan administrators. Employees should make use of these tools to gain a clear understanding of their pension and plan effectively(Electricians_Pension_Pl…).

How can employees contact the Electricians Pension Plan, IBEW 995, for additional questions or clarification regarding their retirement benefits or the plan's provisions? It is essential for employees to know how to reach the plan's administrative office or the Board of Trustees for inquiries. Understanding the contact methods, including phone numbers and office addresses, greatly aids in effective communication when navigating retirement planning. These questions are framed to guide employees in understanding their rights and responsibilities as they prepare for retirement under the Electricians Pension Plan, IBEW

For additional questions or clarification regarding the Electricians Pension Plan, IBEW 995, employees can contact the plan's administrative office at the provided phone number or address. The office offers support for all queries related to pension benefits, eligibility, and documentation(Electricians_Pension_Pl…).