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

Healthcare Provider Update: NiSource provides employees with a variety of health insurance options including PPO, HMO, and high-deductible plans with HSAs. Dental and vision coverage is available, along with FSAs for healthcare and dependent care. Life insurance equal to twice base pay is company-paid, with options to purchase additional coverage. Disability benefits, accident insurance, and paid sick leave are also included. Retirement benefits feature a 401(k) plan with matching, and employees may receive opt-out credits if they decline coverage 2. NiSource As ACA premiums rise, NiSources employer-sponsored plans and pre-tax savings accounts offer employees a more affordable and stable alternative to marketplace coverage. With insurers requesting double-digit increases and federal subsidies potentially expiring, employer-backed plans like NiSources help shield employees from steep out-of-pocket costs. Click here to learn more

'NiSource 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.

'NiSource 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 NiSource.

- 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 NiSource. 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 NiSource 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 NiSource. 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 NiSource. 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 NiSource. 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 NiSource. 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 NiSource—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 NiSource. 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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Articles you may find interesting:

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.

As an employee of National Grid, what are the key eligibility criteria for participating in the Pension Plan specifically for Niagara Mohawk Power Corporation employees? How might these criteria impact your personal retirement planning and the benefits you expect to receive upon retirement from National Grid?

Eligibility Criteria for Niagara Mohawk Pension Plan: Employees of Niagara Mohawk Power Corporation who are represented by Local Union 97 of the IBEW and work at least 20 hours per week or accumulate 1,000 hours in a Pension Plan year are eligible. Participation begins automatically on the first day of employment. These criteria directly impact retirement planning by determining when employees begin accruing pension benefits and how much they will receive at retirement(National_Grid_2023_Niag…).

Within the framework of the National Grid Pension Plan, how does the cash balance formula work in calculating retirement benefits, and what implications does this have for employees of Niagara Mohawk Power Corporation when considering their long-term financial outlook?

Cash Balance Formula: The National Grid Pension Plan for Niagara Mohawk employees uses a cash balance formula that provides monthly pay-based credits (starting at 4% and increasing with years of service) and interest credits. These accumulate in a hypothetical account, growing until retirement, allowing employees to track their retirement benefits much like a savings account. This formula impacts financial outlook by providing predictable growth tied to service and pay(National_Grid_2023_Niag…).

For employees at National Grid, what are the specific rights and options available during the pension benefit application process? How do these rights protect the interests of individual employees and ensure they receive fair treatment under the Niagara Mohawk Pension Plan?

Pension Benefit Application Process: National Grid employees must apply for their pension benefits by submitting the required forms at least 90 days before retirement. Spousal consent is required if opting for any form of payment other than the default. This ensures employees understand and select the best payment option for their circumstances, protecting their interests under the Niagara Mohawk Pension Plan(National_Grid_2023_Niag…).

Given the different types of credits that contribute to the pension benefit for employees of National Grid, how are Pay-based Credits and interest credits calculated? What strategies might Niagara Mohawk Power Corporation employees employ to maximize these credits before retirement?

Pay-based and Interest Credits Calculation: Pay-based credits are determined by years of service, starting at 4% of pay and increasing to 8% after 20 years. Interest credits are based on an annual interest rate tied to the Treasury securities and corporate bond rates. Employees can maximize these credits by continuing to work and contributing to their pension balance(National_Grid_2023_Niag…).

How do pension benefits work for Transition Group Employees specifically within National Grid's framework, and what unique provisions apply to them under the Pension Plan as compared to regular employees of Niagara Mohawk Power Corporation?

Pension Benefits for Transition Group Employees: Transition Group Employees under the National Grid Pension Plan have benefits calculated using both the former final average pay formula and the cash balance formula, with the greater benefit being paid out. This differs from regular employees who only receive benefits calculated under the cash balance formula(National_Grid_2023_Niag…)(National_Grid_2023_Niag…).

What are the repercussions for National Grid employees in terms of benefit loss or limitation if they have not met the Vesting requirements under the Niagara Mohawk Pension Plan? How can understanding these repercussions influence an employee's decision-making regarding their career and retirement?

Impact of Vesting Requirements: Employees must complete three years of service to become vested in the Niagara Mohawk Pension Plan. If they leave before vesting, they lose all accrued pension benefits. Understanding vesting requirements is crucial for career and retirement planning, as it ensures employees retain their pension benefits if they meet the criteria(National_Grid_2023_Niag…).

As a current employee at National Grid, what does the termination of the Pension Plan imply for accrued benefits under the Niagara Mohawk Pension Plan? Specifically, how do federal protections through ERISA and the Pension Benefit Guaranty Corporation come into play for employees seeking assurance regarding their retirement funds?

Termination of Pension Plan and Federal Protections: If the Niagara Mohawk Pension Plan is terminated, accrued benefits are protected by ERISA and insured by the Pension Benefit Guaranty Corporation (PBGC). Employees can feel assured that their benefits will be secured up to the PBGC's limits in case of plan termination(National_Grid_2023_Niag…).

How does the National Grid Pension Plan accommodate the unique situations of employees during times of disability or military service, and what steps should Niagara Mohawk Power Corporation employees take to ensure their benefits continue during these periods?

Disability and Military Service: Niagara Mohawk employees receive service credits during periods of disability or military leave, ensuring continuous pension accrual. Employees should ensure their disability or military status is properly documented with the company to avoid interruptions in their pension benefits(National_Grid_2023_Niag…).

When considering the various forms of pension payments available to retirees from National Grid, what are the potential advantages and disadvantages of choosing an annuity versus a lump-sum payment for employees from Niagara Mohawk Power Corporation?

Annuity vs. Lump-Sum Payment: Retirees at National Grid have the option to choose between an annuity, providing a steady income for life, or a lump-sum payment. The annuity provides financial stability, while a lump sum offers flexibility. The choice depends on individual financial needs and retirement goals(National_Grid_2023_Niag…).

For those looking to gain further clarity on the nuances of the Niagara Mohawk Pension Plan, what are the most effective ways for employees to contact National Grid for assistance? How can engaging with the Pension Service Center enhance an employee's understanding of their benefits and rights?

Contacting National Grid for Pension Assistance: Employees seeking more information about their Niagara Mohawk Pension Plan can contact the National Grid Pension Service Center or use the online pension modeler. Engaging with the Pension Service Center provides personalized guidance, helping employees understand their benefits and make informed decisions(National_Grid_2023_Niag…).