New Update: Healthcare Costs Increasing by Over 60% in Some States. Will you be impacted?

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

Healthcare Provider Update: Healthcare Provider for WestRock: WestRock employees typically receive their health care benefits through various providers as part of employer-sponsored insurance plans. Specific details on the primary healthcare provider may vary, but it's known that large companies like WestRock often collaborate with major insurers. To identify the exact provider, employees should consult their HR department, which can provide the most accurate and relevant information. Potential Healthcare Cost Increases in 2026: As WestRock prepares for 2026, employees should brace for significant healthcare cost increases. With the expiration of enhanced federal ACA subsidies and rising medical costs, many workers could face steep premium hikes, potentially exceeding 75%. A recent survey indicates that nearly half of large employers, including WestRock, anticipate transferring more healthcare expenses to employees, raising deductibles and out-of-pocket maximums. This evolving landscape highlights the importance for WestRock employees to understand their benefits and mitigate potential financial impacts. Click here to learn more

'WestRock 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.

'WestRock 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 WestRock.

- 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 WestRock. 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 WestRock 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 WestRock. 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 WestRock. 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 WestRock. 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 WestRock. 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 WestRock—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 WestRock. 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.

How does the WestRock Company Consolidated Pension Plan specifically calculate the Normal Retirement Benefit for its employees, and what considerations should employees be aware of regarding the Final Average Pay calculation used by WestRock Company?

Normal Retirement Benefit Calculation: The WestRock Company calculates the Normal Retirement Benefit based on the employee's Final Average Pay. This is defined as the average of the employee's highest five years of earnings over the last ten years of employment before termination. Earnings included in the Final Average Pay are most wages, bonuses, commissions, and amounts deferred under the company’s 401(k) plan. Employees should be aware that earnings after December 31, 2015, are excluded unless they qualify under the Rule of 75(WestRock Company_Issued…).

What are the specific eligibility requirements for the Disability Retirement Pension under the WestRock Company plan, and how does this differ for Legacy Mead and Legacy Westvaco participants within the WestRock Company workforce?

Disability Retirement Pension Eligibility: To qualify for a Disability Retirement Pension, an employee must have earned at least five years of Vesting Service and be deemed "totally and permanently disabled" according to specific criteria. Legacy Mead and Legacy Westvaco participants are subject to special rules detailed in the Legacy Supplement. Legacy Mead employees must apply separate criteria from Legacy Westvaco employees(WestRock Company_Issued…).

In what ways can employees at WestRock Company manage and maximize their Vesting Service to ensure they receive the full benefits from the companyâ€™s pension plan, particularly for those with interrupted service or re-employment?

Vesting Service Maximization: WestRock employees can manage their Vesting Service by ensuring that they complete at least five years of service, which guarantees their right to pension benefits. Employees with interrupted service can still receive credit for Vesting Service if they return within five years. Additionally, employees who leave and return within a year will receive credit for the time they were absent(WestRock Company_Issued…).

How does the WestRock Company handle the transition of benefits for employees who transfer between different positions within the company, and what impacts could this have on their eventual retirement benefits?

Transfer Between Positions: When WestRock employees transfer between different positions, their retirement benefit is calculated based on the greater of two methods. The first method calculates the benefit accrued at each position separately, while the second method applies the total benefit service across positions. Vesting Service is always combined, regardless of location or position(WestRock Company_Issued…).

How does the WestRock Company plan ensure that pension benefits are protected, particularly through the Pension Benefit Guaranty Corporation (PBGC), and what should employees know about their rights and guarantees under this insurance?

Pension Benefit Protection (PBGC): The WestRock Pension Plan is insured by the Pension Benefit Guaranty Corporation (PBGC). This federal insurance guarantees that employees will receive their vested pension benefits even if the plan is terminated. Employees should understand that PBGC coverage has limits, and benefits might be reduced under certain circumstances(WestRock Company_Issued…).

What are the consequences for WestRock Company employees who choose to withdraw from their pension plan or to rollover their benefits upon retirement or termination? How can they navigate these options effectively to avoid penalties?

Withdrawals and Rollovers: Employees can withdraw or roll over their pension benefits upon retirement or termination. Lump-sum withdrawals may be subject to taxes unless rolled over into a qualifying retirement account. Employees should consult the WestRock Benefits Center to avoid penalties and ensure compliance with federal tax regulations(WestRock Company_Issued…).

How does the WestRock Company maintain compliance with federal regulations and best practices under ERISA, and what specific rights do employees have concerning their pension benefits?

ERISA Compliance: WestRock complies with the Employee Retirement Income Security Act (ERISA), ensuring that employees' pension rights are protected. Employees have the right to receive information about their benefits, act prudently, and enforce their rights through the claims and appeals process outlined in the plan(WestRock Company_Issued…).

What resources are available to employees of WestRock Company for understanding their benefits under the Consolidated Pension Plan, and how can they utilize these resources to ensure they make informed decisions about their retirement?

Resources for Understanding Benefits: WestRock provides employees access to the WestRock Benefits Center, where they can obtain information on their pension plan. Employees are encouraged to review the Summary Plan Description and consult with the Benefits Center for clarification on their benefits and to make informed retirement decisions(WestRock Company_Issued…).

How will the integration of employee benefits from various company acquisitions impact current staff at WestRock Company, and what steps is the company taking to communicate these changes effectively to its employees?

Impact of Acquisitions on Benefits: WestRock has acquired various companies over time, and employees from these acquisitions may have different pension rules applied to them. WestRock takes steps to integrate these employees and communicates any changes through the WestRock Benefits Center. Special rules may apply based on the previous employer’s pension plan(WestRock Company_Issued…).

How can employees of WestRock Company get in touch with the WestRock Benefits Center to seek clarification about the Summary Plan Description, and what are the best practices to follow when requesting information regarding their pension plan?

Contacting the Benefits Center: Employees can contact the WestRock Benefits Center for clarification on the Summary Plan Description. Best practices include having detailed questions prepared, reviewing the SPD in advance, and requesting copies of documents or forms that clarify specific aspects of their pension plan(WestRock Company_Issued…).