What Atmos Energy Employees Should Know About Caring for Aging Parents
Healthcare Provider Update: Atmos Energy offers medical, dental, and vision insurance through Blue Cross Blue Shield of Texas, along with HSAs, FSAs, and telemedicine via MDLIVE 1.
With ACA premiums projected to rise by 1518% and subsidies set to expire, Atmoss employer-sponsored plans provide a stable and cost-effective alternative to marketplace coverage.
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'Many Atmos Energy employees underestimate how caregiving responsibilities may influence their long-term planning. To prepare thoughtfully and involve the right professionals, it's important to start these conversations early.' — Paul Bergeron, a representative of The Retirement Group, a division of Wealth Enhancement.
'Many Atmos Energy employees face unexpected pressure when aging parent responsibilities arise. I believe early planning and open family communication can help households navigate these challenges with greater clarity.' — Tyson Mavar, a representative of The Retirement Group, a division of Wealth Enhancement.
In this article, we will discuss:
Key warning signs that aging parents may need additional support.
Essential legal and health care preparations to help families stay organized.
How to coordinate family involvement and emotional readiness during caregiving.
Many Atmos Energy employees in their mid-50s to early 60s come to discover that their retirement planning may have to expand to include the needs of their aging parents. As America’s population grows older, adult children frequently take on caregiving responsibilities for parents facing health issues, financial weaknesses, and cognitive decline. These realities influence family dynamics, investments, estate planning, taxes, and emotional well-being.
“Your parents' financial vulnerabilities become your financial stress unless you plan ahead and take a proactive role,” explains Brent Wolf, CFP®, an advisor at Wealth Enhancement.
Below are key considerations for individuals ages 55 to 65 who are preparing to support elderly parents.
1. Recognize the Early Signs of Cognitive Decline
For many families, cognitive decline in an aging parent typically appears gradually. Early warning signs may include:
- Repeatedly forgetting conversations
- Missing or duplicating bill payments
- Confusion about routine transactions
- Financial decisions influenced by new “friends”
- Unusual wire transfers or unexpected spending changes
Your role is not to diagnose—your role is to observe and speak up early. By addressing concerns promptly, you, your family, and your advisory team can potentially help mitigate the risk of future financial or cognitive harm.
2. Put Durable Power of Attorney and a Trusted Contact in Place
If a parent becomes cognitively impaired without a durable power of attorney, families often face a costly, lengthy conservatorship process. Atmos Energy employees can address this by planning ahead.
Consider getting the following key documents in place:
- A trusted contact authorization
- Durable Power of Attorney for finances
- HIPAA releases and health care power of attorney
- Updated beneficiary designations, wills, and trusts
These steps can help reduce uncertainty and lessen the risk of financial exploitation should a parent become more vulnerable.
3. Prepare for Health Care Shock: Medicare Has Gaps
Many households are surprised by how much Medicare does not cover. Common out-of-pocket costs include:
- Long-term custodial care (memory care, assisted living, in-home support)
- Prescription drugs
- Private caregivers and care managers
- Out-of-pocket deductibles and co-pays
To plan effectively, Atmos Energy employees should understand:
- What your parents’ insurance covers
- Their likely care expenses
- Whether self-funding or long-term care strategies may fit
- Whether Medicaid planning (with its five-year look-back) should begin early
Health care decisions become more urgent if cognitive decline is a concern.
4. Guard Your Parents Against Financial Abuse
Financial abuse is a growing threat for older adults—including parents of Atmos Energy employees. Common scams include:
- Romance schemes
- Fake IRS, FedEx, or government calls
- “Grandchild in trouble” scams
- Caregiver misconduct
- Pressure from acquaintances or distant relatives
- Fraudulent investment pitches
Adult children often hesitate to intervene, but silence can increase risk. Advisors can help monitor accounts, identify unusual activity, and place temporary holds when needed.
5. Organize the “Invisible” Parts of Their Financial Life
By age 80, even financially experienced parents may struggle to keep up with routine obligations such as:
- Required minimum distributions
- Quarterly tax payments
- Charitable documentation
- Insurance renewals
- Online passwords
- Property tax deadlines
- Portfolio withdrawal planning
Advisors can help reduce errors by automating tasks, consolidating accounts, and simplifying processes.
6. Bring the Entire Family Into the Conversation Early
The most challenging situations often arise when adult children learn of issues only after a crisis. Atmos Energy employees may benefit from:
- Annual family meetings
- Clear conversations about parents’ wishes
- Defined caregiving and financial roles
- Discussions around independence and dignity
Proactive communication may helps mitigate conflict and avoid last-minute decisions during emergencies.
7. Prepare Yourself Emotionally and Financially
Caring for aging parents can influence:
- Retirement timing
- Your ability to continue working
- Your cash flow
- Your mental and emotional resilience
Advisors can help you develop:
- A dedicated “parent care fund”
- Tax-efficient withdrawal strategies
- Cash flow outlines that factor in elder care
- Estate plans that reflect multigenerational needs
With thoughtful planning, supporting your parents does not have to disrupt your retirement goals—even for Atmos Energy employees navigating complex benefits.
8. Build a Team-Based Approach
Families caring for elderly parents often benefit from a coordinated team that may include:
- A financial advisor
- An attorney with experience working with seniors
- Tax specialist
- Geriatric care manager
- Estate planning attorney
- Health care advocates
Working together, these professionals can help manage risk for both parents and adult children through a unified strategy.
Conclusion
Aging is inevitable—but it does not have to create chaos. Early planning, while parents are still capable, can lessen emotional strain, help minimize family conflict, and ideally reduce the likelihood of financial harm.
“The best gift you can give your aging parents is structure, clarity, and a financial advocate who supports them when they can no longer support themselves,” says Brent Wolf.
For Atmos Energy employees ages 55 to 65, now is the time to act.
Taking the Next Step
The Retirement Group can help you design a Parent Care Plan that includes financial oversight, health care review, legal preparation, and fraud monitoring.
To speak with a team member who can guide you through each stage of the process, call
(800) 900-5867
.
We are here to support you, your parents, and your family through every stage of life.
The Atmos Energy 401(k) plan is a retirement savings plan that allows employees to save a portion of their salary on a tax-deferred basis.
How can I enroll in the Atmos Energy 401(k) plan?
You can enroll in the Atmos Energy 401(k) plan by accessing the employee portal and completing the online enrollment process.
Does Atmos Energy match contributions to the 401(k) plan?
Yes, Atmos Energy offers a matching contribution to the 401(k) plan, which helps employees increase their retirement savings.
What is the maximum contribution I can make to the Atmos Energy 401(k) plan?
The maximum contribution limit is determined by IRS guidelines, and Atmos Energy follows these limits, which may change annually.
When can I start contributing to the Atmos Energy 401(k) plan?
Employees at Atmos Energy can start contributing to the 401(k) plan after they have completed their eligibility requirements, typically within the first few months of employment.
What investment options are available in the Atmos Energy 401(k) plan?
The Atmos Energy 401(k) plan offers a variety of investment options, including mutual funds, target-date funds, and other investment vehicles.
How can I change my contribution percentage in the Atmos Energy 401(k) plan?
You can change your contribution percentage by logging into the employee portal and updating your 401(k) settings.
Is there a vesting schedule for Atmos Energy's matching contributions?
Yes, Atmos Energy has a vesting schedule for matching contributions, which means you will earn ownership of those contributions over time.
Can I take a loan from my Atmos Energy 401(k) plan?
Yes, Atmos Energy allows employees to take loans from their 401(k) accounts under certain conditions outlined in the plan.
What happens to my Atmos Energy 401(k) if I leave the company?
If you leave Atmos Energy, you have several options for your 401(k) funds, including rolling them over to another retirement account, cashing out, or leaving them in the Atmos Energy plan if permitted.
With the current political climate we are in it is important to keep up with current news and remain knowledgeable about your benefits.
Atmos Energy announced a restructuring plan that includes layoffs and changes to their pension plan. The company is streamlining operations to improve efficiency and reduce costs.
For more information you can reach the plan administrator for Atmos Energy at 5430 LBJ Freeway, Suite 1400 Dallas, TX 75240; or by calling them at +1 888-286-6700.
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