What Chewy Employees Should Know About Caring for Aging Parents
Healthcare Provider Update: Healthcare Provider for Chewy
Chewy Inc. primarily collaborates with CarePlus, its dedicated healthcare arm, to provide various pet wellness and insurance plans to its customers. CarePlus aims to enhance the health and wellness of pets through comprehensive healthcare services and plans.
Potential Healthcare Cost Increases in 2026
In 2026, Chewy employees may face significant increases in healthcare costs, primarily driven by anticipated record hikes in Affordable Care Act (ACA) premiums. With reports indicating some states could see premium jumps exceeding 60%, coupled with the potential expiration of enhanced federal premium subsidies, many employees could experience monthly costs rising by over 75%. As Chewy employees evaluate their healthcare options, understanding these dynamics will be crucial for their financial planning and healthcare budgeting in the face of rising costs.
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'Many Chewy 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 Chewy 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 Chewy 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. Chewy 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, Chewy 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 Chewy 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. Chewy 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 Chewy 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 Chewy 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.
Chewy offers a 401(k) plan that allows employees to save for retirement through pre-tax contributions, helping them build a secure financial future.
Does Chewy match employee contributions to the 401(k) plan?
Yes, Chewy provides a matching contribution to the 401(k) plan, which helps employees maximize their retirement savings.
How can Chewy employees enroll in the 401(k) plan?
Chewy employees can enroll in the 401(k) plan through the company’s HR portal or by contacting the HR department for assistance.
What is the eligibility requirement for Chewy's 401(k) plan?
Employees at Chewy are typically eligible to participate in the 401(k) plan after completing a certain period of service, as specified in the plan documents.
Can Chewy employees take loans against their 401(k) savings?
Yes, Chewy allows employees to take loans against their 401(k) savings, subject to specific terms and conditions outlined in the plan.
What investment options are available in Chewy's 401(k) plan?
Chewy's 401(k) plan offers a variety of investment options, including mutual funds, stocks, and bonds, allowing employees to tailor their investment strategy.
How often can Chewy employees change their 401(k) contributions?
Chewy employees can change their 401(k) contributions at designated times throughout the year, typically during open enrollment periods or after a qualifying event.
Is there a vesting schedule for Chewy's 401(k) matching contributions?
Yes, Chewy has a vesting schedule for matching contributions, meaning employees must work for a certain period before they fully own the matched funds.
What happens to Chewy employees' 401(k) accounts if they leave the company?
If Chewy employees leave the company, they can choose to roll over their 401(k) balance to another retirement account, cash out, or leave it in the Chewy plan if permitted.
Are there any fees associated with Chewy's 401(k) plan?
Yes, Chewy's 401(k) plan may have administrative fees and investment-related expenses, which are disclosed in the plan documents.
With the current political climate we are in it is important to keep up with current news and remain knowledgeable about your benefits.
Chewy is undergoing a significant restructuring, which includes laying off approximately 10% of its workforce. This decision aligns with the company's strategy to streamline operations and reduce costs. The restructuring also involves changes to employee benefits and pension plans.
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