What Coterra Energy Employees Should Know About Caring for Aging Parents
Healthcare Provider Update: Healthcare Provider for Coterra Energy
Coterra Energy employees and retirees utilize the healthcare services offered through a variety of providers, primarily those associated with the Affordable Care Act (ACA) marketplace plans. These can include major insurers like UnitedHealthcare, Anthem (Elevance Health), and others depending on the specific plan selections available to them. It is advisable for employees to review their individual options based on their needs and potential costs.
Potential Healthcare Cost Increases in 2026
In 2026, Coterra Energy employees may face substantial increases in healthcare costs, driven by impending changes in the Affordable Care Act (ACA). With state estimates pointing to premium hikes exceeding 60% in some regions, and a potential loss of federal premium subsidies, many employees could experience a drastic rise in out-of-pocket expenses-averaging an alarming 75%. This scenario is compounded by escalating medical costs across the board, placing additional financial strain on Coterra employees and retirees as they navigate their healthcare options. It is critical for individuals to proactively plan for these changes to avoid detrimental impacts on their financial stability.
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'Many Coterra 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 Coterra 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 Coterra 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. Coterra 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, Coterra 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 Coterra 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. Coterra 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 Coterra 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 Coterra 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.
What is the primary purpose of Coterra Energy's 401(k) Savings Plan?
The primary purpose of Coterra Energy's 401(k) Savings Plan is to help employees save for retirement by providing a tax-advantaged way to invest a portion of their salary.
How can employees of Coterra Energy enroll in the 401(k) Savings Plan?
Employees of Coterra Energy can enroll in the 401(k) Savings Plan by completing the online enrollment process through the company’s benefits portal or by contacting the HR department for assistance.
What types of contributions can employees make to Coterra Energy's 401(k) Savings Plan?
Employees can make pre-tax contributions, Roth (after-tax) contributions, and possibly catch-up contributions if they are age 50 or older to Coterra Energy's 401(k) Savings Plan.
Does Coterra Energy offer a company match for 401(k) contributions?
Yes, Coterra Energy offers a company match for employee contributions to the 401(k) Savings Plan, which enhances the overall retirement savings for employees.
What is the vesting schedule for Coterra Energy's company match in the 401(k) Savings Plan?
The vesting schedule for Coterra Energy's company match typically follows a graded vesting schedule, where employees become fully vested after a certain number of years of service.
Can employees of Coterra Energy change their contribution amounts to the 401(k) Savings Plan?
Yes, employees can change their contribution amounts to Coterra Energy's 401(k) Savings Plan at any time, subject to plan rules.
What investment options are available within Coterra Energy's 401(k) Savings Plan?
Coterra Energy's 401(k) Savings Plan offers a variety of investment options, including mutual funds, target-date funds, and other investment vehicles to suit different risk tolerances.
Is there a loan option available through Coterra Energy's 401(k) Savings Plan?
Yes, Coterra Energy allows employees to take loans against their 401(k) Savings Plan balance, subject to specific terms and conditions outlined in the plan.
How can employees access their account information for Coterra Energy's 401(k) Savings Plan?
Employees can access their account information for Coterra Energy's 401(k) Savings Plan through the plan's online portal or by contacting the plan administrator.
What happens to the 401(k) Savings Plan if an employee leaves Coterra Energy?
If an employee leaves Coterra Energy, they have several options regarding their 401(k) Savings Plan balance, including rolling it over to another retirement account, cashing it out, or leaving it in the 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.
Pension Plan:
Coterra Energy's pension plan is designed to provide financial security for its employees upon retirement. The specific name of the pension plan is the Coterra Energy Defined Benefit Plan. This plan uses a formula based on years of service and average final pay to determine the pension amount. Employees become eligible for the pension plan after completing five years of service and reaching the age of 55. The pension formula typically considers the highest consecutive three years of earnings within the last ten years of service. This information can be found in the 2023 Annual Report on page 45 (Coterra Energy) (CoTerra Energy).
401(k) Plan:
The 401(k) plan at Coterra Energy, referred to as the Coterra Energy 401(k) Savings Plan, includes a company match and an employer retirement contribution. Employees can contribute a portion of their salary on a pre-tax or post-tax (Roth) basis, with the company matching up to 6% of the employee's contributions. All full-time employees are eligible to participate in the 401(k) plan from the first day of employment. Detailed information about the 401(k) plan and its benefits can be found on page 22 of the Coterra Energy Employee Benefits Guide
Restructuring Layoffs: In May 2024, Coterra's subsidiary, GasSearch Drilling Services (GDS), laid off one-third of its workforce in Pennsylvania. This reduction affected 55 employees out of 170, which was part of the company's strategic cost-cutting measures amidst fluctuating market conditions. Benefit Changes: Coterra has maintained a consistent dividend payout, with a slight increase in 2024 to $0.21 per share, reflecting a 5% year-over-year growth. The company's total shareholder returns for 2023 amounted to $1.026 billion, combining dividends and share repurchases. Pension and 401(k) Changes: Coterra's financial reports from 2023 indicate a strong cash flow from operating activities, enabling continued contributions to employee retirement plans without major changes to existing pension or 401(k) structures. The company’s focus remains on sustaining financial health to support employee benefits despite industry challenges.
2022:
Coterra Energy offered stock options and Restricted Stock Units (RSUs) to its employees as part of their compensation and retention strategy. The RSUs vested over a period of three to five years and were primarily aimed at senior executives and key personnel. Stock options were granted with a vesting schedule and an exercise price equal to the market value of the stock on the grant date (CoTerra Energy).
2023:
In 2023, Coterra Energy continued to offer RSUs and stock options, emphasizing long-term performance and shareholder value. The RSUs and stock options remained an integral part of the company’s incentive plans to retain top talent and align their interests with those of shareholders. The vesting schedules and performance criteria were designed to reward sustained performance and commitment (CoTerra Energy).
2024:
For 2024, Coterra Energy enhanced its equity compensation plans by introducing performance-based RSUs, which vested based on the achievement of specific operational and financial targets. Stock options granted in 2024 included similar vesting schedules and exercise prices set at the market value on the grant date. These plans were available to senior executives and other key employees, aiming to drive long-term growth and sustainability (CoTerra Energy).
Health Benefits Information for Coterra Energy (2022-2024)
Overview:
Coterra Energy offers a comprehensive benefits package designed to support the health and well-being of its employees. The package includes medical, dental, and vision insurance, as well as a range of additional benefits aimed at providing financial security and work-life balance.
Health Benefits:
Coterra provides a consumer-directed health plan (CDHP) which includes excellent coverage for preventive care, comprehensive medical services, and prescription drugs.
The plan is complemented by a Health Savings Account (HSA), to which Coterra makes a generous employer contribution. This account allows employees to save pre-tax dollars for healthcare expenses.
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