What Greif Employees Should Know About Caring for Aging Parents
Healthcare Provider Update: Healthcare Provider for Greif
Greif, Inc. does not seem to have publicly disclosed a single primary healthcare provider; rather, they typically offer a range of health insurance options to their employees through various insurers, depending on the specific locations and participation in regional healthcare plans. Companies like Greif often partner with large insurers such as UnitedHealthcare, Anthem, and Cigna to provide their employees with comprehensive health benefits.
Healthcare Cost Increases in 2026
As healthcare costs are projected to rise significantly in 2026, Greif could face challenges in managing employee health benefits amid anticipated record increases in ACA premiums. Estimates suggest that without congressional action to extend enhanced subsidies, premiums could soar by over 75% for many enrollees, potentially impacting a majority of their workforce. This surge is largely attributed to rising medical costs and major insurers' rate hikes, which could compel organizations like Greif to reassess their health benefits strategy, balancing financial sustainability with the well-being of their employees. Strategically navigating these changes will be crucial for maintaining competitive health coverage in a challenging market.
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'Many Greif 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 Greif 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 Greif 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. Greif 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, Greif 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 Greif 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. Greif 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 Greif 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 Greif 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 Greif's 401(k) Savings Plan?
The primary purpose of Greif's 401(k) Savings Plan is to help employees save for retirement by allowing them to contribute a portion of their salary on a tax-deferred basis.
How can I enroll in Greif's 401(k) Savings Plan?
You can enroll in Greif's 401(k) Savings Plan by completing the enrollment process through the company’s benefits portal or by contacting the HR department for assistance.
What types of contributions can I make to Greif'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 in Greif's 401(k) Savings Plan.
Does Greif offer any matching contributions to the 401(k) Savings Plan?
Yes, Greif offers a matching contribution to the 401(k) Savings Plan, which is designed to encourage employees to save for retirement.
What is the vesting schedule for Greif's matching contributions?
The vesting schedule for Greif's matching contributions typically follows a graded schedule, meaning employees earn ownership of the contributions over a period of time.
Can I take a loan against my 401(k) Savings Plan with Greif?
Yes, Greif allows participants to take loans against their 401(k) Savings Plan balance, subject to certain terms and conditions outlined in the plan documents.
What investment options are available in Greif's 401(k) Savings Plan?
Greif's 401(k) Savings Plan offers a variety of investment options, including mutual funds, target-date funds, and possibly company stock, allowing employees to diversify their portfolios.
How often can I change my contribution amount to Greif's 401(k) Savings Plan?
Employees can typically change their contribution amount to Greif's 401(k) Savings Plan at any time, subject to the plan’s rules and limitations.
When can I access my funds from Greif's 401(k) Savings Plan?
Employees can access their funds from Greif's 401(k) Savings Plan upon reaching retirement age, or in cases of hardship, termination of employment, or other qualifying events.
Does Greif provide financial education regarding the 401(k) Savings Plan?
Yes, Greif provides resources and educational materials to help employees understand their 401(k) Savings Plan options and make informed investment decisions.
With the current political climate we are in it is important to keep up with current news and remain knowledgeable about your benefits.
Greif offers a 401(k) retirement plan for its employees, known as the Greif 401(k) Retirement Plan. This plan allows employees to contribute a portion of their paychecks into the 401(k), with pre-tax contributions providing tax deferral benefits. Employees are eligible to participate immediately upon meeting the plan's requirements. The Greif 401(k) Retirement Plan is designed to help employees accumulate savings over time, leveraging investment options available under the plan.
Greif also provides a pension plan, called the Greif Pension Plan. This defined benefit plan calculates retirement benefits based on years of service and a pension formula that factors in final average pay. Employees typically qualify for this plan after meeting a certain age and years of service criteria, though the specifics vary depending on the individual employee’s situation. The plan's structure provides a guaranteed income upon retirement.
Restructuring and Layoffs: In 2023, Greif announced a restructuring plan aimed at improving operational efficiency. This plan involved streamlining various business units and resulted in a significant reduction in the workforce. The company cited the need to adapt to changing market conditions and optimize its cost structure as key reasons behind this decision. The impact of these changes is significant due to the current economic environment, which emphasizes the importance of companies enhancing their operational efficiency to remain competitive and sustainable. Additionally, such restructuring moves can affect employee morale and job security, highlighting the importance of staying informed about these developments.
Greif offers a variety of stock options and Restricted Stock Units (RSUs) as part of its employee compensation program. Through the Colleague Stock Purchase Plan (CSPP), Greif employees can purchase stock at a discounted rate compared to market prices. This aligns employees' interests with shareholders, encouraging long-term value creation. The program allows participants to elect a percentage of their salary towards stock purchases, with a cap of $25,000 annually in purchases (Greif Investor) (Greif Investor).
The RSU plan awards eligible employees a set number of units that convert to shares upon vesting, typically over a few years. In 2023, Greif expanded its CSPP to all U.S.-based employees (Greif) (Greif Investor), further enhancing participation. Both stock options and RSUs are aimed at providing a financial incentive to improve performance and foster employee retention. Greif's stock options and RSUs are available primarily to full-time employees, and eligibility may vary based on employment level and tenure
Greif Health Benefits Information
1. Official Greif Website
2022 Benefits Overview: Greif provides comprehensive health benefits including medical, dental, and vision insurance. Employees have access to a variety of plan options through Greif’s health benefits portal.
2023 Benefits Overview: The company introduced new wellness programs and expanded mental health support. They emphasize preventive care and offer telemedicine services.
2024 Benefits Overview: Greif continued to enhance benefits with increased coverage options and integrated health management services. Specific details on premium changes or new plan options might be available in their annual benefits guide.
2. Indeed
General Health Benefits: Reviews suggest that Greif offers competitive health benefits, including healthcare insurance, wellness programs, and employee assistance programs. Employees appreciate the comprehensive nature of the benefits package.
Recent Changes: Some reviews mention adjustments in co-payments and deductibles, reflecting the company’s effort to manage rising healthcare costs.
3. Glassdoor
Employee Feedback: Employees report positive experiences with Greif’s health benefits, noting the inclusivity of coverage and support for work-life balance.
Recent Updates: Recent updates include enhanced mental health resources and more flexible spending account options.
4. LinkedIn
Benefits Information: LinkedIn’s job postings and employee reviews often highlight Greif’s health benefits, including health insurance, wellness initiatives, and preventive care programs.
Recent Developments: The focus has shifted towards providing more personalized health management tools and resources.
5. HR Websites (e.g., SHRM)
Benefits Details: Greif’s health benefits are described as comprehensive, including various health insurance plans, wellness programs, and support for mental health.
Recent News: There are updates about Greif’s efforts to improve employee health and well-being through new programs and partnerships with healthcare providers.
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