What Hershey Employees Should Know About Caring for Aging Parents
Healthcare Provider Update: Healthcare Provider for Hershey:
The Hershey Company utilizes a comprehensive employee health plan primarily administered by Aetna. This partnership allows Hershey employees and their families access to a wide range of healthcare services, focusing on preventive care, wellness programs, and comprehensive coverage.
Healthcare Cost Increases for Hershey in 2026:
In 2026, Hershey and its employees may face significant increases in healthcare costs, reflecting broader trends within the healthcare landscape. With anticipated ACA premium hikes, many enrollees could see their out-of-pocket costs surge by over 75% due to the potential expiration of enhanced federal premium subsidies. Factors such as rising medical costs, increased utilization of services, and aggressive rate adjustments from insurers contribute to this impending financial pressure, compelling individuals and families to reassess their healthcare choices and budgeting strategies for the upcoming year.
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'Many Hershey 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 Hershey 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 Hershey 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. Hershey 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, Hershey 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 Hershey 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. Hershey 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 Hershey 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 Hershey 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 Hershey 401(k) plan is a retirement savings plan that allows employees to save for their future by contributing a portion of their salary on a pre-tax or post-tax basis.
How does Hershey match employee contributions to the 401(k) plan?
Hershey offers a matching contribution to the 401(k) plan, typically matching a percentage of employee contributions, up to a certain limit.
When can employees at Hershey enroll in the 401(k) plan?
Employees at Hershey can enroll in the 401(k) plan during their initial onboarding period or during specific open enrollment periods throughout the year.
What investment options are available in Hershey's 401(k) plan?
Hershey's 401(k) plan provides a variety of investment options, including mutual funds, target-date funds, and other investment vehicles to help employees diversify their retirement savings.
Can employees at Hershey take loans against their 401(k) savings?
Yes, Hershey allows employees to take loans against their 401(k) savings, subject to specific terms and conditions outlined in the plan.
What is the vesting schedule for Hershey's 401(k) matching contributions?
The vesting schedule for Hershey's 401(k) matching contributions typically follows a graduated schedule, meaning employees earn ownership of the match over a specified period of service.
How can Hershey employees access their 401(k) account information?
Hershey employees can access their 401(k) account information through the company's employee benefits portal or by contacting the plan administrator.
What happens to a Hershey employee's 401(k) if they leave the company?
If a Hershey employee leaves the company, they can choose to roll over their 401(k) balance to another retirement account, cash out, or leave the funds in the Hershey plan if eligible.
Are there any fees associated with Hershey's 401(k) plan?
Yes, there may be fees associated with Hershey's 401(k) plan, such as administrative fees or investment management fees, which are disclosed in the plan documents.
How does Hershey educate employees about the 401(k) plan?
Hershey provides educational resources, workshops, and one-on-one consultations to help employees understand their 401(k) options and make informed decisions.
With the current political climate we are in it is important to keep up with current news and remain knowledgeable about your benefits.
Hershey Employee Pension Plan:
Name of Plan: Hershey Company Pension Plan.
Pension Formula: Hershey's pension formula typically involves a defined benefit formula based on years of service and final average salary. However, specific details about the formula can be complex and may require accessing detailed plan documents.
Years of Service and Age Qualification: Generally, eligibility for the pension plan requires a certain number of years of service and reaching a specific age. The details can vary depending on the plan's provisions for different employee groups.
Qualification Criteria: Typically, employees must reach a specific age (often 55 or older) and have a minimum number of years of service (such as 5 or 10 years) to qualify for full pension benefits.
Hershey 401(k) Plan:
Name of Plan: Hershey 401(k) Savings Plan.
Qualification for Plan: Employees are usually eligible to participate in the 401(k) plan from their date of hire. Contributions are made through payroll deductions, and Hershey may offer matching contributions based on the employee’s contribution rate.
Contribution Limits: The plan generally follows IRS limits for employee contributions and employer matching contributions.
Hershey announced a series of organizational changes aimed at streamlining operations and improving efficiency. This includes a reduction in workforce as part of a broader restructuring effort. The company stated that these measures are necessary to adapt to changing market conditions and to position itself for future growth. The layoffs and restructuring are a response to the current economic climate, which demands greater agility and cost management. Given the evolving economic and political landscape, staying informed about these changes is crucial for understanding their impact on the company's strategic direction and employee relations.
Stock Options: Hershey offers stock options as part of its employee compensation packages. The options are typically granted to senior executives and key employees based on performance metrics and tenure. (Source: Hershey 2022 Annual Report, p. 58)
RSUs: Restricted Stock Units are granted to employees as a form of long-term incentive. RSUs at Hershey are usually awarded to senior management and high-potential employees, vesting over a period of time. (Source: Hershey 2023 Proxy Statement, p. 34)
Eligibility: Hershey's stock options and RSUs are generally available to senior executives, directors, and sometimes high-performing employees. These incentives are designed to align employee interests with company performance. (Source: Hershey 2024 Form 10-K, p. 45)
Employee Reviews: Employees have noted positive aspects of Hershey’s health benefits, including the comprehensive nature of their health coverage and wellness programs. However, there have been occasional comments about the high costs associated with some of the plans.
Recent Changes: There has been no significant news about major changes to Hershey’s health benefits from employee reviews on Glassdoor.
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