What ITT Employees Should Know About Caring for Aging Parents
Healthcare Provider Update: Healthcare Provider for ITT
ITT is associated with multiple healthcare insurance providers, depending on the region and specific employees' enrollment in plans. However, a notable mention is UnitedHealthcare, which provides comprehensive healthcare options to many ITT employees.
Potential Healthcare Cost Increases in 2026
As the Affordable Care Act (ACA) marketplace braces for substantial healthcare premium hikes in 2026, ITT employees may find themselves facing increased financial burdens. With insurers predicting average increases of approximately 20%, some states could see hikes exceeding 60%, primarily driven by high medical costs and the potential expiration of enhanced federal subsidies. Analysts estimate that without these subsidies, most enrollees-around 92%-could see their out-of-pocket costs surge by over 75%, emphasizing the critical need for ITT employees to assess their healthcare options and prepare for these impending financial changes., 'sources': [], 'images': []
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'Many ITT 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 ITT 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 ITT 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. ITT 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, ITT 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 ITT 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. ITT 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 ITT 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 ITT 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 ITT 401(k) Savings Plan is a retirement savings plan that allows eligible employees of ITT to save and invest a portion of their paycheck before taxes are withheld.
How can I enroll in the ITT 401(k) Savings Plan?
You can enroll in the ITT 401(k) Savings Plan by accessing the employee benefits portal or contacting the HR department for assistance with the enrollment process.
What are the eligibility requirements for the ITT 401(k) Savings Plan?
To be eligible for the ITT 401(k) Savings Plan, you must be a regular full-time or part-time employee of ITT and meet any additional criteria set by the plan.
Does ITT match contributions to the 401(k) Savings Plan?
Yes, ITT offers a matching contribution to the 401(k) Savings Plan, which helps employees increase their retirement savings.
What is the maximum contribution limit for the ITT 401(k) Savings Plan?
The maximum contribution limit for the ITT 401(k) Savings Plan is determined by the IRS and may change annually. Please refer to the plan documents for the current limit.
Can I change my contribution percentage to the ITT 401(k) Savings Plan?
Yes, you can change your contribution percentage to the ITT 401(k) Savings Plan at any time by submitting a request through the employee benefits portal.
What investment options are available in the ITT 401(k) Savings Plan?
The ITT 401(k) Savings Plan offers a variety of investment options, including mutual funds, target-date funds, and other investment vehicles. You can choose based on your risk tolerance and retirement goals.
When can I access my funds from the ITT 401(k) Savings Plan?
You can access your funds from the ITT 401(k) Savings Plan upon reaching retirement age, or if you experience a qualifying event such as termination of employment or financial hardship.
What happens to my ITT 401(k) Savings Plan if I leave the company?
If you leave ITT, you can choose to roll over your 401(k) balance to another retirement account, cash out your balance (subject to taxes and penalties), or leave it in the ITT plan if allowed.
Are loans available through the ITT 401(k) Savings Plan?
Yes, the ITT 401(k) Savings Plan may allow participants to take loans against their account balance, subject to certain conditions and limits.
With the current political climate we are in it is important to keep up with current news and remain knowledgeable about your benefits.
Plan Name: ITT Pension Plan
Years of Service and Age Qualification: Employees generally need to have a minimum number of years of service and reach a certain age to qualify for the pension plan. Specifics vary, but typically, ITT requires employees to reach age 65 and have at least 5 years of service.
Pension Formula: The formula often used by ITT for pension calculations includes factors such as years of service and average salary over a specified period.
Plan Name: ITT 401(k) Savings Plan
Qualifications: Generally, employees who are at least 21 years old and have completed 1 year of service are eligible to participate in the 401(k) plan. Contributions can be made pre-tax, and ITT may provide matching contributions up to a certain percentage of the employee’s salary.
Restructuring and Layoffs: In 2023, ITT announced a significant restructuring plan aimed at streamlining its operations and improving efficiency. The company revealed that it would be laying off approximately 7% of its global workforce as part of this initiative. This decision is part of a broader strategy to enhance ITT's competitive position in a challenging market. The restructuring is expected to help ITT better align its resources with strategic priorities and reduce operational costs. Importance: Given the current economic and investment climate, ITT's restructuring and layoffs are crucial to monitor. Companies undergoing such changes may face significant shifts in their financial health, which can impact stock performance and investor confidence. Additionally, the broader economic environment and evolving tax policies could influence how these adjustments affect ITT's overall performance and strategic direction.
Stock Options and RSUs Available:
Apple Inc. (AAPL) offers stock options and RSUs as part of its employee compensation package. Stock options are granted based on performance and role within the company, while RSUs are typically awarded to key employees and executives as part of long-term incentives.
Specifics for 2022, 2023, and 2024:
In 2022, Apple Inc. (AAPL) continued to offer stock options with a vesting period of four years and RSUs with a vesting period of three to four years. For 2023, the company maintained similar stock option and RSU structures, with some adjustments for new hires. In 2024, Apple Inc. (AAPL) introduced performance-based RSUs in addition to the standard offerings.
Health Benefits Overview: ITT provides comprehensive health benefits including medical, dental, and vision insurance. Their plans often include preventive care, hospitalization, prescription drug coverage, and wellness programs.
Acronyms and Terms: Commonly used terms include PPO (Preferred Provider Organization), HSA (Health Savings Account), and EAP (Employee Assistance Program).
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