What KLA Employees Should Know About Caring for Aging Parents
Healthcare Provider Update: Healthcare Provider for KLA Corporation
KLA Corporation, a leading supplier of process control and yield management systems for the semiconductor industry, offers its employees a robust healthcare plan through Aetna. Aetna provides a comprehensive suite of options that includes medical, dental, and vision coverage, ensuring that KLA employees have access to essential healthcare services.
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Potential Healthcare Cost Increases in 2026
In 2026, healthcare costs are expected to rise significantly for many individuals due to a combination of factors, including the expiration of enhanced federal subsidies under the ACA and rising medical costs. Preliminary reports suggest that health insurance premiums for ACA marketplace plans could see increases exceeding 60% in some states, leading to an alarming average out-of-pocket premium hike of over 75% for approximately 22 million enrollees. As insurers struggle with higher claims costs and regulatory pressures, securing affordable coverage may become a challenging task for consumers.
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'Many KLA 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 KLA 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 KLA 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. KLA 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, KLA 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 KLA 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. KLA 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 KLA 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 KLA 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.
KLA offers a 401(k) plan that allows employees to save for retirement through pre-tax contributions, which can help reduce their taxable income.
Does KLA provide a matching contribution for its 401(k) plan?
Yes, KLA provides a matching contribution to the 401(k) plan, which helps employees maximize their retirement savings.
How can employees enroll in KLA's 401(k) plan?
Employees can enroll in KLA's 401(k) plan through the company's benefits portal or by contacting the HR department for assistance.
What types of investment options are available in KLA's 401(k) plan?
KLA's 401(k) 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 vesting schedule for KLA's 401(k) matching contributions?
Yes, KLA has a vesting schedule for its matching contributions, which means employees must work for the company for a certain period before they fully own those contributions.
Can employees take loans against their 401(k) balance at KLA?
Yes, KLA allows employees to take loans against their 401(k) balance, subject to specific terms and conditions outlined in the plan.
What is the maximum contribution limit for KLA's 401(k) plan?
The maximum contribution limit for KLA's 401(k) plan is determined by IRS guidelines, which may change annually. Employees should check the current limits for the specific year.
How often can employees change their contribution percentage in KLA's 401(k) plan?
Employees at KLA can change their contribution percentage at any time, allowing them to adjust their savings based on their financial situation.
Does KLA offer any educational resources for employees regarding the 401(k) plan?
Yes, KLA provides educational resources, including workshops and online tools, to help employees understand their 401(k) options and make informed investment decisions.
What happens to my 401(k) account if I leave KLA?
If you leave KLA, you have several options for your 401(k) account, including rolling it over into an IRA or a new employer's plan, or cashing it out, though the latter may have tax implications.
With the current political climate we are in it is important to keep up with current news and remain knowledgeable about your benefits.
Name of the Pension Plan:
KLA’s pension plan is known as the KLA Corporation Retirement Plan.
Eligibility and Qualification:
Years of Service: Employees are generally eligible after completing 5 years of service.
Age Qualification: Employees must be at least 55 years old to qualify for retirement benefits.
Pension Formula:
The pension formula is based on a Defined Benefit Plan where benefits are calculated using a formula that typically considers years of service and average salary.
The formula includes factors such as Years of Service and Final Average Salary.
Name of the 401(k) Plan:
KLA’s 401(k) plan is referred to as the KLA Corporation 401(k) Plan.
Eligibility and Qualification:
Employees are generally eligible to participate in the 401(k) plan immediately upon employment.
401(k) Plan Details:
Contributions can be made through pre-tax and Roth options.
The company may offer matching contributions up to a certain percentage of the employee’s salary.
KLA Announces Workforce Reduction and Restructuring Plans: In July 2024, KLA announced a significant restructuring plan that includes a reduction of approximately 5% of its global workforce. The company cited the need to streamline operations and enhance efficiency as the primary reasons for these changes. This move is part of a broader strategy to adjust to current economic uncertainties and shifting market demands.
KLA Corporation Stock Options:
Acronym: KLA
Details: KLA Corporation offered stock options as part of their employee compensation package in 2022. Employees were eligible based on their role and tenure with the company.
KLA Corporation RSUs:
Acronym: KLA
Details: RSUs were granted to key employees and executives. These units vested over a period, typically 3 to 4 years, aligning with the company’s performance goals.
2023-2024 Updates: KLA has been focusing on increasing access to mental health resources and expanding telehealth services. This includes partnering with new telemedicine providers and increasing support for mental health through improved Employee Assistance Programs (EAPs).
Benefit Enhancements: There has been an emphasis on preventive care and wellness programs. KLA has updated its benefits to include more comprehensive coverage for mental health services and preventive care, reflecting broader trends in the industry.
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