What MDU Resources Group Employees Should Know About Caring for Aging Parents
Healthcare Provider Update: Healthcare Provider for MDU Resources Group
MDU Resources Group, a utility and construction services company, primarily partners with various healthcare providers and insurance companies that serve its employees, including Blue Cross Blue Shield and UnitedHealthcare for healthcare coverage options.
Brief Overview of Projected Healthcare Cost Increases in 2026
As we approach 2026, healthcare consumers face significant challenges as premiums for Affordable Care Act (ACA) marketplace plans are projected to rise sharply, with some states reporting increases exceeding 60%. The anticipated loss of enhanced federal premium subsidies coupled with escalating medical costs is creating a perfect storm for healthcare expenses. According to industry experts, without congressional action to extend these subsidies, over 22 million enrollees may experience out-of-pocket premium hikes of more than 75%, underscoring the need for proactive financial planning for healthcare in the coming year. The landscape suggests that the combination of heightened rates and diminished financial assistance could push many families toward more financial strain in 2026.
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'Many MDU Resources Group 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 MDU Resources Group 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 MDU Resources Group 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. MDU Resources Group 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, MDU Resources Group 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 MDU Resources Group 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. MDU Resources Group 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 MDU Resources Group 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 MDU Resources Group 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 types of retirement savings plans does MDU Resources Group offer?
MDU Resources Group offers a 401(k) savings plan to help employees save for retirement.
How can employees of MDU Resources Group enroll in the 401(k) plan?
Employees can enroll in the MDU Resources Group 401(k) plan by visiting the company’s benefits portal or contacting the HR department for assistance.
Does MDU Resources Group match employee contributions to the 401(k) plan?
Yes, MDU Resources Group provides a matching contribution to the 401(k) plan, subject to certain limits.
What is the maximum contribution limit for the MDU Resources Group 401(k) plan?
The maximum contribution limit for the MDU Resources Group 401(k) plan is aligned with IRS guidelines, which may change annually.
Can employees of MDU Resources Group take loans against their 401(k) savings?
Yes, MDU Resources Group allows employees to take loans against their 401(k) savings, subject to specific terms and conditions.
What investment options are available in the MDU Resources Group 401(k) plan?
The MDU Resources Group 401(k) plan offers a variety of investment options, including mutual funds and target-date funds.
When can employees of MDU Resources Group start withdrawing from their 401(k) accounts?
Employees can start withdrawing from their MDU Resources Group 401(k) accounts at age 59½, or earlier under certain circumstances.
Is there a vesting schedule for the employer match in the MDU Resources Group 401(k) plan?
Yes, MDU Resources Group has a vesting schedule for the employer match, which determines how much of the match employees are entitled to based on their years of service.
How often can employees change their contribution amounts to the MDU Resources Group 401(k) plan?
Employees of MDU Resources Group can change their contribution amounts on a quarterly basis or as specified in the plan documents.
What happens to the 401(k) savings if an employee leaves MDU Resources Group?
If an employee leaves MDU Resources Group, they can choose to roll over their 401(k) savings to another retirement account, cash out, or leave the funds in the MDU plan if eligible.
With the current political climate we are in it is important to keep up with current news and remain knowledgeable about your benefits.
MDU Resources Group Pension Plan Years of Service and Age Qualification:
Generally, employees must have a minimum of 5 years of service to qualify for the pension plan. Age qualification usually begins at 55 for early retirement benefits.
Pension Formula:
The pension benefit is typically calculated based on a formula involving years of service and average salary. For example, it might be a percentage of the final average salary multiplied by years of service.
Name of 401(k) Plan:MDU Resources Group 401(k) Plan
Who Qualifies for the 401(k) Plan:
Employees who meet eligibility requirements, which usually include being employed for a specific period or meeting age criteria, qualify for the 401(k) plan.
Restructuring and Layoffs: In 2023, MDU Resources Group announced a strategic restructuring plan aimed at streamlining operations and enhancing efficiency. This plan included a workforce reduction, impacting several positions across different departments. The restructuring is part of a broader effort to realign the company's focus and improve its competitive position in the market. This news is important to address due to the ongoing economic uncertainty and evolving investment landscape. Investors and employees alike should stay informed about these changes as they may impact the company's performance and stability.
MDU Resources Group offers stock options and RSUs as part of its compensation packages. For 2022, employees had access to a mix of stock options and RSUs, which were granted based on performance metrics and tenure.
2022-2023: There may have been adjustments to the health plans in response to changing healthcare laws or employee feedback. Specific updates could include changes to premiums, deductibles, or the addition of new benefits.
2024: Recent news might cover enhancements in health benefits or responses to healthcare reforms. Look for any press releases or news articles regarding benefits changes, such as increased coverage or new wellness programs.
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