New Update: Healthcare Costs Increasing by Over 60% in Some States. Will you be impacted?

What PVH Employees Should Know About Caring for Aging Parents

Healthcare Provider Update: Healthcare Provider for PVH PVH Corp., known for its popular brands such as Calvin Klein and Tommy Hilfiger, typically utilizes a range of healthcare providers for its employees. These may include major health insurance carriers like UnitedHealthcare, Aetna, and Cigna, depending on the specific needs and regional availability of services. The exact provider can vary based on employee location and plan options. Potential Healthcare Cost Increases in 2026 for PVH As healthcare premiums are anticipated to rise sharply in 2026, PVH could face significant cost increases for its employee health insurance. This surge is driven largely by rising medical costs and the potential expiration of enhanced federal premium tax credits, which could collectively increase out-of-pocket expenses by over 75% for many enrollees. In particular, some states are expecting premium hikes surpassing 60%, placing additional financial pressure on companies like PVH, which will need to strategically assess their healthcare options to manage these impending costs effectively. Click here to learn more

'Many PVH 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 PVH 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 PVH 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. PVH 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, PVH 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 PVH 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. PVH 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 PVH 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 PVH 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.

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Sources:

1. Alzheimer’s Association. “10 Early Signs and Symptoms of Alzheimer’s and Dementia.” Alzheimer’s Association , 2025, www.alz.org/alzheimers-dementia/10_signs .

2. Centers for Medicare & Medicaid Services. “Long-Term Care.” Medicare.gov , n.d., www.medicare.gov/coverage/long-term-care .

3. Federal Bureau of Investigation. “Elder Fraud.” FBI , U.S. Department of Justice, n.d., www.fbi.gov/how-we-can-help-you/scams-and-safety/common-frauds-and-scams/elder-fraud .

What is the primary purpose of PVH's 401(k) Savings Plan?

The primary purpose of PVH'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 employees enroll in PVH's 401(k) Savings Plan?

Employees can enroll in PVH's 401(k) Savings Plan by accessing the enrollment portal through the company’s HR website or by contacting the HR department for assistance.

What types of contributions can employees make to PVH's 401(k) Savings Plan?

Employees can make pre-tax contributions, Roth (after-tax) contributions, and in some cases, catch-up contributions if they are age 50 or older to PVH's 401(k) Savings Plan.

Does PVH offer a company match for the 401(k) contributions?

Yes, PVH offers a company match for employee contributions to the 401(k) Savings Plan, which helps employees maximize their retirement savings.

What is the vesting schedule for the company match in PVH's 401(k) Savings Plan?

The vesting schedule for the company match in PVH's 401(k) Savings Plan typically follows a graded vesting schedule, which means employees earn ownership of the match over a period of time.

Can employees change their contribution percentage to PVH's 401(k) Savings Plan at any time?

Yes, employees can change their contribution percentage to PVH's 401(k) Savings Plan at any time, usually through the online portal or by contacting HR.

What investment options are available in PVH's 401(k) Savings Plan?

PVH's 401(k) Savings 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 minimum contribution requirement for PVH's 401(k) Savings Plan?

Yes, there is typically a minimum contribution requirement for PVH's 401(k) Savings Plan, which may vary based on the plan's guidelines.

How often can employees make changes to their investment allocations in PVH's 401(k) Savings Plan?

Employees can generally make changes to their investment allocations in PVH's 401(k) Savings Plan on a quarterly basis or as specified by the plan rules.

What happens to an employee's 401(k) balance if they leave PVH?

If an employee leaves PVH, they have several options for their 401(k) balance, including rolling it over to another retirement account, cashing it out (subject to taxes and penalties), or leaving it in the PVH plan if permitted.