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

Southwest Gas Holdings Employees: What to Look For in an Extended-Care Policy

Healthcare Provider Update: Healthcare Provider for Southwest Gas Holdings Southwest Gas Holdings provides healthcare benefits through a variety of insurers, primarily utilizing Aetna for their healthcare plans. This partnership enables employees to access a broad network of healthcare services. Expected Healthcare Cost Increases in 2026 As we approach 2026, healthcare costs are anticipated to soar, significantly impacting those affiliated with Southwest Gas Holdings. This expected surge stems from factors such as the expiration of enhanced federal subsidies for Affordable Care Act (ACA) plans, which could lead to a staggering increase of over 75% in out-of-pocket premiums for many enrollees. Moreover, aggressive rate hikes from major insurers, combined with rising medical costs, suggest that employees and retirees may face a challenging financial landscape in the coming year. Proactive management of health benefits and planning will be crucial for individuals navigating these increasing costs. Click here to learn more

Paul Bergeron, from The Retirement Group, underlines the importance of Southwest Gas Holdings workers comprehending the details of long-term care insurance to choose a policy that meets their requirements while guaranteeing access to care without jeopardizing their financial well-being.

Tyson Mavar, from The Retirement Group, suggests that employees of Southwest Gas Holdings companies should focus on grasping the benefit setups like elimination periods and inflation protection to make sure their long-term care policy adapts as their needs change over time.

Here are three key themes to explore in your article.

Exploring the elements of long-term care insurance policies, such as the range of facilities and services covered in the plans. Analyzing factors involves looking at the benefits offered such as payout amounts and waiting periods before coverage kicks in along with considering inflation adjustments and potential tax impacts. Assessing the robustness of a policy involves examining the stability of the insurance company and looking into policy perks such as the option for premium refunds.

Long-term care insurance often proves to be quite complex in nature, raising questions for Southwest Gas Holdings workers regarding the expenses and advantages associated with coverage options.

What kinds of services are included in the coverage? Extended care policies for Southwest Gas Holdings companies often include coverage for nursing homes, care services as home health care options like respite care and hospice care along with in-home personal assistance services and assisted living facilities among others such as adult day care centers and community facilities in general. Many policies provide coverage for a mix of these services so it's advisable to inquire about the amenities covered when considering a policy.

What is the amount of benefits that are provided each day or each week or each month? Employees working for Southwest Gas Holdings companies usually receive their benefits either daily, weekly, or monthly payments. Before deciding to go with an insurance plan or policy, it would be useful to find out the pricing structure of eldercare facilities in your vicinity and understand how they charge for the services they offer.

What is the maximum amount an employee can receive in benefits under Southwest Gas Holdings policies during the contract period is often restricted by limits set by the company's terms and conditions. Some express this restriction in terms of years served while others do so in a fixed dollar amount; it is important to discuss this aspect.

What does the elimination period refer to? Individuals who retire from Southwest Gas Holdings companies may not immediately qualify for benefits under extended care policies upon moving into a nursing home facility. Many policies specify an elimination period, a period of time wherein the policyholder's accountable for covering all expenses related to their care. In instances within these policies, set the elimination span at 30 days following admission to a nursing home facility, in case of disability.

Does the plan include safeguards against inflation changes? Including safeguards against inflation in a plan might lead to expenses for an executive at a company like Southwest Gas Holdings; however, it could be essential as the expenses for extended health care could significantly rise as time goes on.

Insurers usually have conditions to determine when benefits are activated in extended care policies; they typically kick in when the insured individual needs help with two to three out of six activities known as ADLs. Bathing; incontinence care; dressing; dining; toileting; and transferring tasks are commonly included by insurance companies as qualifying activities for benefits eligibility consideration. Employee benefit plans at Southwest Gas Holdings companies should also take into account how a medical diagnosis of Alzheimer's disease or other types of dementia could lead to benefits for the individual.

Is the policy eligible for tax benefits? If so and depending upon the circumstances involved in this scenario, the policyholder might be eligible for a tax credit from either the state government entities. It is important for employees of Southwest Gas Holdings companies to understand that in accordance, with regulations and certain state statutes, premiums paid towards an extended care policy can be considered as deductible medical expenses once specific criteria are met. According to regulations governing this matter, the older you are may entitle you to a deduction amount. It is essential to note that in order to avail of such a tax advantage, one must opt for itemizing deductions when filing taxes.

Before making changes to your long-term care plan or approach it is important to seek advice from a tax expert since this article serves for purposes solely and should not replace advice.

How reliable is the insurance company's financial strength evaluated by organizations that provide ratings for companies Southwest Gas Holdings employees can access these ratings to get an insight into the company's stability and performance-based analysis provided.

When looking into long-term care insurance options, for individuals to consider aspects before making a decision. The suitable coverage for you could depend on factors, like your individual circumstances and financial goals .

I've included a detail; Have you heard about some long-term care insurance plans that come with a premium refund option? This extra detail could be useful for Southwest Gas Holdings workers who are considering their long-term care insurance options. Receiving a refund of the premiums paid is possible, with a premium refund feature if you never end up using the policy benefits. This feature might involve an added expense. It offers a financial safety net should you not need long-term care services at all. Exploring an insurance plan that includes a return of premium option might offer security and peace of mind for Southwest Gas Holdings workers as they prepare for the years ahead (Source citation from Investopedia, on 'Return of Premium (ROP)' dated February 16th, 2023).

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Incorporating a Comparison; Select the extended care plan for Southwest Gas Holdings staff is like choosing a car for a demanding road trip, as an experienced traveler seeking a reliable vehicle to navigate rough roads and ensure a pleasant journey. Hey! Each aspect of the car symbolizes an element to think about when reviewing an extended care policy. When you're looking at a car's safety ratings and fuel efficiency and considering its cargo space and reliability to make a decision about buying it – similar due diligence is required when selecting an extended care policy by reviewing the coverage options at facilities and comparing benefit amounts along with factors like elimination periods and inflation protection provided by the insurance company to ensure you choose the best policy for your needs. When Southwest Gas Holdings workers thoroughly analyze these factors akin, to evaluating a car's features and attributes they can choose an insurance plan that provides robust assistance safeguards their stability and ensures peace of mind as they navigate their retirement path.

Sources:

1. 'Long-Term Care Insurance Explained.' NerdWallet , NerdWallet, 2021, https://www.nerdwallet.com/article/insurance/long-term-care-insurance . Accessed 19 Feb. 2025.

2. 'Understanding Long-Term Care Insurance.' AARP , AARP, 2021, https://www.aarp.org/caregiving/financial-legal/info-2021/understanding-long-term-care-insurance.html . Accessed 19 Feb. 2025.

3. 'Long-Term Care Insurance Cost & Benefits.' U.S. Bank , U.S. Bank, 2021, https://www.usbank.com/financialiq/plan-your-future/health-and-wellness/costs-and-benefits-of-long-term-care-insurance.html . Accessed 19 Feb. 2025.

4. 'Long-Term Care (LTC) Insurance: Definition, Costs, Alternatives.' Investopedia , Investopedia, 2021, https://www.investopedia.com/terms/l/ltcinsurance.asp . Accessed 19 Feb. 2025.

5. 'What You Should Know About Long-Term Care Insurance.' District of Columbia Department of Insurance, Securities and Banking , 2021, https://disb.dc.gov/disb-page/what-you-should-know-about-long-term-care-insurance-0 . Accessed 19 Feb. 2025.

How does the Southwest Carpenters Pension Plan accommodate changes in benefits for employees who have been affected by the COVID-19 pandemic, and what specific provisions have been implemented to ensure continuity of pension credit during such interruptions? Employees of the Southwest Carpenters Pension Plan are particularly encouraged to review how these provisions may impact their retirement plans and benefits, especially given the unprecedented circumstances of the pandemic.

The Southwest Carpenters Pension Plan accommodated changes due to COVID-19 by extending various deadlines for participants, such as the 12-month deadline to apply for pension credit for periods of disability, and other deadlines regarding claims and appeals. These extensions were applied from March 1, 2020, to a period of up to one year after the original deadline or 60 days after the end of the COVID-19 national emergency, ensuring continuity of pension credit during the pandemic interruptions(Southwest Carpenters Pe…).

What enhancements to pension benefit calculations have been introduced for the years following January 1, 2021, under the Southwest Carpenters Pension Plan, and how do these changes affect participants working more than 1,800 hours? This question emphasizes the implications of increased benefit accrual rates and the actual processes employees must follow to calculate their pensions effectively.

Enhancements to pension benefit calculations effective January 1, 2021, under the Southwest Carpenters Pension Plan include an increase in the monthly benefit accrual rate for participants working 1,800 hours or more. The rate increased from $100 to $200, and for those working more than 1,800 hours, a maximum benefit accrual rate of $244.44 was introduced(Southwest Carpenters Pe…).

In the context of the Southwest Carpenters Pension Plan, could you explain the eligibility criteria for receiving a Service Pension and how employees can accumulate the necessary Pension Credits more quickly? This consideration is vital for members who wish to understand the retirement options available to them and the strategies they might employ in their careers to maximize their benefits under the Southwest Carpenters Pension Plan.

Employees of the Southwest Carpenters Pension Plan are eligible for a Service Pension after earning 30 years of Pension Credit. Additional Service Pension Eligibility Credit was introduced, allowing employees working over 1,800 hours annually to accumulate credits more quickly, up to a maximum of 2,200 hours(Southwest Carpenters Pe…).

How do temporary disability benefits interact with the accumulation of Pension Credits within the Southwest Carpenters Pension Plan? Specifically, employees may have questions about how their working history and service time might be affected should they take leave for health-related reasons, highlighting the intricate balance between pay and benefits during challenging times.

Temporary disability benefits under the Southwest Carpenters Pension Plan allow participants to accumulate Pension Credits during non-working periods if they are on short-term disability or receiving workers' compensation. Pension Credits can be granted for up to 1,200 hours annually, depending on the nature of the disability and employment history(Southwest Carpenters Pe…).

What are the implications of the revised definitions under the Required Beginning Date as specified by the Southwest Carpenters Pension Plan, particularly in compliance with the SECURE Act (Setting Every Community Up for Retirement Enhancement Act)? Employees should understand how these legislative changes affect their retirement strategies, especially in light of penalties for failing to comply with mandatory commencement dates.

The Required Beginning Date for the Southwest Carpenters Pension Plan was revised to comply with the SECURE Act. Participants born on or after July 1, 1949, must begin receiving benefits by April 1 of the calendar year following the year they turn 72. Failure to comply with this could result in a 50% excise tax(Southwest Carpenters Pe…).

How can employees of the Southwest Carpenters Pension Plan navigate the process for applying for pension credit during periods of Temporary Disability, and what specific documentation is required? This inquiry encourages a deeper understanding of protocol surrounding disability applications and the associated benefits that participants are entitled to under the Plan.

Employees applying for pension credit during periods of Temporary Disability must submit a written application within one year of the onset of the disability, and provide documentation such as state-approved short-term disability certification or workers' compensation benefits(Southwest Carpenters Pe…).

What are the implications of the retroactive increases to the Southwest Carpenters Pension Plan benefits aimed at participants who accrued credit during the years 2011 to 2020, and how can affected employees determine their eligibility for said increases? Employees often seek clarification on how historical contributions can manifest in current benefits.

Retroactive increases to the Southwest Carpenters Pension Plan benefits for the years 2011 to 2020 apply to participants who worked at least 1,000 hours in 2020 or under specific collective bargaining agreements. A 50% increase in benefit accrual rates was applied to these years, and eligible employees can determine their eligibility based on their hours worked(Southwest Carpenters Pe…).

What role does the Southwest Carpenters Administrative Office play in assisting employees who have questions regarding modifiability in their pension plans, and what are the best methods for contacting them for assistance? This question highlights the importance of communication within the organization concerning employee inquiries and issue resolution.

The Southwest Carpenters Administrative Office assists employees with questions regarding modifications to their pension plans. Participants can contact them at (213) 386-8590 or (800) 293-1370 for personalized assistance(Southwest Carpenters Pe…).

Can you detail the factors influencing the Benefit Accrual Rate for participants of the Southwest Carpenters Pension Plan for the calendar years after 2021, and how might employees calculate their expected pension benefits? Participants will want to understand the nuances of how their benefits are computed to make informed decisions regarding their retirement planning.

The Benefit Accrual Rate for participants of the Southwest Carpenters Pension Plan after 2021 increased to $200 for 1,800 hours worked, with higher accrual rates for additional hours. Employees can calculate their benefits by multiplying their benefit accrual rate by the applicable benefit factor(Southwest Carpenters Pe…).

In the event of legal actions regarding benefits under ERISA against the Southwest Carpenters Pension Plan, what venue restrictions apply, and what does this mean for participants seeking resolution in disputes? Employees need to be informed of the legal frameworks governing their benefits and understand their rights and the procedures that affect their claims within the Southwest Carpenters Pension Plan.

Legal actions regarding benefits under ERISA against the Southwest Carpenters Pension Plan must be filed in Federal District Court in Los Angeles County, California. This venue restriction defines the jurisdiction where participants must file claims(Southwest Carpenters Pe…).