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

How Hormel Foods Employees Can Get 'Unstuck' and Enjoy Their Wealth

Healthcare Provider Update: Hormel Foods Healthcare Provider and Cost Outlook for 2026 Hormel Foods, a leading food production company, primarily utilizes UnitedHealthcare as its healthcare provider for employee health benefits. As we look ahead to 2026, significant increases in healthcare costs are anticipated. The expiration of enhanced premium subsidies under the Affordable Care Act (ACA) could lead to premium hikes exceeding 75% for many enrollees, including Hormel employees who rely on marketplace plans. This situation, coupled with rising medical care costs and insurer requests for steep premium increases across various states, suggests that Hormel Foods may face escalating healthcare expenses in the coming year, impacting both the company and its employees financially. Addressing these potential cost challenges will be crucial for maintaining employee welfare and the company's bottom line. Click here to learn more

'Hormel Foods employees seeking a meaningful and balanced life should recognize that true wealth isn't just about financial stability but also embracing fulfillment in all aspects of life, including health and well-being.' – Michael Corgiat, a representative of The Retirement Group, a division of Wealth Enhancement Group.

'Helping Hormel Foods employees achieve a fulfilling life requires more than financial strategies; it's about guiding them to live with purpose, balancing wealth with wellness to truly enjoy their success.' – Brent Wolf, a representative of The Retirement Group, a division of Wealth Enhancement Group.

In this article, we will discuss:

The connection between happiness and money
How financial advisors can help clients get 'unstuck'
The importance of balancing financial, emotional, and physical well-being

It can be difficult for financial consultants to offer more than just a sound financial strategy. A highly influential financial counselor understands that success is based on more than just statistics, even though creating a stable future is crucial. Crafting a happy and satisfying life for clients—balancing not just their financial wellness but also their physical and mental well-being—is the key to true success. Hormel Foods employees can feel grounded and rooted in all facets of their lives, not just their finances, according to our three-pronged strategy.

The Connection Between Happiness and Money

There is a widespread misperception that having money inevitably makes one happy. Actually, I've seen a lot of people who are wealthy yet find it difficult to enjoy their prosperity. Even though they are in a position to spend comfortably, some people are inhibited by their fear of doing so. For example, one customer hesitated to book nonstop flights because he was so reluctant to spend money, despite the fact that layovers had a major negative impact on his quality of life. A different customer would routinely skip dinner due to cost rather than health issues.

However, I have also worked with people who struggle with compulsive spending, which is the opposite tendency. They continue to overindulge in the hopes that the future will correct their current financial irresponsibility, even if they have pledged to control their behaviors. Although there are benefits to the 'Carpe Diem' attitude, living extravagantly can harm a client's financial future.

The most important lesson is that the objective is to spend in a way that brings happiness and satisfaction, not to spend the least or the most. It is our responsibility as financial advisors to help clients strike that balance by advising them to engage in fulfilling experiences and endeavors rather than only attempting to reduce costs or satisfy material cravings.

Getting 'Unstuck' Clients

As a financial advisor, one of my most important responsibilities is to assist customers who are feeling 'stuck.' This can take many forms: some people are stuck in a financial mindset that keeps them from appreciating their prosperity, while others are physically ill and lack the stamina to engage in the things they used to enjoy. Many individuals experience mental loneliness or uncertainty about their life's purpose.

The objective is to assist them in being 'unstuck.' This could be advising that a client finally upgrade to first-class when they travel, or urging them to take that long-awaited family trip that they have been putting off for years. It might also entail helping them find new interests, like gardening or photography, or assisting them in getting back into exercise by getting them a personal trainer or joining a gym.

Pickleball is among the most successful activities I've recently introduced to my customers. For many, this inexpensive but incredibly captivating sport has changed their lives. It offers social interaction, which is crucial for mental health, in addition to physical exercise. After learning pickleball, clients have said they feel more motivated and excited about life. Seeing these great changes has been immensely satisfying, and the game has turned into a reason to look forward to something.

Posing Appropriate Questions

Asking the proper questions is the first step in assisting customers in becoming unstuck. I probe them with inquiries that delve deeper into their lives rather than just their portfolios. 'How are you? Are you continuing to be active? What do you most eagerly anticipate?' I can learn more about their priorities thanks to these inquiries. The truth is that relationships, health, or a lack of purpose are more common worries for many people than money.

Advisors can assist clients in identifying the aspects of their lives that they can control and letting go of the things that they cannot by interacting with them on this deeper level. When clients are based on a sense of general well-being, financial decisions become simpler. Addressing clients' emotional, physical, and financial issues enables them to make choices that are in line with their actual preferences.

Encouraging Customers to Lead the Life They Desire

Giving clients financial guidance is only one aspect of helping them become unstuck; another is enabling them to use their wealth in ways that truly bring them joy. You can tell you're having a real influence when your clients walk away from a conversation feeling lighter, more confident, and more excited about their future. In addition to helping their clients accumulate wealth, financial advisors should assist them in creating a worthwhile life.

The function of an advisor goes beyond creating financial plans; it also involves helping clients create life plans that strike a balance between fulfillment and enjoyment. These interventions lay the groundwork for long-term satisfaction, whether it's recommending a trip, fostering a new pastime, or assisting a client in making health-related investments. The goal of wealth is to improve one's life, not only accumulate it.

In summary, managing investments and portfolios is only one aspect of being a financial advisor. Understanding clients' core needs—how they want to spend their time, what brings them joy, and how they may live life to the fullest—is where the true value lies. Hormel Foods employees can feel financially confident and pleased in all other aspects of their lives when they can enjoy the wealth they have amassed. In addition to a healthy portfolio, this all-encompassing approach to financial counseling results in a happier, healthier life.

Brian Parker, CFP, managing director and co-founder of EP Wealth Advisors, works with professionals, athletes, entrepreneurs, and executives. He also participates in initiatives promoting women's programming, financial literacy, and charitable giving. Brian sits on various boards that support sports, health, wellness, and youth education.

For senior citizens, consistent physical activity has major health benefits. Even a small amount of regular exercise, like walking, has been shown to significantly lower the chance of developing chronic diseases like diabetes, heart disease, and several types of cancer. According to a study published in Preventive Medicine, for example, walking 3,000 steps a day can reduce the chance of dying prematurely. For people over 60, the advantages are greatest when walking 7,000 to 9,000 steps a day. Strength and endurance training can also improve mobility, balance, and general physical function, leading to a better quality of life and more independence as people age.

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Articles you may find interesting:

Sources:

1. 'The Life-Changing Benefits of Exercise After 60.' National Council on Aging , 2021.
www.ncoa.org/article/the-life-changing-benefits-of-exercise-after-60 .

2. 'Mental health around retirement: evidence of Ashenfelter's dip.' BMC Geriatrics , 2023.
doi:10.1186/s12877-023-02999-x.

3. '4 tips for getting fit at any age, from a sports scientist who studies athletes as old as 92.' Business Insider , 2025.

4. 'Participating in Activities You Enjoy As You Age.' National Institute on Aging , 2022.
www.nia.nih.gov/news/participating-activities-you-enjoy .

5. 'Plan Your Retirement And Improve Your Mental And Physical Health.' Forbes , 9 May 2025.
www.forbes.com/sites/stevevernon/2025/05/09/plan-your-retirement .

What retirement savings plan does Hormel Foods offer to its employees?

Hormel Foods offers a 401(k) Savings Plan to help employees save for retirement.

How can employees at Hormel Foods enroll in the 401(k) Savings Plan?

Employees at Hormel Foods can enroll in the 401(k) Savings Plan through the company’s HR portal or by contacting the HR department for assistance.

Does Hormel Foods match employee contributions to the 401(k) Savings Plan?

Yes, Hormel Foods provides a matching contribution to the 401(k) Savings Plan, which helps employees maximize their retirement savings.

What is the maximum contribution limit for the Hormel Foods 401(k) Savings Plan?

The maximum contribution limit for the Hormel Foods 401(k) Savings Plan is subject to IRS limits, which may change annually. Employees should check the latest IRS guidelines for the current limit.

Can employees at Hormel Foods choose how their 401(k) contributions are invested?

Yes, employees at Hormel Foods can choose from a variety of investment options within the 401(k) Savings Plan to align with their financial goals and risk tolerance.

When can Hormel Foods employees start withdrawing from their 401(k) Savings Plan?

Employees at Hormel Foods can typically start withdrawing from their 401(k) Savings Plan without penalty at age 59½, subject to specific plan rules.

Are there any fees associated with the Hormel Foods 401(k) Savings Plan?

Yes, like most 401(k) plans, the Hormel Foods 401(k) Savings Plan may have administrative and investment fees. Employees should review the plan documents for detailed information.

Does Hormel Foods allow employees to take loans against their 401(k) Savings Plan?

Yes, Hormel Foods allows employees to take loans against their 401(k) Savings Plan, subject to the plan’s terms and conditions.

How often can employees at Hormel Foods change their 401(k) contribution amounts?

Employees at Hormel Foods can typically change their 401(k) contribution amounts at any time, subject to the plan's specific guidelines.

What happens to the Hormel Foods 401(k) Savings Plan if an employee leaves the company?

If an employee leaves Hormel Foods, they have several options regarding their 401(k) Savings Plan, including rolling it over to an IRA or a new employer’s plan.

With the current political climate we are in it is important to keep up with current news and remain knowledgeable about your benefits.

Hormel Foods Employee Pension Plan Pension Plan Name: Look for the official name of the pension plan Hormel Foods offers. Years of Service and Age Qualification: Find the requirements related to years of service and age for employees to qualify for the pension plan. Pension Formula: Identify the formula used to calculate pension benefits. 401(k) Plan Name: Identify the official name of the 401(k) plan Hormel Foods offers. Qualification Criteria: Determine who qualifies for the 401(k) plan and any specific requirements.

Restructuring and Layoffs: In 2023, Hormel Foods announced a significant restructuring plan aimed at streamlining operations and improving efficiency. This plan involved the reduction of certain roles and the consolidation of departments. Specifically, the company focused on optimizing its supply chain and reducing operational redundancies. These changes were driven by a need to adapt to shifting market demands and increasing competition. Given the current economic climate and ongoing uncertainties, it's crucial for employees and stakeholders to stay informed about such developments as they can impact job security and organizational stability. Benefit Changes and Pension/401(k) Updates: Hormel Foods has also made adjustments to its employee benefits, including changes to its pension plan and 401(k) offerings. The company has implemented modifications to its pension plan, potentially affecting retirement benefits for long-term employees. Additionally, there have been updates to the 401(k) plan, including changes in contribution matching and investment options. These adjustments reflect broader trends in corporate benefits management, influenced by economic pressures and evolving regulatory requirements. Staying updated on these changes is essential for effective personal financial planning and understanding how such shifts might impact future retirement savings.

Hormel Foods Stock Options: Hormel Foods provides stock options as part of its executive compensation plan. These options typically vest over a period of time, allowing employees to purchase shares at a set price. Acronym: SO (Stock Options) Specifics: In 2022, Hormel Foods awarded stock options to senior executives and key employees. This trend continued into 2023 and 2024 with similar vesting schedules and option grants. Hormel Foods RSUs: Hormel Foods offers RSUs as part of its equity compensation. RSUs are granted to employees with the condition that they vest over a predetermined period. Acronym: RSU (Restricted Stock Unit) Specifics: Hormel Foods granted RSUs in 2022, with vesting periods extending into 2023 and 2024. These RSUs are available to various levels of employees, including senior management and high-performing staff.

2022 Benefits Overview: Hormel Foods offers a comprehensive benefits package including health insurance, dental and vision coverage, and a wellness program. Specific details about coverage options, co-pays, and deductibles were provided in their benefits guide. 2023 Benefits Update: Hormel Foods continued to offer competitive health benefits with enhancements to their mental health services and additional telemedicine options. The company introduced a new health savings account (HSA) plan option to give employees more flexibility. 2024 Benefits Focus: In 2024, Hormel Foods expanded their benefits to include more robust mental health resources and a new wellness initiative focusing on preventative care. They also updated their employee assistance program (EAP) with additional counseling services.