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

How To Make The Most Of Your Nordson Health Plan In 2024

Healthcare Provider Update: Nordson offers a comprehensive benefits package to its U.S. employees, including medical, dental, vision, and prescription coverage. The company supports employee wellness through HSAs, FSAs, and a wellbeing program. Retirement benefits include both traditional and Roth 401(k) options, life insurance, and disability coverage. Nordson also provides paid time off, adoption reimbursement, and tuition assistance5. Healthcare costs in the United States are projected to continue rising through 2026, with insurers proposing significant premium increases for Affordable Care Act (ACA) plans. A recent analysis found that ACA insurers are seeking a median premium increase of 15% for 2026, marking the largest hike since 2018. This surge is attributed to factors such as the anticipated expiration of enhanced premium tax credits, rising medical costsincluding expensive medications and increased hospital staysand a shift in the risk pool towards higher-cost enrollees. Without the renewal of enhanced subsidies, out-of-pocket premiums for ACA marketplace enrollees could increase by more than 75% on average. Click here to learn more

As a Nordson employee, understanding the changes in health plans in 2024 is not only about what is covered, but also how to use those benefits smartly to get the most value for your money,” advises Kevin Landis, a representative of The Retirement Group, a division of Wealth Enhancement Group. “It is essential to keep an eye on plan assessments to avoid costly surprises and to get the most out of your healthcare dollar.

Nordson employees must always ensure they are very familiar with the annual changes in their health plans so as to ensure they are making the right decisions concerning their healthcare and their overall financial situation,” suggests Paul Bergeron, from The Retirement Group, a division of Wealth Enhancement Group. 'It is therefore important to have this knowledge to help avoid incurring unforeseen healthcare costs that would otherwise affect one’s personal financial situation.'

In this article we will discuss:

1. Understanding Your Health Insurance Costs: Explain the different types of Nordson health insurance plans, including the deductibles, coinsurance, copayments, and out-of-pocket maximums, and how they affect your out-of-pocket costs.

2. Reviewing Changes from 2023 to 2024: Look at the annual changes of the Nordson health plans, with emphasis on new benefits that have been introduced and potential reductions in benefit levels.

3. Meeting Your Annual Healthcare Needs: Offer ways to cut healthcare costs, such as postponing expensive procedures and using preventative care that is free of charge.

In the ever-changing world of Nordson health plans, it is crucial for people to know what they are covered for so they can get the most out of their plan and avoid having to pay for something they shouldn’t have to. It is very important to have a clear idea of what the Nordson health insurance plan covers and the changes made from the previous year as you begin a new year of healthcare in 2024.

This helps you understand how much you are paying for your health insurance on top of the monthly premium that is taken from your paycheck. You need to know about other parts of your plan, like deductibles, coinsurance, copay, and out-of-pocket limits as these can greatly affect the out-of-pocket costs.

The deductible is the amount you pay before the insurance company begins to pay for the services.

Coinsurance is the share of cost of covered services you are required to bear.

Copayments are set amounts you pay after meeting your deductible for certain services.

An out-of-pocket maximum is the total annual expenditure—which includes the deductible, copay, and coinsurance—for all covered expenses. The insurer will pay for the rest of the expenses once the limit is reached.

It is important that you manage your healthcare spending accordingly, as these charges are annual.

Reviewing Changes from 2023 to 2024

There are annual changes in Nordson health plans, which means that it is crucial to review the coverage every year in January. Caitlin Donovan from the National Patient Advocate Foundation suggests that for more details, it is recommended to check the plan benefit guide and the plan’s website. Some of the key changes include: 15% of large companies offered menopause benefits in 2023 or planned to in 2024, according to Mercer, up from 4% in earlier years. More companies are offering perks like pet insurance and elder caregiving. More plans are covering for alternative providers like massage therapists, reiki practitioners, doulas, and acupuncturists. Some plans offer coverage for wellness programs and gym memberships, including Weight Watchers and meditation classes.

But be aware of any reduced cover that may limit your healthcare choices and spending. Preparing for Your Yearly Medical Needs. It is advisable to start thinking about medical care planning ahead of time, especially if one plans on meeting their deductible. Physician and certified financial planner Carolyn McClanahan recommends holding off on post-deductible expenses for pricey treatments at the end of the year and stocking up on necessary meds in the meantime.

Examples of preventive services that health insurers typically cover without meeting the deductible include wellness visits, mammograms, and colonoscopy. Checking In-Network Care. To avoid paying more than you have to, check the network status of your healthcare providers with your insurance company. So one can avoid being charged for the erroneous out-of-network balance in accordance with the No Surprises Act by capturing pictures of the in-network confirmations.

Financial Planning for Healthcare

As many of the Nordson companies have their retirees coming in or coming up for retirement, the management of the healthcare expenses becomes one of the most important aspects of financial planning. It is crucial to understand the specifics of your employer’s health insurance and how it will affect your finances.

The impact of 401(k) rollovers on your healthcare funding strategy must also be considered.

Withdraw 401(k) Plans: What are the implications for your future medical spending?

Roth conversions: These can be used in combination with other strategies in order to minimize the taxes on inherited IRAs.

In order to navigate through your health plan in 2024 you must do so proactively. It is crucial to include healthcare costs into the overall financial plan, to know the prices of your plan, to know what is new in 2024 compared to the previous year, to plan your medical needs, and to make sure you get in-network care in order to get all the benefits while spending less. You can enhance the effectiveness of your health plan and your healthcare spending by being aware and planning ahead.

Those who are close to retirement and are employed by Nordson in 2024 should be especially aware of the Medicare Advantage Disenrollment Period (MADP) that starts on January 1 and runs through February 14 every year. This enables the Medicare Advantage plan beneficiaries to return to Original Medicare.

It is especially important for retirees or people who are about to retire to know this. This is especially important for those who have taken a Medicare Advantage plan and have realized that their preferred healthcare providers or services were not covered. According to the Kaiser Family Foundation, 42% of people on Medicare enrolled in Medicare Advantage plans in 2021, and this disenrollment period is especially important for many retirees.

Managing your health plan in 2024 is as much like being the captain of a ship during a storm as it is. Similar to how a good captain needs to know every part of the ship and the weather conditions that may change any time, so people also need to understand the details of their health insurance policy. Knowing your insurance policy inside out including the co-insurance and deductibles is like knowing the waters you are going to navigate.

Modifying your health plan every year is as natural as changing the sails according to the wind direction. As with course planning, you make sure you get all the value you can, like when you’re meeting your deductible. Just as a commander has to look out for storms, knowing things like the Medicare Advantage Disenrollment Period helps you avoid certain pitfalls. This methodology is particularly important for people who are approaching or have reached retirement age, because it guarantees a smooth and stable financial and physical journey.

Fact:

A new trend that many Nordson companies are implementing is incorporating telehealth into their health plans, which is a great advantage for the retirees and those who are about to retire and require healthcare services. The 2023 study by the American Telemedicine Association revealed that more than 80% of the Nordson companies now offer telehealth services as a standard part of their health benefits. This provides the ability to consult with healthcare professionals and get the evaluation done through video calls or mobile applications and thus does not require a physical visit to the doctor. This innovation helps those with chronic diseases or those who want to get general treatment and at the same time reduces the costs of healthcare, which is why it is such an important feature for health plans in 2024.

Analogy:

Managing your Nordson health plan in 2024 is as much like learning how to steer a ship in a stormy sea as it is. Just like a good captain has to know his ship, how to manipulate the sails to get the best out of the wind, and how to navigate through shifting tides, so people who are approaching retirement have to learn how to manage their health insurance. Knowledge of terms such as deductibles, co-insurance, and out-of-pocket maximums is as critical as knowing the ship’s ropes so as to avoid financial rocks. Monitoring annual changes in health plans is as critical as watching the weather, so you can take advantage of positive conditions and avoid the bad storm.

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Preventative care without cost, like a reservation on a ship, prevents worse misery in the future. Just as a sailor uses charts to plot the best course, telehealth services help chart a course to quality and convenient healthcare. This strategic approach ensures a smooth journey through the healthcare waters for retirees and those approaching retirement, allowing them to enjoy their later years with confidence and financial security.

Sources:

1. Lehman, Ed. 'Employers Enhanced Health Benefits in 2024, Adding Coverage for Weight-Loss Medications and IVF Despite Growing Health Cost.' Mercer , 20 Nov. 2024, www.mercer.com/newsroom/employers-enhanced-health-benefits-in-2024.html .

2. 'Four Pressures Shaping Health Plans in 2024.' HealthScape , www.healthscape.com/articles/four-pressures-shaping-health-plans-in-2024 . Accessed [date you accessed the article].

3. Thao, Kelly. '2024 Healthcare Policy Changes: Key Impacts on Health Plans in 2025.' HealthAxis , www.healthaxis.com/2024-healthcare-policy-changes-key-impacts-on-health-plans-in-2025 . Accessed [date you accessed the article].

4. '2024 Healthcare Trends.' Mass General Brigham Health Plan , www.massgeneralbrighamhealthplan.org/trend-report-2024 . Accessed [date you accessed the article].

5. 'Americans Navigate Changes in 2024 Health Plans.' GoodRx , www.goodrx.com/health-plan-changes-2024 . Accessed [date you accessed the article].

How does the Nordson Corporation Salaried Employees Pension Plan calculate an employee's Accrued Benefit, and what factors need to be considered to ensure accurate pension benefits at retirement? Understanding the components that contribute to the calculation is crucial for employees planning their retirement through Nordson Corporation.

Accrued Benefit Calculation: Nordson Corporation calculates an employee’s Accrued Benefit based on the Final Average Monthly Pay, the number of Years of Benefit Service, and an estimate of the employee’s Social Security benefit. The formula used includes a reduction if an employee has less than 30 Years of Benefit Service(Nordson Corporation_Feb…).

What are the eligibility criteria for joining the Nordson Corporation Salaried Employees Pension Plan, and how can employees determine their vesting status as they approach retirement? It is essential for employees to be aware of the timelines and requirements necessary to fully benefit from the retirement plan offered by Nordson Corporation.

Eligibility Criteria: Employees become eligible for the Nordson Corporation Salaried Employees Pension Plan after completing a Year of Eligibility Service, which requires at least 1,000 hours of work annually. Vesting occurs after completing 5 Years of Vesting Service, ensuring full entitlement to benefits(Nordson Corporation_Feb…).

In what ways can employees at Nordson Corporation access information about their pension plan benefits, and what steps should they follow if they believe their claims for benefits were denied? Knowing the appropriate channels for receiving information can help employees navigate any discrepancies with their pension benefits.

Accessing Pension Information and Claiming: Employees can access their pension plan details through John Hancock’s website or phone service. If a benefit claim is denied, employees can follow the claims procedure outlined by Nordson, which includes submitting a written request and appealing decisions(Nordson Corporation_Feb…).

What options does Nordson Corporation provide for early retirement, and how can employees assess whether an early retirement is financially feasible for them? Understanding the implications of early retirement can significantly impact an employee's long-term financial security.

Early Retirement Options: Nordson Corporation offers early retirement options starting at age 55, with at least 5 years of vesting service. Benefits are reduced by 6% per year for each year that early retirement is taken before the Normal Retirement Date(Nordson Corporation_Feb…).

How does Nordson Corporation's pension plan ensure that employees receive monthly benefits post-retirement, and what are the different forms of payment available to retirees? Grasping the payment structures may help employees make informed decisions regarding their retirement income.

Monthly Benefit Payments: Employees retiring from Nordson Corporation can choose various payment methods, including a Life Annuity or a 50% Joint & Survivor Annuity for married participants. Payments start after the Normal Retirement Date or early retirement, depending on the selected option(Nordson Corporation_Feb…).

What rights do participants have under the Employee Retirement Income Security Act (ERISA) concerning their Nordson Corporation pension plan, and what should they do to enforce these rights effectively? Employees should be aware of their rights to protect themselves during the benefit claiming process.

ERISA Rights: Under ERISA, participants have the right to receive information about their benefits, file claims, and sue if benefits are denied. Plan fiduciaries must act in the best interest of employees, and participants are protected from retaliation for asserting their rights(Nordson Corporation_Feb…).

How does the termination or amendment of the Nordson Corporation Salaried Employees Pension Plan affect employees' accrued benefits, and what protections are in place? Awareness of these scenarios can help employees better plan their financial futures in relation to their pensions.

Plan Termination or Amendment: If the plan is terminated or amended, accrued benefits cannot be reduced, and employees’ benefits become 100% vested. This ensures that employees retain the benefits they have earned up to the point of the change(Nordson Corporation_Feb…).

In what situations might employees at Nordson Corporation lose their pension benefits, and what preventative actions can they take to ensure they remain eligible for these benefits? Understanding the risks involved in pension plans can aid employees in maintaining their retirement security.

Loss of Pension Benefits: Employees may lose pension benefits if they leave Nordson Corporation before vesting or fail to select appropriate survivor options. Keeping the Plan Administrator informed of current contact information is crucial to avoid losing benefits(Nordson Corporation_Feb…).

How can employees at Nordson Corporation address questions or concerns related to their retirement planning, and what resources are available for personalized assistance? Access to proper resources is vital for employees needing guidance throughout their retirement journey.

Retirement Planning Resources: Employees can contact the Plan Administrator or use John Hancock’s automated services to address questions about retirement planning. Personalized assistance is available for any specific pension-related inquiries(Nordson Corporation_Feb…).

What steps should employees take to contact Nordson Corporation or the Plan Administrator to get detailed information about their pension plan, and what should they include in their inquiries to ensure a comprehensive response? Effective communication techniques can significantly enhance employees' understanding of their benefits. These questions have been designed to help employees of Nordson Corporation navigate their pension plan and retirement effectively.

Contacting the Plan Administrator: Employees can contact Nordson Corporation or the Plan Administrator by calling the number listed in the Summary Plan Description. It’s advisable to provide detailed questions regarding benefit amounts, vesting status, or payment options to receive a thorough response(Nordson Corporation_Feb…).

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

Pension Plan Name: Nordson Corporation Retirement Plan Qualification Criteria: Years of Service: Generally requires a minimum of 5 years. Age Qualification: Typically eligible at age 65. Pension Formula: Formula is based on a percentage of final average salary and years of service. 401(k) Plan Name: Nordson Corporation 401(k) Savings Plan Qualification Criteria: Employees are eligible to participate after completing 30 days of service. Company Contribution: Nordson matches employee contributions up to a certain percentage.

News: In early 2024, Nordson Corporation announced a significant restructuring plan, including a reduction of approximately 5% of its global workforce. This move was part of a broader strategy to streamline operations and improve overall efficiency. The company also updated its employee benefits package, including modifications to its pension and 401k plans. Specific changes included adjusting the company’s matching contributions and modifying pension benefit accrual rates.

Nordson Corporation (NDSN) provides stock options and RSUs to employees as part of their compensation packages. Stock options at Nordson Corporation (NDSN) are generally granted to senior executives and key employees based on performance and tenure. RSUs are also awarded to employees as a form of long-term incentive, typically vesting over a period of time.

Benefits Overview: Nordson's official site provides information on various health benefits including medical, dental, and vision insurance plans. Employees have access to comprehensive health coverage, which typically includes options for health savings accounts (HSAs) and flexible spending accounts (FSAs). Recent Updates: The company has updated its benefits plans over the years. Specific changes for 2022, 2023, and 2024 can be found in their annual benefits summaries or employee communications.