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Healthcare Provider Update: General Mills primarily collaborates with UnitedHealthcare for its employees' healthcare coverage. As we look ahead to 2026, significant healthcare cost increases are anticipated. Factors contributing to this rise include the expiration of enhanced federal ACA premium subsidies and increasing medical costs within the marketplace. Reports indicate that some states might see premium hikes of over 60%, with experts warning that without legislative intervention, many consumers could face steep increases in out-of-pocket healthcare expenses, potentially rising as much as 75%. This scenario presents a notable challenge for both employees and employers as they navigate the shifting landscape of healthcare costs. Click here to learn more
'With health care costs rising, General Mills employees should take time to review their coverage and align it with their broader retirement income goals,' — Wesley Boudreaux, a representative of The Retirement Group, a division of Wealth Enhancement.
'General Mills employees can stay ahead of rising health care expenses by proactively evaluating benefits and incorporating future medical costs into their long-term retirement strategy,' — Patrick Ray, a representative of The Retirement Group, a division of Wealth Enhancement.
In this article, we will discuss:
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Why health insurance premiums may rise in 2026.
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How these changes could affect General Mills employees and retirees.
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Steps to help prepare for higher health care costs.
Millions of Americans, including employees at General Mills, are learning that health insurance premiums could increase significantly in 2026. Depending on the state, income, and whether federal subsidies are offered, monthly premiums for many people may jump by double-digit percentages. 1
Insurers are sending out letters to Affordable Care Act (ACA) marketplace plans nationwide, detailing significant rate increases that could impact General Mills households who rely on supplemental or early retirement coverage. In many cases, people’s monthly premiums will go up by hundreds of dollars in the upcoming year. 2
Health policy researchers have collected new data suggesting average increases for marketplace plans could range from 10% to more than 20%. 1 Many subscribers, including General Mills retirees using marketplace plans, may see payments more than quadruple if expanded government subsidies disappear. 1
Those purchasing insurance on the exchanges are not the only ones facing higher costs. Employer-sponsored plans used by many General Mills families are also facing rising expenses as medical spending rebounds. In 2026, businesses anticipate an average cost increase of approximately 9%. 3
Reasons for Increasing Premiums
The main drivers behind premium hikes, according to insurers, include an aging population, rising medical costs, and increased health care usage post-pandemic—trends likely to impact General Mills retirees.
In addition, unless Congress intervenes, the expanded ACA subsidies implemented during the pandemic are scheduled to expire after 2025, a potential concern for former General Mills workers who rely on this support before Medicare eligibility. Without these subsidies, many middle-class families could see costs surge immediately.
More than 90% of ACA subscribers receive some government assistance with their premiums, 4 and analysts warn that if the expanded subsidies end, millions—including some who retired from General Mills early—could lose coverage entirely by 2027. 4
The Individual Effect
Every statistic reflects a personal challenge impacting families. Small business owners, independent contractors, and early retirees are already reporting premium increases from $250 to $700 per month in several states. 5
Some households losing subsidies could face monthly premiums of $2,000 or more 4 —far above the $300–$400 range typical today—creating greater strain for General Mills retirees trying to manage health care expenses.
Those living with chronic conditions face even harder decisions, since routine care and medications remain essential.
Getting Ready for 2026
Advisors recommend reviewing health plan options thoroughly during upcoming enrollment seasons, especially for those nearing retirement. This includes checking subsidy eligibility, comparing multiple coverage options, and evaluating whether a spousal or employer-sponsored plan could offer better value.
Professionals approaching retirement may want to consider tax-efficient health care savings tools like Health Savings Accounts (HSAs) and Flexible Spending Accounts (FSAs) to help manage higher costs. It is also important to account for health care inflation when forecasting post-employment income.
A Monetary Urge to Act
Rising health care expenses can disrupt long-term goals for individuals and families, including those with many years of service at General Mills. Medical coverage decisions should tie to retirement income strategies, tax planning, and asset preservation.
From retirement income and tax strategies to insurance and budgeting, The Retirement Group can help you evaluate how these changes may impact your future. Before open enrollment ends, call The Retirement Group at (800) 900-5867 to review retirement planning options and strategies to help navigate rising health care costs.
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- Stages of Retirement for Corporate Employees
- 7 Things to Consider Before Leaving Your Company
- How Are Workers Impacted by Inflation & Rising Interest Rates?
- Lump-Sum vs Annuity and Rising Interest Rates
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- Corporate Employees: Do NOT Believe These 6 Retirement Myths!
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Sources:
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1. Ortaliza, Jared, Matt McGough, Kaitlyn Vu, Imani Telesford, Shameek Rakshit, Emma Wager, and Lynne Cotter. “ Individual Market Insurers Requesting Largest Premium Increases in More Than 5 Years .” KFF/Peterson-KFF Health System Tracker, 18 July 2025.
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2. Buettgens, Matthew, et al. “ 4.8 Million People Will Lose Coverage in 2026 If Enhanced Premium Tax Credits Expire .” Urban Institute, Sept. 2025, pp. 1, 5-6, 12-13.
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3. Umland, Beth, and Sunit Patel. “ Employers Prepare for the Highest Health Benefit Cost Increase in 15 Years .” Mercer, 3 Sept. 2025.
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4. Center on Budget and Policy Priorities. ' Five Key Changes to ACA Marketplaces Amid Uncertainty Over Premium Tax Credit Enhancements ,' by Jennifer Sullivan and Nicole Rapfogel. Sep. 22, 2025.
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5. abc News. ' ACA policyholders say soaring health insurance premiums are jeopardizing lives ,' by Mary Kekatos and Bill Hutchinson. Sep. 7, 2025.
How can employees of General Mills, Inc. maximize their benefits under the BCTGM Retirement Plan, and what factors are considered in determining pension amounts for those nearing retirement? This question aims to explore the intricate details of how General Mills, Inc. structures its pension benefits to support employees’ future financial stability. It's important for employees to understand the value of their years of service and how this affects their ultimate pension payout as they approach retirement.
Maximizing Benefits under the BCTGM Retirement Plan: Employees of General Mills can maximize their benefits under the BCTGM Retirement Plan by understanding how their years of service and negotiated benefit levels directly affect the pension they receive. The pension amount is determined by the length of service and a defined benefit formula based on the number of years of Benefit Service accrued. As employees approach retirement, they should consider whether they meet eligibility criteria for early or normal retirement, as these factors influence the ultimate pension payout(General_Mills_2024_Pens…).
What are the eligibility requirements for participating in the BCTGM Retirement Plan at General Mills, Inc., and how does this participation impact future retirement benefits? Employees should be well-informed about what constitutes eligibility to participate in the retirement plan. Understanding criteria such as service length, employment status, and union participation is crucial, as it directly relates to their ability to accrue retirement benefits.
Eligibility Requirements for BCTGM Retirement Plan: To participate in the BCTGM Retirement Plan, employees must be regular employees of General Mills covered by a collective bargaining agreement. Eligibility is automatic after completing a probationary period. Participation impacts future retirement benefits as employees begin to accrue pension benefits based on years of service, which contributes to their final payout during retirement(General_Mills_2024_Pens…).
In what ways does General Mills, Inc. ensure that benefits from the BCTGM Retirement Plan remain protected under federal law, and what role does the Pension Benefit Guaranty Corporation (PBGC) play in this? Knowledge of the protections available can significantly influence employees' assurance in the viability of their pension benefits. It is vital for employees to recognize how federal guarantees work in safeguarding their retirement benefits.
Federal Law Protections and PBGC's Role: The BCTGM Retirement Plan is protected under federal law, ensuring that employees’ retirement benefits are safeguarded. The Pension Benefit Guaranty Corporation (PBGC) insures vested benefits, including disability and survivor pensions, up to certain limits. This protection provides employees with assurance that their pensions are protected, even in the event of plan termination(General_Mills_2024_Pens…).
How does General Mills, Inc. address the complexities of vesting in the BCTGM Retirement Plan, and what can employees do if they are concerned about their vested rights? Vesting is a key concept that affects employees' access to benefits over their careers. Employees need to understand the vesting schedule outlined by General Mills, Inc. and the implications it has on their retirement plans.
Vesting in the BCTGM Retirement Plan: Employees vest in the BCTGM Retirement Plan after completing five years of Eligibility Service or upon reaching age 65. Once vested, employees have a non-forfeitable right to their pension benefits, which means they retain their pension rights even if they leave the company before reaching retirement age(General_Mills_2024_Pens…).
What options are available to employees of General Mills, Inc. if they experience a change in their employment status after being vested in the BCTGM Retirement Plan, and how might this impact their future retirement pensions? This question prompts discussion on the plan's provisions regarding reemployment and what employees should be aware of when considering changes to their employment status.
Impact of Employment Status Changes on Pension: If an employee's status changes after being vested in the BCTGM Retirement Plan, such as leaving the company, they may still be entitled to pension benefits. The plan outlines provisions for reemployment and how prior service years are counted toward future pension calculations. Employees who are reemployed may have their previously earned service restored(General_Mills_2024_Pens…).
How does the BCTGM Retirement Plan at General Mills, Inc. work in conjunction with Social Security benefits, and what should employees be aware of regarding offsets or deductions? This can encompass the interplay between corporate pension plans and governmental benefits, which is critical for employees to plan their retirement effectively.
Coordination with Social Security Benefits: The BCTGM Retirement Plan operates in addition to Social Security benefits. There are no direct offsets between the pension and Social Security benefits, meaning employees receive both independently. However, employees should be aware of how the timing of drawing Social Security and pension benefits may affect their overall financial situation(General_Mills_2024_Pens…).
What steps must employees of General Mills, Inc. take to initiate a claim for benefits under the BCTGM Retirement Plan, and how does the claims process ensure fairness and transparency? A clear comprehension of the claims process is essential for employees to secure their pension benefits. This question encourages exploration of the procedures in place to assist employees in understanding their rights and options.
Claiming Benefits under the BCTGM Retirement Plan: Employees must terminate employment before claiming their BCTGM Retirement Plan benefits. The claims process involves submitting the required forms, and employees must ensure they provide all necessary documentation for a smooth process. The pension is generally paid monthly, with lump-sum options available under specific circumstances(General_Mills_2024_Pens…).
How does the retirement benefit formula of the BCTGM Retirement Plan operate, and what specific factors should an employee of General Mills, Inc. consider while planning for retirement? Delving into the calculations involved in determining retirement benefits is important for employees to understand how their service years and other contributions come together to form their final retirement payout.
Retirement Benefit Formula: The retirement benefit formula is calculated based on the years of Benefit Service and a defined benefit level. As of 2024, for each year of Benefit Service, employees receive $87 per month (increasing to $88 after June 1, 2025). Planning for retirement involves considering how long they will work and the benefit level in place at the time of retirement(General_Mills_2024_Pens…).
What additional resources or support does General Mills, Inc. provide to assist employees in planning their retirement and ensuring they make the most of their benefits offered under the BCTGM Retirement Plan? Understanding the tools and resources available can empower employees to take proactive steps in managing their retirement plans effectively.
Resources for Retirement Planning: General Mills offers resources like the Benefits Service Center and online portals (e.g., www.mygenmillsbenefits.com) to assist employees with retirement planning. These tools help employees understand their benefits, calculate potential payouts, and explore options for maximizing their retirement income(General_Mills_2024_Pens…).
How can employees contact General Mills, Inc. for further information about the BCTGM Retirement Plan or specific queries related to their retirement benefits? This question is crucial so employees know the appropriate channels for communication and can seek clarification on any concerns they may have regarding their retirement planning.
Contact Information for Plan Inquiries: Employees can contact General Mills for more information about the BCTGM Retirement Plan through the Benefits Service Center at 1-877-430-4015 or visit www.mygenmillsbenefits.com. This contact provides direct access to support and answers to questions about their retirement benefits(General_Mills_2024_Pens…).
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