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

Dana Employees Discover the Joys of Camping: A Comprehensive Guide to Embracing Nature in Retirement

Healthcare Provider Update: For the company Dana, the healthcare provider is likely UnitedHealthcare. This insurer is known for offering a range of health coverage options, including plans in several ACA marketplaces. Looking ahead to 2026, significant increases in healthcare costs are anticipated. Rising medical expenses, combined with the potential expiration of enhanced federal subsidies, could lead to steep premium hikes for ACA marketplace enrollees. Reports suggest that some states may experience increases exceeding 60%, resulting in many individuals facing more than 75% higher out-of-pocket costs. Such drastic changes could create considerable financial strain for millions, emphasizing the importance of proactive healthcare planning in 2025. Click here to learn more

Camping is a great way to unplug and find some health benefits, especially if you are a retiree from a Dana company looking to add some meaning to your golden years,'' says Patrick Ray of The Retirement Group, a division of Wealth Enhancement Group.

The increase in camping among senior Dana employees shows that the escape to nature is a growing trend among older individuals as a way to improve their health,'' notes Michael Corgiat from The Retirement Group, a division of Wealth Enhancement Group.

1. Increasing Population of Elderly Americans Who Enjoy Camping: Describing the growing trend of camping among the elderly and why they are attracted to outdoor activities.

2. The Health Benefits of Outdoor Activities: Disclosing the physical and psychological benefits to seniors engaging in camping and similar activities.

3. Camping for Seniors: Different Types of Camping – From Basic to Luxurious Glamping for Different Levels of Comfort and Budget.

John Muir, the naturalist, in 1909 said, “Thousands of tired, nerve-shaken, over-civilized people are beginning to find out that going to the mountains is going home, that wildness is a necessity, and parks are fountains of life” this captures the spirit of outdoor exploration perfectly. This attitude is still present more than a century later especially among the elderly population who are happy to answer the call of the wild.

The number of elderly Americans who go camping has increased significantly, and there are many different reasons why they choose to spend time in nature. 10% of Baby Boomer’s camping vacations in North America in 2022 according to Statista, increased this age category’s participation since 2015. It is the same whether it is the satisfaction of hearing an alligator in the Everglades or a grizzly bear in Yellowstone, these veteran travelers find comfort and excitement in nature. The Dana retirees are also a part of this trend, and they are finding a new kind of rejuvenation and adventure in the outdoors.

The health benefits of outdoor activities

According to Peter James, an environmental epidemiologist at Harvard, it is clear that humans heal better from the stress in natural environments and that is where humans are supposed to be. These environments help in the physical as well as the mental relaxation, thus meaning that people should engage in outdoor activities. This is something that can be very useful for Dana employees who have spent many years in demanding positions and may therefore benefit from the calm and physical activities that camping offers.

Things You Need to Take Camping

The market has a large selection of products that are intended to enhance the comfort and convenience of people who are planning to go camping in an RV or a tent. Marcia Cohen of Madison, Wisconsin, who is 67, explains how she used camping as a positive way of rehabilitation after she had her knee replaced. What makes her camping trip fun and empowering is her basics – a portable commode, a comfy cot, and a CORE six-person quick tent. The retirees of Dana companies can get an idea of this and make sure that they have the right equipment for camping that will make them comfortable.

The Price of Camping

Camping is another affordable vacation option. Senior citizens 65 years and older can camp in Florida state parks for as low as $8 per night, a significant discount from the usual fees. The cost of RV camping varies by location and facilities and typically starts at $30 and goes up to $45 per night. Boondocking, or free camping in the wild, is an option that saves money for tourists while allowing them to enjoy the outdoors. These economical options can be taken advantage of by Dana retirees to enjoy nature without spending a lot of money.

Where to Set Up Camp

There are many camping locations in the US that are suitable for experienced campers. These locations provide a variety of experiences for all interests, including the historical ambience of Yellowstone National Park, the scenic beauty of Yosemite and the bio-diversity of the Great Smoky Mountains. Every park has something special to offer, from spectacular climbs in Yosemite to wildlife safaris in Yellowstone, every visit is unforgettable. These destinations can be explored by Dana employees to find the perfect spot for their next adventure.

Alternatives to Conventional Camping

Glamping is a more sophisticated way of camping that could suit someone who wants a more luxurious experience. This glamorous version of camping offers home comforts in beautiful surroundings. The glamping sites provide the best of the two worlds between luxury and nature with features like toilets, electricity and luxurious furnishings. Glamping can be a great option for Dana retirees who want a comfortable camping experience with nature.

In Summary

Whether you decide to go camping in the traditional way or choose the more extravagant glamping, older people are able to get a revitalising break. It is a way of getting back to nature, exercising and benefiting from the positive effects of being outdoors for your mental health. If you are looking to add some adventure and peace to your retirement years, then camping is still a realistic and rewarding option, with a number of ideas to suit different levels of mobility and comfort. Camping is a way for Dana retirees to enjoy health, happiness and incredible experiences in their retirement.

Featured Video

Articles you may find interesting:

Sources:

1. Hoffman, Robert. 'Five Reasons Why Slow Travel is Great in Retirement.' Kiplinger, March 31, 2024, www.kiplinger.com/features. In this article, the author discusses the advantages of slow travel in retirement, including its positive impact on mental health, finances, and the travel experience, making it a perfect leisure activity for retirees who want to make the most out of their trips.

'Retire Early for Adventure: Go Travel and Volunteer.' Kiplinger, www.kiplinger.com. This piece outlines the benefits of combining travel with volunteering in retirement, giving retirees a chance to have an adventure, learn something new, and help others, which makes for a fulfilling retirement.

'What Is It Like to Own an RV in Retirement?' Kiplinger, www.kiplinger.com. This article gives a full account of the RV experience for retirees, discussing the liberation it provides, the social network within RV communities, and the logistics of living in a vehicle.

'11 Reasons to Retire in an RV.' Kiplinger, www.kiplinger.com. This source lists different advantages of retiring in an RV, including the costs, the ability to change location easily, and the potential to travel and volunteer, which is convenient for retirees who want an active retirement.

'Retirees Are Into Camping Now — Here’s How You Can Be, Too.' Kiplinger, www.kiplinger.com. It focuses on the curative and empowering aspects of camping for retirees, explaining how interaction with nature can improve the physical and mental health.

What is the 401(k) plan offered by Dana?

The 401(k) plan at Dana is a retirement savings plan that allows employees to save a portion of their paycheck before taxes are taken out.

How does Dana match employee contributions to the 401(k) plan?

Dana offers a matching contribution up to a certain percentage of the employee's salary, which helps to enhance the retirement savings.

When can employees at Dana enroll in the 401(k) plan?

Employees at Dana can enroll in the 401(k) plan during their initial onboarding period or during the annual open enrollment period.

What are the eligibility requirements for Dana's 401(k) plan?

To be eligible for Dana's 401(k) plan, employees must be at least 21 years old and have completed a minimum period of service with the company.

Can employees at Dana take loans against their 401(k) savings?

Yes, Dana allows employees to take loans against their 401(k) savings, subject to specific terms and conditions.

What investment options are available in Dana's 401(k) plan?

Dana's 401(k) plan offers a variety of investment options, including mutual funds, target-date funds, and company stock.

How can employees at Dana access their 401(k) account information?

Employees can access their 401(k) account information through Dana's online benefits portal or by contacting the HR department.

What is the vesting schedule for Dana's 401(k) matching contributions?

Dana has a vesting schedule for matching contributions, meaning employees earn ownership of the matched funds over a specified period of service.

Can employees at Dana change their contribution percentage to the 401(k) plan?

Yes, employees at Dana can change their contribution percentage at any time, subject to the plan's guidelines.

What happens to the 401(k) savings if an employee leaves Dana?

If an employee leaves Dana, they can choose to roll over their 401(k) savings to another retirement account or withdraw the funds, subject to taxes and penalties.

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

For Dana Inc., the primary pension plan was the "Dana Retirement Plan," which underwent significant changes in 2019 when Dana transferred its pension liabilities to insurance companies through annuity purchase agreements. This action involved securing pension obligations for plan participants without altering their benefits. The company has not made significant updates to its pension plan offerings since this transfer, focusing instead on fully funding existing obligations. Regarding the 401(k) plan, Dana offers a competitive 401(k) with matching contributions. Employees can contribute up to 8% of their salary, with Dana providing a 4.5% match. This plan is available to all full-time employees. Dana emphasizes the stability and security of its retirement offerings, aligning with the company’s broader strategy to maintain financial health and meet its obligations.

Restructuring Layoffs: Dana Incorporated has been undergoing restructuring efforts in 2023 and 2024, which included several layoffs across different divisions to streamline operations and reduce costs. These layoffs are part of the company's strategy to remain competitive amid economic uncertainties and evolving market conditions. It's important to address this news because the current economic environment, characterized by high inflation and geopolitical tensions, requires companies to adjust their workforce to maintain financial stability. Benefit and Pension Changes: Dana has also made significant changes to its employee benefits and pension plans. In 2023, the company revised its pension formula and adjusted the contribution limits for 401(k) plans in response to the SECURE Act 2.0. The changes were made to align with new federal regulations and to provide more robust retirement options for employees. This news is crucial as the investment climate and tax regulations are evolving, and such changes directly impact employees' retirement planning. Employees should be aware of how these changes affect their future financial security and retirement readiness.

Dana Incorporated offers a variety of stock options and Restricted Stock Units (RSUs) as part of its compensation package to eligible employees. In 2022, 2023, and 2024, Dana continued to use stock options and RSUs to incentivize and retain key talent within the company. The specific stock options at Dana Incorporated are designed to allow employees to purchase shares at a predetermined price, often reflecting the stock price at the time of the grant. These options typically vest over a set period, ensuring that employees remain with the company to gain the full benefit. RSUs at Dana Incorporated are another critical part of the company's equity compensation. RSUs are granted with a vesting schedule, where the employee receives shares after meeting specific service conditions, usually tied to the employee’s tenure or company performance. The company's RSUs do not require employees to pay an exercise price, unlike stock options, which is advantageous for employees as they are guaranteed the value of the shares upon vesting. Eligibility for stock options and RSUs at Dana Incorporated is typically extended to employees who are in managerial or higher-level positions, though the exact criteria may vary by year and specific company needs. In 2022, 2023, and 2024, Dana continued to refine these programs to align employee incentives with company performance, which was evident in their continued financial growth and strategic achievements during these years. The detailed information on these stock options and RSUs, along with the company's ongoing updates, can be found in Dana's annual reports and investor communications, specifically in documents like the 10-K filings. These reports typically outline the terms, eligibility criteria, and the vesting schedules for these equity-based compensation plans. For further details, reviewing the annual reports and quarterly earnings releases on Dana's official website is recommended.

In 2022, Dana, like many companies, faced increasing healthcare costs due to various factors, including inflation and the ongoing impacts of the COVID-19 pandemic. These challenges led to an emphasis on high-deductible health plans (HDHPs), which remained popular among employees, with a notable increase in the median in-network deductible for these plans. Dana also focused on behavioral health benefits, recognizing the importance of supporting employees' mental health in the post-pandemic era. By 2023 and 2024, Dana continued to adapt its health benefits strategy by exploring self-insured health plans, a move aimed at giving the company more control over healthcare costs and the flexibility to tailor benefits to employees' needs. The company also highlighted the importance of accountable care organizations (ACOs) and personalized healthcare services, aiming to improve the quality of care while managing costs.

Additional Articles

Check Out Articles for Dana employees

For more information you can reach the plan administrator for Dana at 3939 Technology Dr Maumee, OH 43537; or by calling them at (419) 887-3000.

https://www.dana.com/ https://www.aarp.org/retirement/planning-for-retirement/info-2023/biggest-changes-impacting-retirement-finances-in-2024.html https://www.kiplinger.com/retirement/retirement-planning/ways-retirement-planning-is-changing-new-year https://en.wikipedia.org/wiki/Dana_Incorporated https://www.thelayoff.com/t/1qA0cYgm#google_vignette https://www.dana.com/newsroom/press-releases/dana-incorporated-reports-record-sales-for-2022-issues-guidance-for-2023-including-higher-sales-profit-and-record-three-year-sales-backlog-of-$900-million/ https://www.sec.gov/Archives/edgar/data/26780/000119312524039323/d707954dex991.htm https://www.milliman.com/en/insight/2023-lump-sums-defined-benefit-plans-much-lower-as-interest-rates-rise https://www.dana.com/ https://www.dana.com/newsroom/press-releases/dana-incorporated-reports-2024-first-quarter-financial-results-with-increased-sales-adjusted-ebitda-and-free-cash-flow-raises-full-year-free-cash-flow-guidance/ https://www.danacole.com/news/timely-opportunities/new-study-finds-rising-health-benefit-costs https://fortunefinancialadvisors.com/business-retirement-plans/introduction-to-nua-a-tax-saving-strategy/ https://carlsoncap.com/articles/nua-net-unrealized-appreciation/ https://pbnlaw.com/net-unrealized-appreciation-opportunities-in-your-companys-retirement-plan https://www.spglobal.com/en https://www.foxrothschild.com/ https://www.kiplinger.com/ https://www.dana.com/ https://pv-magazine-usa.com/ https://www.thelayoff.com/t/146Zov7K https://www.thelayoff.com/t/1jUwp2BM