What Boston Scientific Employees Need to Consider Before Making the Leap to Retire Abroad

Healthcare Provider Update: Healthcare Provider for Boston Scientific Boston Scientific does not have a single healthcare provider; rather, employees may access healthcare through various plans that might include partnerships with major insurance carriers such as UnitedHealthcare, Cigna, and others. Specific details about available providers would vary based on the health plan chosen by employees. Potential Healthcare Cost Increases in 2026 As we approach 2026, Boston Scientific employees may face significant healthcare cost pressures exacerbated by anticipated increases in Affordable Care Act (ACA) marketplace premiums, some exceeding 60%. The confluence of rising medical expenses, a potential lapse of enhanced subsidy programs, and adjustments in employer-sponsored coverage models could see out-of-pocket costs for many employees increase dramatically. Companies like Boston Scientific, responding to these market forces, might shift more healthcare costs onto employees, making it crucial for them to understand upcoming benefit changes and explore financial strategies to mitigate the impact on their budgets. Click here to learn more

For example, Boston Scientific employees planning on moving overseas need to have a clear plan of action to overcome the challenges of acquiring residency and citizenship in another country,' according to Brent Wolf from The Retirement Group at Wealth Enhancement Group.

Kevin Landis of The Retirement Group, a division of Wealth Enhancement Group, explains why detailed planning is crucial for Boston Scientific employees who intend to retire abroad. However,

In this article we will discuss:

1. The complexity of obtaining residency or citizenship abroad: Discussing the legal, financial, and cultural issues that are involved in moving overseas for Boston Scientific employees.

2. The necessity of professional advice and planning: Emphasizing the importance of thorough preparation and professional advice to ensure a smooth transition to retiring abroad.

3. Tax advantages and financial planning for retirees: Explaining the possible tax advantages that are available through international treaties and the strategic financial planning that needs to be done for the retirement savings of Boston Scientific employees.

Simply for political, economic, and social reasons, many Boston Scientific employees are looking to secure citizenship or residency in other countries if the United States is not as attractive as it once was. But, getting residency in another country and, perhaps, citizenship is not as simple as just buying a plane ticket and setting an itinerary.

This is because there are many processes that may take a few years to accomplish at times. The more people who are considering these options, the more difficult these choices become. It is therefore crucial to identify the legal, financial, and cultural implications that arise in order to ensure a smooth transition to a new home overseas before embarking on this journey.

Without a proper plan and some professional advice, it can be quite a challenge to switch gears and retire during your tenure at Boston Scientific.

The impact of potential tax advantages when retiring abroad will definitely affect your financial position. Many countries, including the United States, have tax treaties that prevent income from being taxed twice. For instance, pensioners are attracted to Portugal by the Non-Habitual Resident (NHR) regime that offers special tax concessions for up to 10 years.

You can enhance your retirement benefits by taking advantage of these perks and seeking the advice of a tax specialist. The IRS notes that because these treaties can be very different it is important to research and seek the advice of a professional (IRS, 2023). These advantages must be used by Boston Scientific employees to enhance their retirement.

Expatriating and retiring is a process of planning a long and beautiful road trip. Just as you would not travel without a map, a well-maintained car, and knowledge of your location, Boston Scientific employees who are retiring abroad need to plan carefully.

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Step by step, you will be guided on how to make your transition to your new home easier, from explaining cultural differences and tax benefits to helping you understand the legal and financial environment. Just as a road trip opens new views and experiences, retirement abroad presents a world of possibilities for a happy and comfortable retirement.

Sources:

1. The Warren Street Wealth Advisors Team. 'Boston Scientific and Large Company Employees.' Warren Street Wealth Advisors, 3 Feb. 2025, Accessed from warrenstreetwealth.com.

2. 'US Taxes for Americans Retiring Abroad in 2025.' MyExpatTaxes, 20 Nov. 2024, Accessed 3 Feb. 2025 from myexpattaxes.com.

3. Toms, Mary, CPA, MBA, MS. 'US Tax Implications of Retiring Abroad: What You Need to Know.' PBMares, 10 Dec. 2024, Accessed 3 Feb. 2025 from pbmares.com.

4. 'Financial Planning for US Expatriates.' The Expat Financial, Accessed 3 Feb. 2025 from expatfinancial.com.

5. 'Retiring Overseas: What You Need to Know About Your US Taxes and Financial Planning.' Expat CPA, Accessed 3 Feb. 2025 from expatcpa.com.

   What is the Boston Scientific 401(k) Savings Plan?

   The Boston Scientific 401(k) Savings Plan is a retirement savings plan that allows employees to save for their future by contributing a portion of their salary on a pre-tax or post-tax basis.

   How can I enroll in the Boston Scientific 401(k) Savings Plan?

   You can enroll in the Boston Scientific 401(k) Savings Plan by accessing the employee benefits portal or contacting the HR department for guidance on the enrollment process.

   What types of contributions can I make to the Boston Scientific 401(k) Savings Plan?

   Employees can make pre-tax contributions, Roth (after-tax) contributions, and, in some cases, catch-up contributions if they are age 50 or older, to the Boston Scientific 401(k) Savings Plan.

   Does Boston Scientific offer a company match for 401(k) contributions?

   Yes, Boston Scientific offers a company match for employee contributions to the 401(k) Savings Plan, which helps employees maximize their retirement savings.

   What is the vesting schedule for the Boston Scientific 401(k) company match?

   The vesting schedule for the Boston Scientific 401(k) company match typically follows a graded vesting schedule, where employees earn ownership of the match over a specified period of service.

   Can I change my contribution rate to the Boston Scientific 401(k) Savings Plan?

   Yes, you can change your contribution rate to the Boston Scientific 401(k) Savings Plan at any time by accessing the employee benefits portal or contacting HR.

   What investment options are available in the Boston Scientific 401(k) Savings Plan?

   The Boston Scientific 401(k) Savings Plan offers a variety of investment options, including mutual funds, target-date funds, and other investment vehicles to help employees diversify their portfolios.

   How can I access my Boston Scientific 401(k) account information?

   You can access your Boston Scientific 401(k) account information by logging into the employee benefits portal or by contacting the plan administrator for assistance.

   What happens to my Boston Scientific 401(k) Savings Plan if I leave the company?

   If you leave Boston Scientific, you have several options for your 401(k) Savings Plan, including rolling it over to an IRA or another employer's plan, or cashing it out (subject to taxes and penalties).

   Is there a loan provision in the Boston Scientific 401(k) Savings Plan?

   Yes, the Boston Scientific 401(k) Savings Plan may offer a loan provision that allows employees to borrow against their account balance under certain conditions.

   With the current political climate we are in it is important to keep up with current news and remain knowledgeable about your benefits.
   Boston Scientific recently announced a restructuring plan aimed at streamlining operations and cutting costs. This involves a reduction in workforce across several departments and a realignment of its business units.