What Humana Employees Need to Consider Before Making the Leap to Retire Abroad

Healthcare Provider Update: Humana is one of the largest health insurance companies in the United States, primarily offering a range of Medicare Advantage plans, individual and family health insurance, and group health plans for employers. As we look towards 2026, healthcare costs are expected to rise significantly, with many experts forecasting increases in health insurance premiums across various states. For Humana, the pressure stems from a confluence of factors including the anticipated expiration of enhanced federal premium subsidies under the Affordable Care Act (ACA) and rising medical costs. The Kaiser Family Foundation projects that without renewed subsidies, a staggering 92% of ACA policyholders could face premium hikes of over 75%, making 2026 one of the most challenging years for consumers navigating their healthcare finances. Factors like escalating hospital and drug costs, aggressive rate increases by insurers, and overall economic conditions contribute to this inflationary trend. Click here to learn more

For example, Humana 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 Humana 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 Humana 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 Humana employees.

Simply for political, economic, and social reasons, many Humana 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 Humana.

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 Humana 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, Humana 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. 'Humana 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 purpose of Humana's 401(k) Savings Plan?

   The purpose of Humana's 401(k) Savings Plan is to help employees save for retirement by allowing them to contribute a portion of their salary to a tax-advantaged account.

   How can employees enroll in Humana's 401(k) Savings Plan?

   Employees can enroll in Humana's 401(k) Savings Plan through the company’s benefits portal during the open enrollment period or within 30 days of their hire date.

   Does Humana offer a matching contribution for its 401(k) Savings Plan?

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

   What types of investment options are available in Humana's 401(k) Savings Plan?

   Humana's 401(k) Savings Plan offers a variety of investment options, including mutual funds, target-date funds, and other investment vehicles tailored to different risk tolerances.

   Can employees change their contribution percentage in Humana's 401(k) Savings Plan?

   Yes, employees can change their contribution percentage at any time through Humana’s benefits portal.

   What is the minimum contribution required to participate in Humana's 401(k) Savings Plan?

   The minimum contribution required to participate in Humana's 401(k) Savings Plan is typically set at 1% of an employee’s salary, but employees can choose to contribute more.

   When can employees access their funds in Humana's 401(k) Savings Plan?

   Employees can access their funds in Humana's 401(k) Savings Plan upon reaching retirement age, or in cases of financial hardship, as defined by the plan.

   Are there any fees associated with Humana's 401(k) Savings Plan?

   Yes, there may be administrative fees and investment-related fees associated with Humana's 401(k) Savings Plan, which are outlined in the plan documents.

   How does Humana educate employees about the 401(k) Savings Plan?

   Humana provides educational resources, including workshops, webinars, and one-on-one consultations, to help employees understand and maximize their 401(k) Savings Plan benefits.

   Can employees roll over funds from another retirement account into Humana's 401(k) Savings Plan?

   Yes, employees can roll over funds from other qualified retirement accounts into Humana's 401(k) Savings Plan.

   With the current political climate we are in it is important to keep up with current news and remain knowledgeable about your benefits.
   Humana provides a defined benefit pension plan and a 401(k) plan with company match.
   Humana grants RSUs to its executives and certain employees. RSUs vest over several years, aligning employee interests with the company's long-term goals.