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Protecting Your Corteva Retirement: Managing Long-Term Care Costs

“Corteva employees who establish a dedicated health care reserve and explore flexible hybrid care solutions can help manage potential long-term care costs while addressing their overall retirement goals.”– Michael Corgiat, a representative of The Retirement Group, a division of Wealth Enhancement.

“By proactively allocating a targeted health care contingency fund and evaluating adaptable long-term care policy options, Corteva employees can mitigate the financial shock of extended care expenses while aligning with their broader retirement strategy.” – Brent Wolf, a representative of The Retirement Group, a division of Wealth Enhancement.

In this article we will discuss:

The financial impact of long-term care risk
Hybrid insurance solutions for long-term care (LTC) coverage
Strategies for building a dedicated health care contingency buffer

As Corteva employees approach retirement, many will face unexpected health challenges with age. Long-term care (LTC) costs can be extremely high for a small portion of retirees, and those exceptional cases can skew the average for everyone else. This insight—shared by Tyson Mavar, a financial advisor with Wealth Enhancement—highlights an often-overlooked aspect of retirement planning: the possibility that extended care and prolonged medical expenses can resemble a financial balloon payment.

Assistance with tasks such as eating, dressing, and bathing that are not covered by traditional medical treatment is referred to as long-term care. Unlike acute medical services, LTC is typically not included under Medicare or most standard health insurance policies, placing the financial burden on individuals. Around 70% of people over age 65 will need some form of LTC, ¹ yet only about 20% will require services lasting more than two years. ¹ Roughly 4–9% are expected to face extreme LTC costs exceeding $250,000 ² —something Corteva employees should account for.

Marital status also affects long-term care needs: individuals 65 and older who are single have a 51% chance of requiring paid LTC services, while those who are married face a 43% chance. ³

These numbers underscore the potential scope and cost of LTC needs. While the most expensive cases are uncommon, they can heavily influence financial assumptions, creating undue anxiety for those trying to prepare thoughtfully. Mavar’s key guidance is to “prepare, not panic,” advocating for balanced planning that manages costs without overcommitting resources for Corteva employees.

A core part of that approach is using cautious, reasoned assumptions when estimating future care expenses. Instead of preparing for worst-case scenarios, individuals might start with a baseline such as one year of full-time care at current local prices, then adjust only if there are clear indicators—like a family history of chronic illness—that prolonged care is more likely.

Mavar also encourages exploring hybrid insurance solutions rather than only traditional LTC insurance, which may come with rising premiums and limited flexibility. Hybrid plans—such as annuities with LTC features or life insurance policies—can offer care benefits if needed, or a legacy component if unused, potentially offering Corteva retirees a more adaptable approach.

Another helpful method is to allocate a separate portion of one’s assets specifically for future medical and care-related expenses. Creating a distinct “health care buffer” within the broader retirement plan can help retirees address those costs separately from other retirement needs. Corteva employees may want to consider liquid, lower-risk investments—like high-yield savings accounts or short-term government bonds—for this segment, allowing easier access to funds while limiting exposure to significant market fluctuations.

Mavar also cautions against letting rare but costly events dominate overall retirement preparation. “You don’t want to underfund the rest of your retirement and dedicate too much for something that may never occur,” he notes—practical guidance to help Corteva workers build adaptable, long-term spending strategies.

Ultimately, it’s wise to treat long-term care as both a health-related challenge and a factor that can influence estate and retirement outcomes. By estimating conservatively, examining hybrid policy options, and establishing a separate fund for care-related needs, Corteva employees can construct resilient retirement strategies that take LTC into account while still addressing their overall financial objectives.

Sources:

1. Administration for Community Living, Department of Health & Human Services. ' How Much Care Will YOu Need? ' 18 Feb. 2020.

2. Simply Insurance. ' How Many People Need Long Term Care in America? ' 12 June 2025.

3. Morningstar. ' How Likely Are You to Need Long-Term Care? ' by Christine Benz. 12 Jul. 2024.

Things I suggest deleting:

Corteva retirees are encouraged to dedicate a portion of their assets to health care expenses in a flexible and targeted way, research hybrid LTC policies, and use reasonable estimates for care-related costs as they approach retirement.

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Keywords: healthcare contingency, hybrid LTC insurance, retirement income options, long-term care planning

Planning for long-term care is similar to installing a backup generator for your home: when the power goes out, those who live alone face added challenges. Similarly, individuals over age 65 who are unmarried have a 51% chance of needing paid long-term care, compared to 43% for their married counterparts.

Just as a generator provides continuity during occasional outages, a carefully constructed LTC plan helps manage costly care needs while maintaining flexibility for other goals.

1. Genworth Financial, Inc., and CareScout. Cost of Care Survey 2024 . Genworth Financial, 4 Mar. 2025, pp. 1–2.

2. Cavanaugh, Lynn. “2024 Retiree Health Care Cost Estimate Is $165,000.” Fidelity Investments , 15 Aug. 2024, p. 1.

3. Office of the Assistant Secretary for Planning and Evaluation (ASPE). “What Is the Lifetime Risk of Needing and Receiving Long-Term Services & Supports?” U.S. Department of Health & Human Services , Dec. 2018, pp. 3–4.

4. American Association for Long-Term Care Insurance. “Long-Term Care Need Data for Men and Women.” AALTCI , July 2024, sec. “Married Couples Have Less Long-Term Care Need.”

5. Carroll, John. “Five Reasons to Discuss Long-Term Care Insurance Options with Your Clients.” LIMRA & LOMA , Dec. 2023, sec. “Life Combination Products.”

How does Corteva Agriscience determine the eligibility criteria for employees to participate in the Pension and Retirement Plan, and what implications does this have for employees who were hired before or after January 1, 2007? Specifically, in what ways could this eligibility impact employees looking to retire within the next few years as they assess their planned benefits?

Eligibility Criteria: Employees at Corteva Agriscience are eligible to participate in the Pension and Retirement Plan based on their hire date. Those hired before January 1, 2007, are generally eligible for the plan, while those hired afterward are excluded. This eligibility distinction significantly affects employees planning to retire in the next few years, as those hired before 2007 may be able to rely on pension benefits in addition to other savings(Corteva_Agriscience_Pen…).

What are the different methods available for calculating retirement benefits under Corteva Agriscience's Pension and Retirement Plan? In particular, how do these calculations accommodate variations in years of service and average monthly compensation, and what considerations must employees account for when estimating their final retirement benefits?

Methods for Calculating Retirement Benefits: Corteva Agriscience offers different methods to calculate retirement benefits, including Formula A, B, and C. These formulas consider factors such as years of service and average monthly compensation. The formulas accommodate variations in service years, and employees must evaluate which formula provides the highest benefits based on their individual circumstances, including any service accrued before the Benefit Freeze Date(Corteva_Agriscience_Pen…).

How does Corteva Agriscience address early retirement options for employees, and what factors contribute to the potential reduction of pension benefits for those opting for early retirement? Analyze the balance between the desirability of early retirement and the financial implications it entails for employees at Corteva Agriscience.

Early Retirement Options: Employees may opt for early retirement, typically available from age 50 with 15 years of eligibility service. However, retiring early could reduce pension benefits based on a percentage reduction for each year before normal retirement age. Employees must carefully balance the attractiveness of early retirement with potential reductions in their pension benefits(Corteva_Agriscience_Pen…).

In what ways does Corteva Agriscience ensure that employees understand their rights and options regarding survivor benefits? What steps should employees take to designate beneficiaries effectively, and how might the choice of survivor benefit options affect long-term financial security for families after an employee's death?

Survivor Benefits: Corteva Agriscience provides survivor benefits, including options like joint and survivor annuities. Employees can designate a spouse or other beneficiaries to receive benefits after their death, ensuring long-term financial security for their families. Employees should regularly update beneficiary information and carefully consider how their choice of survivor benefits impacts their family’s financial security(Corteva_Agriscience_Pen…).

How does Corteva Agriscience's pension plan accommodate transfers between affiliated companies? Specifically, what rules govern the continuity of benefits, and how might a transfer impact the benefits accrued under the Pension and Retirement Plan, particularly for those moving between different titles of the plan?

Transfers Between Affiliated Companies: The pension plan allows for the continuity of benefits when transferring between Corteva’s affiliated companies. Transfers after specific dates between titles (e.g., DuPont, Pioneer) continue to earn benefits under the initial plan, which helps employees preserve their accrued benefits when moving between titles within the company(Corteva_Agriscience_Pen…).

What strategies can employees at Corteva Agriscience employ to maximize their retirement savings given the current limits set by the IRS for 2024? Discuss the potential implications of these limits on employee contributions and how the pension plan can work in conjunction with the employees' broader financial planning.

Maximizing Retirement Savings: Employees can maximize their retirement savings by contributing the maximum allowed under IRS limits for 2024. Since the pension plan is a defined benefit plan, it works alongside personal savings and the Retirement Savings Plan to provide comprehensive retirement support. Strategic contributions to 401(k) and other savings vehicles can complement the pension benefits(Corteva_Agriscience_Pen…).

How does Corteva Agriscience manage the funding of its Pension and Retirement Plan to ensure that it meets current obligations? Additionally, what role do anticipated changes in employee demographics play in shaping Corteva's approach to future pension fund viability?

Pension Funding and Viability: Corteva Agriscience manages its Pension and Retirement Plan by monitoring funding levels to meet obligations. Anticipated changes in employee demographics, such as increasing retirements, shape the company’s strategy to maintain long-term pension viability and ensure that benefits are funded adequately(Corteva_Agriscience_Pen…).

What are the potential benefits and limitations of participating in Corteva Agriscience's Pension and Retirement Plan for employees nearing retirement, and how do those factors influence their decision-making process regarding when to retire?

Benefits for Employees Nearing Retirement: Employees nearing retirement may benefit from Corteva Agriscience’s plan if they qualify under the eligibility criteria. However, the plan's limitations, including the Benefit Freeze Date and early retirement reductions, may influence their decision on when to retire. Employees must weigh these factors when assessing their overall retirement strategy(Corteva_Agriscience_Pen…).

How can employees contact Corteva Agriscience to gain further insight or clarification regarding their benefits under the Pension and Retirement Plan? What resources does Corteva provide to facilitate communication and ensure that employees are well-informed about their retirement options?

Contacting Corteva for Clarification: Employees can contact Corteva’s pension recordkeeper for further clarification on their benefits by reaching out to the contacts listed in the plan’s summary. Corteva provides resources like the retirement kit to help employees understand their options(Corteva_Agriscience_Pen…).

What legal and administrative steps must employees at Corteva Agriscience take when they experience changes in employment status or when filing claims related to their pension benefits? How does the administrative structure of the Pension and Retirement Plan influence these processes, and what resources are available to assist employees in navigating them?

Legal and Administrative Steps: Employees must notify the Pension and Retirement Plan administrator about changes in employment status and follow formal procedures when filing claims. Administrative processes are governed by plan-specific rules, and resources like Corteva Connection are available to assist employees through these processes(Corteva_Agriscience_Pen…).