Your Prisma Health Benefits & Career: Financial Planning for Employees and Executives

By  Brian Thorp

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Do you work at Prisma Health? Get the resources you need and expert insights from financial professionals who specialize in helping Prisma Health employees make the most of their compensation package and benefits.

Whether you’re a new Prisma Health employee or you’ve moved up the ranks into a management or executive leadership role over a multi-year career, it’s important to make smart money moves with your income and employee benefits. For example:

✅ Do you know the right moves to make to get the greatest value from the Prisma Health benefits available to you?

✅If you’re thinking about leaving Prisma Health for another job or planning to retire from the company in a few years, are you taking the right steps today to ensure you will receive all of the compensation and benefits that you’ve earned?

Get the Most Value from Your Prisma Health Benefits and Compensation Package

Throughout the year, Prisma Health provides its employees and executives with updates about their benefits ranging from health insurance and health savings plans to retirement plans like a 403(b), 401(a), and deferred compensation plan. While the company offers many useful resources and access to knowledgeable staff who can assist with questions, you’ll also find financial professionals not affiliated with Prisma Health who specialize in helping Prisma Health employees make the most of their income and benefits.

Whether you work in the Prisma Health headquarters in Greenville, South Carolina, another location in the Midlands or Upstate regions, or remotely from home, you may have questions about your compensation package and benefits better suited for a financial professional who can offer unbiased advice and guidance.

For example, sensitive topics like discussing the steps you should take before quitting your job at Prisma Health to work elsewhere, protecting yourself in advance of a round of staff reductions, or deciding when you should plan to retire are all conversations that may be more comfortable with a trusted financial advisor.

Should You Hire a Prisma Health Specialist Financial Advisor?

💡 In the Q&A below, you’ll gain insights from financial advisors who work with Prisma Health employees to help them make smart decisions to get the most value from their compensation and benefits, reduce their money stress, and prepare for a comfortable retirement.

🙋‍♀️ Do you have questions not yet answered? Use the form below to submit questions anonymously and watch this article for updates with answers to your questions. You can also reach out to the financial advisors below to set up an introductory call or contact them with your questions by email.

💸 Smart Money Insights for Prisma Health Employees & Executives

This page is organized into sections to help you quickly find the information you need and get answers to your questions:

  1. Q&A: Financial Planning Tips for Prisma Health Employees & Executives
  2. Get Answers to Your Questions About Your Prisma Health Benefits and Career
  3. Quick Facts & Resources for Prisma Health Employees
  4. Browse Related Articles

Q&A: Financial Planning Tips for Prisma Health Employees & Executives

Answers to Prisma Health Employee Questions with Joe Dunat

Joe Dunat is a financial advisor based in Lexington, South Carolina who specializes in offering financial planning services to Prisma Health employees. Joe helps his clients get the most value from their Prisma Health benefits and compensation package so they can enjoy life and feel confident about their financial future.

Q: As a financial advisor with experience helping Prisma Health employees save for their retirement, how do you help them make the most of their employee benefits?

Often, Prisma Health employees feel unprepared for the decision on how to save for retirement. It’s like seeing an island in the distance with a large body of water in between. You know you have to cross eventually, but what to do first? Build a raft? Start swimming? Often, during our first conversation, we spend time talking about the current financial situation and the best way of crossing that body of water.

Q: When you first speak with a Prisma Health employee, what questions do you like to ask to better understand their unique circumstances and determine how you can best help them achieve their goals?

We find that the conversation can be best summarized by the acronym FORM.

F – We talk about the family situation. What is the current status? Children? School costs? After School Activities – i.e., travel sports, cheer, music, etc.

O – Occupation – How long have they been with Prisma Health? What are their occupational goals? Did they leave a retirement plan somewhere else before joining Prisma Health?

R – Recreational aspirations – most people love to travel, but travel can mean a lot of things. Do you want a retirement that pays for 2 big trips domestically? Do you like to cruise? Fly internationally? What would you want to be able to do in retirement?

M – Money – finally, the money is just the HOW. The above items are the WHY – why we have to connect with someone when they begin to plan for retirement. The How comes after we get really clear about the WHY.

Q: Is there a particular benefit available to Prisma Health employees you feel isn’t as well utilized or understood by employees as it should be?

The 403(b) Retirement Savings Plan and 401(a) plan are different. Most people early on don’t know which to choose. We help them understand the differences so they can make an educated decision on which is the better fit for their personal situation.

Q: Beyond Prisma Health employee benefits for retirement savings, are there other types of benefits offered by the company that you find valuable to discuss with your clients (e.g., stock, education savings, health savings)?

For those Prisma Health employees making over $135,000, the Deferred Compensation plan can be a valuable tax planning tool. We often discuss making tax savvy planning discussions with eligible members.

Q: For Prisma Health employees thinking about leaving the company to accept a job elsewhere, what actions do you recommend they take before resigning and shortly thereafter?

Understanding all your options when leaving a company is important. Often we find that people make errors with this process, not understanding their options. Staying in an employer-sponsored retirement plan can offer the highest levels of protection from creditors or lawsuits. Doing a rollover to an IRA can allow a member to open their retirement accounts to a full spectrum of investment options. Finally, understanding options around loans or hardship withdrawals is important when making a decision.

Q: For Prisma Health employees approaching retirement age, how do you recommend they prepare to make the transition from living off their salary to relying upon other sources of income?

The 5 years leading to retirement and starting retirement are often referred to as the retirement RED ZONE. Making sound decisions around health care, when to claim social security, or understanding investment risk are decisions that can be the difference between a successful retirement or one where you run the risk of running out of money before you run out of time.

A good financial advisor can help you prepare a plan that includes a budget, smart decisions around Social Security and Medicare, a proper estate plan to protect your heirs, and finally, peace of mind from market volatility.

Q: For Prisma Health employees who have managed their finances on their own to this point, what would you suggest they consider to help them decide if they should begin working with a financial advisor at this stage in their lives?

Mike Tyson once said that everyone has a plan until they get punched in the mouth. The recent market volatility has provided that punch for a lot of DIY investors. If the thoughts of a 10-20% market pullback make you uncertain of your retirement plan, having a conversation with a fiduciary professional can provide the certainty you are looking for.

Get to Know Joe Dunat, Financial Advisor for Prisma Health Employees:

View Joe’s profile page on Wealthtender or visit his website to learn more.

Q: What are some of the unique financial planning challenges you commonly see among your clients who are Prisma Health employees, and how do you help them overcome these obstacles?

In finance, there is something called the Sequence of Returns risk. It’s the difference between starting your retirement in an “up” market versus a “down” market. By starting your retirement in a “down” market and starting to take withdrawals, you run the risk of running out of money before you run out of time.

Q: What questions do you recommend Prisma Health employees ask financial advisors they’re considering hiring to help them decide if they’re a good fit?

Having trust with your financial professional is paramount. You obviously look for things like experience in the industry, how many other Prisma Health employees you serve, and what they can expect in terms of communication and follow-up. It’s also important to fully understand how the financial advisor gets paid – are they a fiduciary, or do they get paid by commission?

Q: Is there anything that comes up frequently in your initial meeting with Prisma Health employees that surprises you?

It doesn’t matter if we meet with someone who recently started their career or someone who has been with Prisma for 30+ years; the most common piece of feedback we hear is “I wish we would have talked 10 years ago.” It goes back to crossing that large body of water – sometimes the challenge feels too big to tackle alone. You don’t have to do it all yourself; over the long run, our most satisfied clients meet with us at least every 6 months and love to understand how their journey is progressing but having a guided trip across the water.

Q: For highly compensated Prisma Health employees and executives, are there any special benefits you believe it’s important to take into consideration when preparing their financial plan?

For highly compensated Prisma Health employees, we often talk about proper tax planning. Many Pre-Tax retirement plans come with a joint owner on them… the IRS. The idea is that you defer paying taxes now so one day, you may pay less taxes in the future when you stop working. That plan increasingly is subject to change… the tax code is written in pencil. The idea that taxes may be lower in the future is under constant debate.

As a result, it’s important for those making over $135,000 to understand the deferred comp plans, backdoor Roth IRAs, and other investment options.

Q: Is there a particularly memorable experience or a moment you recall with a client who worked at Prisma Health when you realized they have unique opportunities and circumstances when it comes to their financial planning needs?

We have been lucky to serve Prisma Health employees for many years and have seen our clients’ children grow up, finish school and, in some cases, have children of their own. We are incredibly thankful for the opportunity to be a part of the lives of our clients and help them achieve financial freedom.

Are you a financial advisor who specializes in working with employees at Prisma Health or another large company?

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Quick Facts & Resources for Prisma Health Employees

Prisma Health Quick Facts & ResourcesDetails / Useful Links
Prisma Health Corporate Office (at the Greenville Memorial Hospital campus)701 Grove Rd., Greenville, SC, 29605 (📍 Google Maps)
Overview of Prisma Health Retirement Savings Planprisma.retirepru.com
How much do Prisma Health employees Make?View Prisma Health Salary Research on Glassdoor
Where can I learn more about careers at Prisma Health?Visit careers.prismahealth.org
How many people work for Prisma Health?Prisma Health has over 28,000 employees (Source: Prisma Health)

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About the Author
Brian Thorp, Founder and CEO of Wealthtender profile picture

Brian Thorp

Founder and CEO, Wealthtender

Brian and his wife live in Texas, enjoying the diversity of Houston and the vibrancy of Austin.

With over 25 years in the financial services industry, Brian is applying his experience and passion at Wealthtender to help more people enjoy life with less money stress.

Connect with Brian on LinkedIn

Disclaimer: In order to make Wealthtender free for our readers, we earn money from advertisers including financial professionals and firms that pay to be featured on our platform. This creates a natural conflict of interest when we favor promotion of our clients over other professionals and firms not featured on Wealthtender. Learn how we operate with integrity to earn your trust.

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