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

8 smart habits Franchise Group employees can adopt to help boost credit scores

Healthcare Provider Update: Healthcare Provider for Franchise Group The Franchise Group, a company operating several retail and service brands, typically partners with major health insurance providers to offer healthcare coverage to its employees. While the exact provider may vary, large national insurers such as UnitedHealthcare, Anthem, and Aetna are commonly chosen by companies in similar industries for their comprehensive plan offerings. Potential Healthcare Cost Increases in 2026 As we look ahead to 2026, healthcare costs are anticipated to surge significantly, primarily driven by the expiration of enhanced federal premium subsidies associated with the Affordable Care Act (ACA). Many states are bracing for substantial rate hikes, with some insurers proposing increases of over 60%. The Kaiser Family Foundation highlights that without congressional intervention, nearly 92% of marketplace enrollees could face out-of-pocket premiums climbing by as much as 75%. Combined with rising medical costs, these factors are likely to put considerable financial pressure on consumers and companies alike in the coming year. Click here to learn more

'Strong credit habits can give Franchise Group employees greater flexibility when preparing for major financial decisions, especially as they transition toward retirement,' says Michael Corgiat, a representative of The Retirement Group, a division of Wealth Enhancement.

'Franchise Group employees who build and maintain strong credit habits may position themselves for smoother financial decisions in the years leading up to retirement,' says Brent Wolf, a representative of The Retirement Group, a division of Wealth Enhancement.

In this article, we will discuss:

How strong credit can support borrowing for major purchases.
Eight habits that may positively influence your credit score.
Ways to monitor and maintain the accuracy of your credit report.

When borrowing for a major purchase, strong credit can make the process smoother and possibly less expensive. Like preparing for a long-term project at Franchise Group, progress comes from consistent effort over time—not rushing right before the deadline.

Here are eight habits that can support your credit score.

1. Make timely bill payments

Payment history is a major factor in credit scoring. Staying on top of due dates for loans and credit cards demonstrates reliability. Options like scheduled reminders or autopay can help keep everything flowing.

2. Maintain minimal credit balances

Using only a portion of your available credit—especially on revolving accounts like credit cards—can contribute to a stronger score. Credit utilization (how much of your borrowing limit you’re using) is a key consideration for lenders.

3. Keep older accounts open when it makes sense

The length of your credit history influences how strong your borrowing profile appears. Older accounts highlight more long-term behavior. However, if an account has high fees or encourages overspending, closing it may still be practical for some Franchise Group households.

4. Limit unnecessary new credit applications

Applying for credit can trigger hard inquiries that temporarily place slight downward pressure on your credit score. Multiple inquiries for the same type of loan—like mortgage rate shopping—typically count as one within a defined window. Checking your own credit does not affect your score.

5. Maintain a healthy mix of credit types

Responsibly managing a blend of installment loans and revolving accounts can demonstrate financial flexibility. This doesn’t mean taking on debt that isn’t needed. However, thoughtfully managing different forms of credit over time may help strengthen your profile as life evolves during and after a Franchise Group career.

6. Monitor your credit report regularly

You are entitled to free credit reports from the major bureaus—Equifax®, Experian®, and TransUnion®. Reviewing them can help identify errors, lingering balances, or signs of fraud. Staying proactive keeps your credit information accurate and up-to-date.

7. Dispute any reporting mistakes

If you find incorrect data on your report, you can file a dispute with the reporting bureau and contact the creditor at issue. Fixing errors can help make sure your score reflects your actual history.

8. Strengthen your overall financial picture

Budgeting, keeping debt manageable, and maintaining an emergency fund may make it easier to keep up with credit-related commitments. When finances stay organized, positive credit habits typically follow.

Need help planning for retirement?

A well-managed credit profile can be an important part of your overall financial life, including the transition into retirement. The Retirement Group can assist you as you prepare for your future. If you would like guidance, call (800) 900-5867 to speak with our team.

Need help planning for retirement?

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Sources:

1. Consumer Financial Protection Bureau. “How Do I Dispute an Error on My Credit Report?” CFPB , 18 Dec. 2024, www.consumerfinance.gov/ask-cfpb/how-do-i-dispute-an-error-on-my-credit-report-en-314/ . Accessed 27 Oct. 2025.

2. Experian Editorial Team. “Do Multiple Loan Inquiries Affect Your Credit Score?” Experian , 30 Aug. 2024, www.experian.com/blogs/ask-experian/do-multiple-loan-inquiries-affect-your-credit-score/ . Accessed 27 Oct. 2025.

3. FICO. “What’s in My FICO® Scores?” myFICO , n.d., www.myfico.com/credit-education/whats-in-your-credit-score . Accessed 27 Oct. 2025.

4. Federal Deposit Insurance Corporation. “Credit Reports.” FDIC , 1 Aug. 2023, www.fdic.gov/consumer-resource-center/credit-reports . Accessed 27 Oct. 2025.

5. Federal Trade Commission. “Free Credit Reports.” FTC Consumer Advice , 2023–2024, consumer.ftc.gov/free-credit-reports. Accessed 27 Oct. 2025.

What retirement savings options does Franchise Group offer to its employees?

Franchise Group offers a 401(k) savings plan to help employees save for retirement.

How can employees at Franchise Group enroll in the 401(k) plan?

Employees at Franchise Group can enroll in the 401(k) plan by completing the enrollment forms provided during orientation or through the employee portal.

Does Franchise Group match employee contributions to the 401(k) plan?

Yes, Franchise Group offers a matching contribution up to a certain percentage of employee contributions to the 401(k) plan.

What is the vesting schedule for the 401(k) match at Franchise Group?

The vesting schedule for the 401(k) match at Franchise Group typically follows a graded vesting schedule over a period of time, which will be detailed in the plan documents.

Are there any fees associated with the Franchise Group 401(k) plan?

Yes, there may be administrative fees associated with the Franchise Group 401(k) plan, which will be disclosed in the plan documents.

Can employees take loans against their 401(k) balance at Franchise Group?

Yes, Franchise Group allows employees to take loans against their 401(k) balance, subject to the plan's terms and conditions.

What investment options are available in the Franchise Group 401(k) plan?

The Franchise Group 401(k) plan offers a variety of investment options, including mutual funds, target-date funds, and company stock.

How often can employees change their contribution amounts to the Franchise Group 401(k) plan?

Employees at Franchise Group can change their contribution amounts to the 401(k) plan typically on a quarterly basis or as specified in the plan documents.

What is the minimum contribution percentage for the Franchise Group 401(k) plan?

The minimum contribution percentage for the Franchise Group 401(k) plan is usually set at 1% of the employee's salary, but employees are encouraged to contribute more if possible.

Can employees at Franchise Group access their 401(k) funds before retirement?

Employees at Franchise Group may access their 401(k) funds before retirement under certain circumstances, such as financial hardship or termination of employment.

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

Franchise Group, like many companies, offers retirement plans to its employees, including both pension and 401(k) plans. As of 2022, 2023, and continuing into 2024, Franchise Group aligns its retirement benefits with federal legislation, including the SECURE Act and SECURE 2.0 enhancements (RSM US) (National Law Review). For its 401(k) plan, employees are automatically enrolled at a contribution rate of 3% of their salary, which escalates annually up to 10%, per changes beginning in 2024. Employees have the option to opt out, but this automatic enrollment is designed to help employees build savings consistently. Franchise Group’s 401(k) plan also offers employer matching contributions (CLA). Part-time employees become eligible to participate after two consecutive years of at least 500 hours of service

Restructuring and Layoffs: In early 2023, Franchise Group announced a significant restructuring plan aimed at streamlining operations and improving efficiency. This move included layoffs affecting approximately 10% of the workforce across various departments. The restructuring was driven by a need to adapt to changing market conditions and enhance financial performance. Company Benefit Changes: As part of the restructuring, Franchise Group also revised its employee benefits package. Changes included reduced health insurance coverage options and modifications to retirement plan contributions. These adjustments were made to better align with the company's new strategic goals and financial outlook.

Franchise Group provides stock options as part of its employee compensation package. These options allow employees to purchase company stock at a set price within a specific timeframe. Franchise Group typically grants stock options to senior management and key employees, based on performance and tenure. Franchise Group options are generally vested over several years, with certain performance metrics required for full vesting. Franchise Group RSUs (2022-2024): Franchise Group also offers Restricted Stock Units (RSUs) to its employees. RSUs are granted to employees but are subject to vesting schedules, which are usually tied to continued employment. Franchise Group grants RSUs to a broader range of employees compared to stock options, including mid-level managers and high performers.

Traditional Group Health Insurance Plans: Franchise Group offers traditional group health insurance plans where the company pays a fixed premium to the insurance carrier. These premiums cover a range of services, including medical, dental, and vision. The insurance carrier assumes the financial risk for claims, offering protection to the company against large, unexpected medical expenses. These plans, however, can become expensive and often require high participation rates from employees (StretchDollar). Health Savings Accounts (HSAs): Employees have access to HSAs, which allow them to set aside pre-tax dollars for medical expenses. These accounts are beneficial for both employees and employers, offering flexibility and tax advantages. However, HSAs are only available to employees who have high-deductible health plans (HDHPs), which could limit participation (StretchDollar). Individual Coverage Health Reimbursement Arrangement (ICHRA): Franchise Group also offers an ICHRA, which is a newer health benefit option. This allows employers to provide pre-tax funds that employees can use to purchase their own health insurance. This option is flexible and gives employees the freedom to select a plan that fits their needs. It is particularly useful for franchises with smaller workforces or employees located in various regions (StretchDollar) (Aflac). Compliance with New Regulations: Franchise Group ensures that their health plans comply with the latest federal requirements, including those related to mental health parity and transparency in pricing. The transparency rules require the disclosure of in-network rates, out-of-network allowances, and prescription drug costs, while the mental health parity rules enforce comparative analysis for mental health and substance use disorder treatments (Aflac). Recent Developments: The company has also been updating their healthcare offerings to align with new federal mandates regarding surprise billing, transparency in coverage, and parity in mental health services. These changes are designed to enhance employee protections, streamline claims, and provide clarity in pricing, which benefits employees seeking affordable care options