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

Hanesbrands Employees: Navigating the Rising Costs of College Tuition for Your Family

Healthcare Provider Update: Healthcare Provider for Hanesbrands: Hanesbrands Inc. typically offers health insurance to its employees through a network of major providers, including companies like UnitedHealthcare, Cigna, and Anthem Blue Cross Blue Shield, depending on the specific plan chosen by the company for its workforce. Potential Healthcare Cost Increases in 2026: As the landscape of healthcare evolves, Hanesbrands may face significant increases in healthcare costs in 2026, primarily driven by rising insurance premiums. Reports indicate that insurance premiums for Affordable Care Act (ACA) plans could surge by an average of 18% to 20%, with some states projecting hikes as high as 66%. The expiration of enhanced federal subsidies is expected to exacerbate the financial strain, potentially leaving over 22 million enrollees facing exorbitant increases in out-of-pocket expenses. Without legislative measures to extend these subsidies, many employees could see their healthcare costs skyrocket, which could significantly impact employee wellness and workforce stability. Click here to learn more

It doesn’t take a degree in finance to see the cost of college continues to rise.

In its 2017 report, the College Board showed that public four-year institutions raised prices an average of 3.2% annually between the 2007-08 and 2017-18 school years. Put another way, a $5,000 education in 2007-08 would cost $6,851 in 2017-18.

For a few families, the lion’s share of education costs falls on parents and, in some cases, on grandparents. For our Hanesbrands clients who are parents you may already know, generally, the majority of families rely on a combination of scholarships, grants, financial aid, part-time jobs, and parent support to help pay the cost.

For Hanesbrands employees who have children approaching college age, a good first step is estimating the potential costs. The accompanying worksheet can help you get a better idea about the cost of a four-year college.

For Hanesbrands employees who already put money away for college, the worksheet will take that amount into consideration. For Hanesbrands employees who haven’t, it’s never too late to start.

Resources

There are a number of resources that can help individuals prepare for college. The U.S. government distributes certain information on colleges and costs. Here are two sites for these Hanesbrands employees to consider reviewing:

www.studentaid.ed.gov
The government’s college and financial aid portal.

Featured Video

Articles you may find interesting:

www.collegeboard.org
The group that administers the SAT test.

Estimating the Cost of College

Estimating the Cost of College

What is the Hanesbrands 401(k) Savings Plan?

The Hanesbrands 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 Roth (after-tax) basis.

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

Employees can enroll in the Hanesbrands 401(k) Savings Plan by accessing the enrollment portal provided by the company, typically available during the onboarding process or during open enrollment periods.

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

Hanesbrands employees can make pre-tax contributions, Roth (after-tax) contributions, and may also be eligible for catch-up contributions if they are over the age of 50.

Does Hanesbrands offer a company match for the 401(k) contributions?

Yes, Hanesbrands 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 Hanesbrands 401(k) company match?

The vesting schedule for the Hanesbrands 401(k) company match typically follows a specific timeline, where employees earn ownership of the matched contributions over a set period.

Can I take a loan from my Hanesbrands 401(k) Savings Plan?

Yes, Hanesbrands allows employees to take loans from their 401(k) Savings Plan, subject to certain conditions and limits set by the plan.

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

The Hanesbrands 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 change my contribution percentage to the Hanesbrands 401(k) Savings Plan?

Employees can change their contribution percentage by logging into the Hanesbrands 401(k) portal and selecting the option to update their contribution rate.

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

If you leave Hanesbrands, you have several options for your 401(k) Savings Plan, including rolling it over to another retirement account, cashing it out, or leaving it in the plan if permitted.

How often can I change my investment choices in the Hanesbrands 401(k) Savings Plan?

Employees can typically change their investment choices in the Hanesbrands 401(k) Savings Plan at any time, subject to the plan's trading policies.

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

Hanesbrands Pension Plan: Name of Pension Plan: Hanesbrands Inc. Pension Plan Years of Service and Age Qualification: Employees typically qualify for pension benefits after reaching 5 years of service. The normal retirement age is 65, but employees may also qualify for early retirement benefits at age 55 with at least 10 years of service. Pension Formula: The pension is calculated based on a formula that considers years of service and average salary. The specific formula details might be found in the plan documents. Hanesbrands 401(k) Plan: Name of 401(k) Plan: Hanesbrands Inc. 401(k) Plan Eligibility: Generally, employees become eligible to participate in the 401(k) plan after 90 days of employment. Plan Features: The 401(k) plan allows employees to contribute a percentage of their salary on a pre-tax or Roth basis. Hanesbrands may also offer a company match up to a certain percentage of employee contributions.

Restructuring and Layoffs: In 2023, Hanesbrands announced a major restructuring plan aimed at streamlining its operations and reducing costs. This plan included the layoff of around 250 employees across various departments. The restructuring is part of Hanesbrands' strategy to focus more on its core apparel business and improve operational efficiencies.

Stock Options: Hanesbrands provided stock options to select executives and key employees based on performance metrics and individual contributions. These options typically had a vesting period and were tied to the company's stock performance. RSUs: Restricted Stock Units were granted to employees as part of their compensation package, aligning their interests with long-term shareholder value. The vesting schedule for RSUs was usually over a period of several years.

2022: Hanesbrands' health benefits included comprehensive medical, dental, and vision insurance. They offered Health Savings Accounts (HSAs) and Flexible Spending Accounts (FSAs) as well. 2023: Benefits remained similar to 2022 with slight enhancements, such as improved preventive care coverage and expanded mental health support. They also increased the contribution limits for HSAs. 2024: Continued focus on mental health and wellness, including expanded telehealth services. The company introduced a new well-being program to support employees' physical, emotional, and financial health.