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

Mr. Cooper Group Employees: Navigating the Rising Costs of College Tuition for Your Family

Healthcare Provider Update: Mr. Cooper Group provides market-based health insurance options including medical, dental, and vision coverage. Employees benefit from HSAs, FSAs, paid parental leave, surrogacy support, tuition reimbursement, and a 401(k) match. The company also offers wellness programs and financial planning tools. Mr. Cooper Group Healthcare costs in the United States are projected to continue rising through 2026, with insurers proposing significant premium increases for Affordable Care Act (ACA) plans. A recent analysis found that ACA insurers are seeking a median premium increase of 15% for 2026, marking the largest hike since 2018. This surge is attributed to factors such as the anticipated expiration of enhanced premium tax credits, rising medical costsincluding expensive medications and increased hospital staysand a shift in the risk pool towards higher-cost enrollees. Without the renewal of enhanced subsidies, out-of-pocket premiums for ACA marketplace enrollees could increase by more than 75% on average. 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 Mr. Cooper Group 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 Mr. Cooper Group 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 Mr. Cooper Group employees who already put money away for college, the worksheet will take that amount into consideration. For Mr. Cooper Group 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 Mr. Cooper Group 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 retirement savings plan does Mr. Cooper Group offer to its employees?

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

How does Mr. Cooper Group match employee contributions to the 401(k) plan?

Mr. Cooper Group provides a matching contribution based on the employee’s contributions, up to a certain percentage of their salary.

What is the eligibility requirement to participate in Mr. Cooper Group's 401(k) plan?

Employees of Mr. Cooper Group are generally eligible to participate in the 401(k) plan after completing a specific period of service, typically within their first year of employment.

Can employees of Mr. Cooper Group make pre-tax contributions to their 401(k)?

Yes, employees of Mr. Cooper Group can make pre-tax contributions to their 401(k), which can lower their taxable income.

Does Mr. Cooper Group allow for Roth contributions in its 401(k) plan?

Yes, Mr. Cooper Group offers the option for employees to make Roth contributions to their 401(k) plan.

What investment options are available in Mr. Cooper Group's 401(k) plan?

Mr. Cooper Group provides a variety of investment options in its 401(k) plan, including mutual funds and target-date funds.

How can employees of Mr. Cooper Group access their 401(k) account information?

Employees can access their 401(k) account information through the online portal provided by Mr. Cooper Group’s plan administrator.

Is there a vesting schedule for the matching contributions at Mr. Cooper Group?

Yes, Mr. Cooper Group has a vesting schedule for matching contributions, which determines when employees fully own those contributions.

What is the maximum contribution limit for the 401(k) plan at Mr. Cooper Group?

The maximum contribution limit for the 401(k) plan at Mr. Cooper Group is in accordance with IRS guidelines, which can change annually.

Can employees of Mr. Cooper Group take loans against their 401(k) savings?

Yes, Mr. Cooper Group allows employees to take loans against their 401(k) savings, subject to specific terms and conditions.

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

News: In early 2024, Mr. Cooper Group announced a significant restructuring plan that includes a reduction of approximately 10% of its workforce. This move is aimed at streamlining operations and reducing operational costs. Additionally, the company has made adjustments to its 401(k) matching contributions.