Healthcare Provider Update: Healthcare Provider for Benchmark Electronics The primary healthcare provider for Benchmark Electronics is UnitedHealthcare. This partnership ensures that employees have access to comprehensive medical coverage options, aligning with your interest in potential healthcare costs. Potential Healthcare Cost Increases in 2026 As we look ahead to 2026, healthcare consumers are facing a challenging landscape characterized by significant premium increases for Affordable Care Act (ACA) marketplace plans. Nationwide, some states are projected to see hikes exceeding 60% as insurers grapple with high medical costs and the potential loss of enhanced federal subsidies. Estimates suggest that without corrective legislative actions, up to 22 million enrollees could experience out-of-pocket premium increases of over 75%. This scenario may lead to many middle-income Americans facing affordability issues as rising premiums coincide with decreased support, potentially pricing them out of adequate healthcare coverage. Click here to learn more
Most Benchmark Electronics employees have already heard of the Free Application for Federal Student Aid, or FAFSA, if they or someone they know has plans to attend a college, career school, or university. Last year, around 70% of families submitted a FAFSA to the Department of Education to secure financial assistance. But what many prospective and current students may overlook are the various federal grants awarded to students in need each year.
Granted value
Most federal grants, unlike loans, function as sources of funding. There are some exceptions, though. For example, if a student is awarded a grant, but withdraws from the program in which they’re enrolled, they may be required to pay back all or a portion of that grant.
Know your grants
The Department of Education offers multiple aid packages as part of the Federal Student Grant Program and all Benchmark Electronics employees should be aware of them. The following four are granted most often, and each has different requirements for eligibility. The information below applies to the 2023-2024 academic year:
- Federal Pell Grants - With a maximum award of $6,895, Pell Grants are reserved for undergraduate students who have exceptional financial need and have not earned a bachelor’s, graduate, or professional degree yet.
- Federal Supplemental Educational Opportunity Grants (FSEO) - FSEO Grants award a maximum of $4,000 to those who demonstrate exceptional need and have not yet earned a bachelor’s or graduate degree. FSEO Grants also give priority to Pell Grant recipients over other applicants.
- Iraq and Afghanistan Service Grants - These grants award a maximum of $6,895, and they’re only for students whose parent or guardian served in a branch of the U.S. Armed Forces and died while serving in Iraq or Afghanistan after the events of 9/11.
- Teacher Education Assistance for College and Higher Education (TEACH) Grants - TEACH Grants award a maximum of $4,000, and they’re reserved for students who are enrolled in teaching preparation programs and agree to teach for a minimum of 4 years at the elementary or secondary school level in a high-need field.
FAFSA Required
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- Corporate Employees: 8 Factors When Choosing a Mutual Fund
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- Medicare Open Enrollment for Corporate Employees: Cost Changes in 2024!
- Stages of Retirement for Corporate Employees
- 7 Things to Consider Before Leaving Your Company
- How Are Workers Impacted by Inflation & Rising Interest Rates?
- Lump-Sum vs Annuity and Rising Interest Rates
- Internal Revenue Code Section 409A (Governing Nonqualified Deferred Compensation Plans)
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No matter who you are or your financial situation, you may want to consider submitting a FAFSA. After all, the grants listed above do require recipients to have an application on file with the Department of Education. And who knows? The potential financial benefit that you as a Benchmark Electronics employee could secure may surprise you.
- Finder.com, 2019
- StudentAid.gov, 2020
What is the 401(k) plan offered by Benchmark Electronics?
The 401(k) plan at Benchmark Electronics is a retirement savings plan that allows employees to save a portion of their salary on a pre-tax basis, helping them prepare for retirement.
Does Benchmark Electronics match employee contributions to the 401(k) plan?
Yes, Benchmark Electronics offers a matching contribution to the 401(k) plan, which helps employees increase their retirement savings.
How can I enroll in the Benchmark Electronics 401(k) plan?
Employees can enroll in the Benchmark Electronics 401(k) plan by completing the enrollment process through the company’s HR portal or by contacting the HR department for assistance.
What are the eligibility requirements for the Benchmark Electronics 401(k) plan?
Employees of Benchmark Electronics are generally eligible to participate in the 401(k) plan after completing a specified period of service, as outlined in the plan documents.
Can I change my contribution rate to the Benchmark Electronics 401(k) plan?
Yes, employees can change their contribution rate to the Benchmark Electronics 401(k) plan at any time, subject to the plan's rules and limits.
What investment options are available in the Benchmark Electronics 401(k) plan?
The Benchmark Electronics 401(k) plan offers a variety of investment options, including mutual funds, target-date funds, and other investment vehicles to suit different risk tolerances.
Is there a vesting schedule for the employer match in the Benchmark Electronics 401(k) plan?
Yes, the employer match in the Benchmark Electronics 401(k) plan may be subject to a vesting schedule, which determines when employees fully own the matched contributions.
Can I take a loan from my Benchmark Electronics 401(k) plan?
Yes, employees may have the option to take a loan against their 401(k) balance in the Benchmark Electronics plan, subject to specific terms and conditions.
What happens to my Benchmark Electronics 401(k) if I leave the company?
If you leave Benchmark Electronics, you have several options for your 401(k) plan, including rolling it over to another retirement account, cashing it out, or leaving it with Benchmark Electronics.
Are there any fees associated with the Benchmark Electronics 401(k) plan?
Yes, the Benchmark Electronics 401(k) plan may have administrative fees and investment-related fees, which are disclosed in the plan documents.
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