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Healthcare Provider Update: Healthcare Provider for Builders FirstSource The healthcare provider for Builders FirstSource is not explicitly named in the available resources; however, large employers generally partner with major insurance companies such as UnitedHealthcare, Anthem, Cigna, or Aetna to offer health plans to their employees. Potential Healthcare Cost Increases in 2026 In 2026, employees of Builders FirstSource may face significant healthcare cost increases as a result of anticipated hikes in health insurance premiums-some states may see raises of over 60%. Factors contributing to these increases include the potential expiration of enhanced federal premium subsidies under the Affordable Care Act (ACA) and rising medical care costs driven by inflation and specific expensive treatments. As a result, many employees could experience greater out-of-pocket expenses, compelling them to evaluate their healthcare plans and reassess their financial options carefully. Preparedness in understanding and managing these changes will be crucial for maintaining affordability in the coming year. Click here to learn more
Most Builders FirstSource 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 Builders FirstSource 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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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 Builders FirstSource employee could secure may surprise you.
- Finder.com, 2019
- StudentAid.gov, 2020
What is the 401(k) plan offered by Builders FirstSource?
The 401(k) plan at Builders FirstSource is a retirement savings plan that allows employees to save a portion of their paycheck before taxes are taken out.
How does Builders FirstSource match employee contributions to the 401(k) plan?
Builders FirstSource offers a matching contribution to the 401(k) plan, which typically matches a percentage of the employee's contributions, helping to boost retirement savings.
When can employees of Builders FirstSource enroll in the 401(k) plan?
Employees of Builders FirstSource can enroll in the 401(k) plan during their initial onboarding period or during the annual open enrollment period.
What are the eligibility requirements for the 401(k) plan at Builders FirstSource?
To be eligible for the 401(k) plan at Builders FirstSource, employees generally need to be at least 21 years old and have completed a specified period of service.
Can employees of Builders FirstSource take loans against their 401(k) savings?
Yes, Builders FirstSource allows employees to take loans against their 401(k) savings, subject to specific terms and conditions outlined in the plan.
What investment options are available in the Builders FirstSource 401(k) plan?
The Builders FirstSource 401(k) plan offers a variety of investment options, including mutual funds, stocks, and bonds, allowing employees to choose based on their risk tolerance.
How can employees of Builders FirstSource access their 401(k) account information?
Employees can access their 401(k) account information through the Builders FirstSource benefits portal or by contacting the plan administrator.
What happens to the 401(k) plan if an employee leaves Builders FirstSource?
If an employee leaves Builders FirstSource, they can choose to roll over their 401(k) balance to another retirement account, cash out, or leave the funds in the Builders FirstSource plan if eligible.
Does Builders FirstSource offer financial education resources for its 401(k) plan?
Yes, Builders FirstSource provides financial education resources and workshops to help employees make informed decisions about their 401(k) savings.
Are there any fees associated with the Builders FirstSource 401(k) plan?
Yes, there may be administrative fees and investment-related fees associated with the Builders FirstSource 401(k) plan, which are disclosed in the plan documents.
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