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Healthcare Provider Update: Healthcare Provider for Burlington Stores Burlington Stores, Inc. provides healthcare coverage to its employees through a variety of plans, most notably through BlueCross BlueShield (BCBS). This offers employees access to a broad network of healthcare professionals and facilities. Potential Healthcare Cost Increases in 2026 As we look toward 2026, Burlington Stores and its employees may face significant increases in healthcare costs, driven primarily by record hikes in Affordable Care Act (ACA) premiums. States are reporting increases as high as 66% for certain ACA plans, with many individuals potentially seeing their out-of-pocket premiums rise by over 75% if enhanced federal subsidies are not extended. Factors contributing to these escalating costs include rising medical inflation, increased hospital and prescription drug expenses, and the anticipated expiration of enhanced subsidies. Consequently, employers may need to rethink their healthcare strategies, as shifting more costs to employees becomes a likely strategy in response to a challenging economic landscape. Click here to learn more
Most Burlington Stores 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 Burlington Stores 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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- 7 Things to Consider Before Leaving Your Company
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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 Burlington Stores employee could secure may surprise you.
- Finder.com, 2019
- StudentAid.gov, 2020
What type of retirement plan does Burlington Stores offer to its employees?
Burlington Stores offers a 401(k) retirement savings plan to its employees.
Does Burlington Stores match employee contributions to the 401(k) plan?
Yes, Burlington Stores provides a matching contribution to employee contributions made to the 401(k) plan, subject to certain limits.
What is the eligibility requirement for Burlington Stores' 401(k) plan?
Employees of Burlington Stores are eligible to participate in the 401(k) plan after completing a specified period of service, typically 30 days.
How can Burlington Stores employees enroll in the 401(k) plan?
Burlington Stores employees can enroll in the 401(k) plan through the company’s benefits portal or by contacting the HR department for assistance.
What investment options are available in the Burlington Stores 401(k) plan?
The Burlington Stores 401(k) plan offers a variety of investment options, including mutual funds, target-date funds, and other investment vehicles.
Can Burlington Stores employees change their contribution percentage to the 401(k) plan?
Yes, employees at Burlington Stores can change their contribution percentage at any time throughout the year.
Is there a vesting schedule for the employer match in Burlington Stores' 401(k) plan?
Yes, Burlington Stores has a vesting schedule for the employer match, which means employees must work for a certain period before they fully own the matched contributions.
What is the maximum contribution limit for Burlington Stores employees participating in the 401(k) plan?
The maximum contribution limit for Burlington Stores employees is determined by the IRS and may change annually; employees should check the current limit each year.
Does Burlington Stores offer a loan option against the 401(k) savings plan?
Yes, Burlington Stores allows employees to take loans against their 401(k) savings plan, subject to specific terms and conditions.
Can Burlington Stores employees withdraw funds from their 401(k) plan while still employed?
Generally, Burlington Stores employees cannot withdraw funds from their 401(k) plan while still employed, except under specific circumstances such as financial hardship.
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