Healthcare Provider Update: Healthcare Provider for CarMax: CarMax partners with UnitedHealthcare as its primary healthcare provider. This partnership allows CarMax employees to access a variety of health insurance options tailored to meet their healthcare needs. Potential Healthcare Cost Increases in 2026: As we look ahead to 2026, CarMax employees may face significant healthcare cost increases due to rising premiums driven by several factors. The anticipated expiration of enhanced federal premium subsidies, combined with aggressive rate hikes from major insurers, could see some enrollees facing premium increases of up to 75%. This perfect storm of higher medical costs and regulatory changes indicates that families may need to brace for a substantial financial impact, making navigating healthcare options more critical than ever for employees. Click here to learn more
Most CarMax 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 CarMax 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 CarMax employee could secure may surprise you.
- Finder.com, 2019
- StudentAid.gov, 2020
What is the 401(k) plan offered by CarMax?
The 401(k) plan at CarMax is a retirement savings plan that allows employees to save a portion of their paycheck before taxes are taken out, helping them prepare for retirement.
Does CarMax match contributions to the 401(k) plan?
Yes, CarMax offers a matching contribution to employees' 401(k) plans, which helps employees grow their retirement savings even faster.
How much can I contribute to my CarMax 401(k) plan?
Employees at CarMax can contribute up to the IRS annual limit, which is adjusted each year. For 2023, the limit is $22,500, with an additional catch-up contribution for those aged 50 and older.
When can I enroll in the CarMax 401(k) plan?
New employees at CarMax are typically eligible to enroll in the 401(k) plan after completing a waiting period, usually within the first few months of employment.
What investment options are available in the CarMax 401(k) plan?
The CarMax 401(k) plan offers a variety of investment options, including mutual funds, target-date funds, and other investment vehicles to help employees diversify their portfolios.
How does CarMax's matching contribution work?
CarMax matches a percentage of employee contributions to the 401(k) plan, up to a certain limit, which helps employees maximize their retirement savings.
Can I take a loan from my CarMax 401(k) plan?
Yes, CarMax allows employees to take loans from their 401(k) accounts under certain conditions, providing a way to access funds in case of emergencies.
What happens to my CarMax 401(k) if I leave the company?
If you leave CarMax, you have several options for your 401(k), including rolling it over into an IRA or a new employer's plan, or leaving it in the CarMax plan if permitted.
Is there a vesting schedule for the CarMax 401(k) matching contributions?
Yes, CarMax has a vesting schedule for matching contributions, meaning employees must work for a certain period before they fully own the matched funds.
How can I check my CarMax 401(k) balance?
Employees can check their 401(k) balance through the CarMax benefits portal or by contacting the plan administrator for assistance.
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