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Healthcare Provider Update: Healthcare Provider for Chesapeake Energy: Chesapeake Energy utilizes a variety of healthcare providers for its employees, primarily partnering with Blue Cross Blue Shield (BCBS) for health insurance coverage. This long-standing relationship allows Chesapeake Energy to offer a comprehensive benefits package that facilitates access to necessary medical services for its workforce. Potential Healthcare Cost Increases in 2026: As we look towards 2026, Chesapeake Energy employees may face significant healthcare cost increases attributed to anticipated rate hikes within the Affordable Care Act (ACA) marketplace. Premiums are projected to rise dramatically, with reports indicating potential average increases of around 20%, and in some states, even exceeding 60%. The looming expiration of enhanced federal premium subsidies is a critical factor, as it could lead to out-of-pocket premium costs surging by over 75% for the majority of policyholders. This combination of rising medical costs and subsidy reductions will require careful planning from both the company and its employees to manage the impending financial impact effectively. Click here to learn more
Most Chesapeake Energy 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 Chesapeake Energy 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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- Stages of Retirement for Corporate Employees
- 7 Things to Consider Before Leaving Your Company
- How Are Workers Impacted by Inflation & Rising Interest Rates?
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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 Chesapeake Energy employee could secure may surprise you.
- Finder.com, 2019
- StudentAid.gov, 2020
What is the purpose of the 401(k) plan offered by Chesapeake Energy?
The purpose of the 401(k) plan at Chesapeake Energy is to help employees save for retirement by allowing them to contribute a portion of their salary on a pre-tax basis.
How can employees enroll in the Chesapeake Energy 401(k) plan?
Employees can enroll in the Chesapeake Energy 401(k) plan by accessing the company’s benefits portal and following the enrollment instructions provided.
Does Chesapeake Energy offer a company match for 401(k) contributions?
Yes, Chesapeake Energy offers a company match for employee contributions to the 401(k) plan, which helps to enhance retirement savings.
What types of investment options are available in the Chesapeake Energy 401(k) plan?
The Chesapeake Energy 401(k) plan offers a variety of investment options, including mutual funds, stocks, and bonds, allowing employees to choose based on their risk tolerance.
At what age can employees start withdrawing from their Chesapeake Energy 401(k) plan without penalties?
Employees can start withdrawing from their Chesapeake Energy 401(k) plan without penalties at age 59½, subject to certain conditions.
Can employees take loans against their Chesapeake Energy 401(k) plan?
Yes, employees may have the option to take loans against their Chesapeake Energy 401(k) plan, subject to the plan's specific rules and limits.
What happens to the 401(k) plan if an employee leaves Chesapeake Energy?
If an employee leaves Chesapeake Energy, they can choose to roll over their 401(k) balance into another retirement account, leave it in the Chesapeake plan, or cash it out, subject to taxes and penalties.
Is there a vesting schedule for the company match in the Chesapeake Energy 401(k) plan?
Yes, Chesapeake Energy has a vesting schedule for the company match, meaning employees must work for a certain period before they fully own the matched funds.
How often can employees change their contribution amounts to the Chesapeake Energy 401(k) plan?
Employees can typically change their contribution amounts to the Chesapeake Energy 401(k) plan at any time, subject to plan rules and payroll processing schedules.
What is the maximum contribution limit for the Chesapeake Energy 401(k) plan?
The maximum contribution limit for the Chesapeake Energy 401(k) plan is determined by IRS regulations, which may change annually; employees should check the latest limits for accuracy.
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