New Update: Healthcare Costs Increasing by Over 60% in Some States. Will you be impacted?

Enovis Employees: Unlock the Benefits of the Federal Student Grant Program for Your Family's Education

Healthcare Provider Update: Healthcare Provider for Enovis Enovis Corporation focuses primarily on innovative medical technologies and doesn't act as a traditional healthcare provider. Instead, their products are frequently utilized by healthcare providers, including hospitals and outpatient clinics, to enhance patient outcomes in areas such as orthopedic rehabilitation and musculoskeletal health. Potential Healthcare Cost Increases in 2026 As 2026 approaches, significant hikes in healthcare costs are anticipated, driven primarily by soaring drug prices, rising hospital admissions, and increasing behavioral health needs. A recent analysis indicates medical costs are forecasted to rise by approximately 8.5% for group plans and 7.5% for individual market plans. The impending expiration of enhanced federal subsidies is also likely to exacerbate these increases, potentially leading to a dramatic 75% rise in out-of-pocket premiums for policyholders, significantly impacting consumers' access to affordable coverage. As insurers navigate these challenges, cost control measures will be crucial in preserving the financial viability of healthcare for many Americans. Click here to learn more

Most Enovis 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 Enovis 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 Enovis employee could secure may surprise you.

Finder.com, 2019

StudentAid.gov, 2020

What is the Enovis 401(k) plan?

The Enovis 401(k) plan is a retirement savings plan that allows employees to save a portion of their salary for retirement on a tax-deferred basis.

How can I enroll in the Enovis 401(k) plan?

Employees can enroll in the Enovis 401(k) plan by completing the enrollment process through the company's HR portal or by contacting the HR department for assistance.

Does Enovis offer a company match for the 401(k) contributions?

Yes, Enovis offers a company match for employee contributions to the 401(k) plan, which helps employees maximize their retirement savings.

What is the eligibility requirement to participate in the Enovis 401(k) plan?

To be eligible to participate in the Enovis 401(k) plan, employees must meet specific criteria, which typically include being a full-time employee and completing a certain period of service.

How much can I contribute to the Enovis 401(k) plan?

Employees can contribute up to the IRS limit set for 401(k) plans each year. Enovis may also allow for additional catch-up contributions for eligible employees.

Can I change my contribution percentage in the Enovis 401(k) plan?

Yes, employees can change their contribution percentage at any time by accessing their account through the Enovis HR portal or contacting HR.

What investment options are available in the Enovis 401(k) plan?

The Enovis 401(k) plan offers a variety of investment options, including mutual funds, target-date funds, and other investment vehicles to suit different risk tolerances.

When can I access my Enovis 401(k) funds?

Employees can access their Enovis 401(k) funds upon reaching retirement age, or under certain circumstances such as financial hardship or termination of employment.

Are there any fees associated with the Enovis 401(k) plan?

Yes, the Enovis 401(k) plan may have administrative fees and investment-related expenses, which are disclosed in the plan documents provided to employees.

How does the Enovis 401(k) plan handle loans?

The Enovis 401(k) plan allows eligible employees to take loans against their vested balance, subject to specific terms and conditions outlined in the plan documents.

With the current political climate we are in it is important to keep up with current news and remain knowledgeable about your benefits.

Enovis offers its employees a comprehensive 401(k) plan, which includes employer matching contributions of up to 4%. Employees are fully vested in the 401(k) plan from day one, providing immediate access to the matched funds (Enovis) (Enovis). The 401(k) plan at Enovis is designed to assist employees in preparing for retirement by allowing them to contribute a portion of their pre-tax earnings. Enovis' plan follows standard 401(k) terminology, offering both traditional and Roth options, providing flexibility depending on employees' tax preferences and retirement strategies. The Enovis pension plan details are less prominently outlined but involve specific eligibility criteria based on years of service and age qualifications, typical in defined benefit plans. Enovis also refers to the pension plan using common acronyms such as DB (Defined Benefit) and includes terminology like vesting periods, accrual rates, and final average pay calculations.

Restructuring and Layoffs: Enovis announced in March 2024 a significant restructuring plan aimed at streamlining operations and reducing costs. This move included a reduction in workforce by 10%, affecting various departments across the company. The company stated that the restructuring was necessary to improve efficiency and adapt to changing market conditions.

Enovis Corporation (NYSE: ENOV), a leading medical technology growth company, provides stock options and Restricted Stock Units (RSUs) to its employees as part of its compensation strategy. The stock options at Enovis are typically offered to senior executives and key personnel as incentives for performance and growth. RSUs are also granted, particularly to employees who contribute to long-term strategic projects. RSUs are awarded based on performance criteria and vest over time, aligning employees' interests with shareholders. In 2022, Enovis expanded its stock-based compensation, especially in its Reconstructive and Prevention segments. This growth resulted in a broader distribution of stock options and RSUs across various levels of management. The company reported significant innovation in its financial results, with stock options contributing to long-term employee retention

Visit Enovis's official website. Look for sections such as "Careers," "Employee Benefits," or "Corporate Responsibility" where health benefits are typically detailed. Check their latest press releases or news updates that might include changes to health benefits. Search for Enovis's annual reports or SEC filings (e.g., 10-K reports) which often include details about employee benefits and changes. Job Listings and Career Pages: Explore job postings on Enovis’s career page or job boards. Sometimes, benefits information is included in job descriptions. News Outlets and Business Journals: