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

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

Healthcare Provider Update: Hillenbrand Healthcare Provider Overview: Hillenbrand, Inc., a global diversified industrial company headquartered in Batesville, Indiana, primarily functions in markets related to advanced funeral and cremation equipment, medical devices, and industrial process solutions. As of recent data, Hillenbrand does not specifically provide healthcare services or insurance directly but operates through significant subsidiaries in the healthcare sector, such as the medical equipment arm of its subsidiary, Batesville. Potential Healthcare Cost Increases in 2026: In 2026, healthcare costs are projected to surge significantly, primarily due to the looming expiration of enhanced federal premium subsidies under the Affordable Care Act (ACA). This situation could lead to a rise in out-of-pocket premiums by over 75% for nearly 22 million enrollees, pushing some states to see increases exceeding 60%. Factors such as escalating medical expenses and substantial insurer rate hikes are contributing to this unprecedented increase. This perfect storm of conditions may leave many individuals priced out of essential healthcare coverage, negatively impacting their financial stability and access to necessary medical services. Click here to learn more

Most Hillenbrand 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 Hillenbrand 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 Hillenbrand employee could secure may surprise you.

Finder.com, 2019

StudentAid.gov, 2020

What type of retirement savings plan does Hillenbrand offer to its employees?

Hillenbrand offers a 401(k) retirement savings plan to its employees.

How can employees at Hillenbrand enroll in the 401(k) plan?

Employees at Hillenbrand can enroll in the 401(k) plan through the company’s HR portal during the open enrollment period or upon hire.

Does Hillenbrand match employee contributions to the 401(k) plan?

Yes, Hillenbrand offers a matching contribution to employee 401(k) plan contributions, subject to certain limits.

What is the maximum contribution limit for Hillenbrand's 401(k) plan?

The maximum contribution limit for Hillenbrand's 401(k) plan aligns with IRS guidelines, which are updated annually.

Can employees at Hillenbrand take loans against their 401(k) savings?

Yes, Hillenbrand allows employees to take loans against their 401(k) savings, subject to specific terms and conditions.

What investment options are available in Hillenbrand's 401(k) plan?

Hillenbrand's 401(k) plan offers a variety of investment options, including mutual funds and target-date funds.

How often can employees at Hillenbrand change their 401(k) contribution amounts?

Employees at Hillenbrand can change their 401(k) contribution amounts during open enrollment or after a qualifying life event.

Does Hillenbrand provide financial education resources for employees regarding their 401(k)?

Yes, Hillenbrand provides financial education resources and tools to help employees make informed decisions about their 401(k) savings.

What happens to my 401(k) plan if I leave Hillenbrand?

If you leave Hillenbrand, you can choose to roll over your 401(k) balance to another qualified plan, cash out, or leave it in the Hillenbrand plan if eligible.

Are there any fees associated with Hillenbrand's 401(k) plan?

Yes, there may be fees associated with managing the 401(k) plan, which are disclosed in the plan documents provided by Hillenbrand.

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

Name of Pension Plan: Hillenbrand does not appear to offer a traditional defined benefit pension plan. Instead, the company focuses on a 401(k) plan as the primary retirement benefit for employees. Qualifications (Years of Service and Age): Since Hillenbrand primarily offers a 401(k) plan, detailed qualifications for a traditional pension plan are not applicable. For the 401(k) plan, there are typically vesting schedules and eligibility requirements, but specifics on years of service and age requirements are usually detailed in the plan documentation provided by the company. 401(k) Plan Overview: Name of 401(k) Plan: Hillenbrand 401(k) Plan Qualifications (Years of Service and Age): Employees generally become eligible for the Hillenbrand 401(k) Plan upon reaching a certain period of service, which is often outlined in the plan document. Eligibility criteria typically include completing a probationary period, if applicable, and reaching a minimum age (usually 21). Plan Details: Contributions to the Hillenbrand 401(k) Plan are typically made via payroll deductions. The company may offer matching contributions up to a specified percentage

Restructuring and Layoffs: In 2023, Hillenbrand undertook significant restructuring efforts to streamline its operations and improve efficiency. The company announced a reduction in its workforce as part of these efforts, impacting various departments. This move was aimed at adapting to changing market conditions and enhancing overall performance. It's crucial to follow these developments due to the current economic climate, which may influence investment decisions, tax implications, and political factors that could affect the company's future.

Hillenbrand provided stock options and RSUs as part of their compensation packages for employees in 2022. Employees eligible for these incentives generally include executives and key personnel. Hillenbrand typically issues stock options and RSUs to attract and retain top talent and align employee interests with shareholder interests. Hillenbrand’s 2022 annual report (Page 35) details these incentives and eligibility criteria.

Hillenbrand Benefits Overview: The official Hillenbrand website provides a comprehensive overview of their employee benefits. The company typically offers a range of health benefits including medical, dental, and vision insurance. Specific details for 2022-2024 may include plans such as High Deductible Health Plans (HDHPs) with Health Savings Accounts (HSAs) and traditional PPO plans. Healthcare Terms: Common acronyms and terms include HDHP (High Deductible Health Plan), PPO (Preferred Provider Organization), HSA (Health Savings Account), and FSA (Flexible Spending Account