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Healthcare Provider Update: Maximus, known for its administration of government health programs, primarily collaborates with state and federal health services. It provides administrative services for Medicaid, Medicare, and health care reform initiatives, which play a critical role in ensuring access to healthcare coverage for millions. Looking ahead to 2026, healthcare costs are anticipated to surge, significantly impacting consumers reliant on the Affordable Care Act (ACA) marketplace. As many states prepare for premium increases that could reach as high as 66%, the expiration of enhanced federal subsidies is expected to exacerbate financial burdens for enrollees, with nearly 92% of them facing potential out-of-pocket premium hikes exceeding 75%. This combination of factors is creating a challenging landscape for healthcare affordability, compelling individuals to take proactive steps in managing their healthcare expenditures. Click here to learn more
Most Maximus 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 Maximus 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 Maximus employee could secure may surprise you.
- Finder.com, 2019
- StudentAid.gov, 2020
What is the 401(k) plan offered by Maximus?
The 401(k) plan offered by Maximus is a retirement savings plan that allows employees to save a portion of their paycheck before taxes are taken out.
How can I enroll in the Maximus 401(k) plan?
You can enroll in the Maximus 401(k) plan by completing the enrollment form available through the HR portal or by contacting the HR department for assistance.
Does Maximus match employee contributions to the 401(k) plan?
Yes, Maximus offers a matching contribution to employee 401(k) plans, which helps to enhance your retirement savings.
What is the maximum contribution limit for the Maximus 401(k) plan?
The maximum contribution limit for the Maximus 401(k) plan is set annually by the IRS, and you can check the latest limits on the IRS website or through Maximus’s HR resources.
Can I change my contribution percentage to the Maximus 401(k) plan?
Yes, you can change your contribution percentage to the Maximus 401(k) plan at any time by submitting a request through the HR portal.
When can I start withdrawing from my Maximus 401(k) plan?
You can start withdrawing from your Maximus 401(k) plan at age 59½, or earlier under certain circumstances such as financial hardship.
Are there any fees associated with the Maximus 401(k) plan?
Yes, there may be administrative fees associated with the Maximus 401(k) plan, which are outlined in the plan documents provided to employees.
Does Maximus provide investment options within the 401(k) plan?
Yes, Maximus provides a variety of investment options within the 401(k) plan, allowing employees to choose based on their risk tolerance and retirement goals.
How often can I change my investment allocations in the Maximus 401(k) plan?
Employees can change their investment allocations in the Maximus 401(k) plan as often as they wish, subject to the plan's guidelines.
What happens to my Maximus 401(k) plan if I leave the company?
If you leave Maximus, you have several options regarding your 401(k) plan, including rolling it over to another retirement account, cashing it out, or leaving it with Maximus.
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