Healthcare Provider Update: Healthcare Provider for Microchip Technology: Microchip Technology utilizes Cigna Healthcare as their primary healthcare provider, offering comprehensive health insurance coverage for their employees and stakeholders. Potential Healthcare Cost Increases in 2026: In 2026, employees of Microchip Technology may face significant increases in healthcare costs amid a challenging insurance landscape. With projected premium hikes averaging around 20% nationally and certain states experiencing surges as high as 66%, many workers could see out-of-pocket expenses rise substantially. The anticipated expiration of enhanced federal subsidies and ongoing medical cost inflation, expected to remain between 7% to 10%, may exacerbate the financial burden on employees and their families. As the healthcare market prepares for these changes, planning ahead and securing more affordable healthcare options will be crucial for maintaining financial stability in the coming year. Click here to learn more
Most Microchip Technology 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 Microchip Technology 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 Microchip Technology employee could secure may surprise you.
- Finder.com, 2019
- StudentAid.gov, 2020
What type of retirement savings plan does Microchip Technology offer to its employees?
Microchip Technology offers a 401(k) retirement savings plan to help employees save for their future.
How can employees at Microchip Technology enroll in the 401(k) plan?
Employees at Microchip Technology can enroll in the 401(k) plan through the company’s HR portal or by contacting the HR department for guidance.
Does Microchip Technology provide matching contributions to the 401(k) plan?
Yes, Microchip Technology provides matching contributions to the 401(k) plan, which helps employees increase their retirement savings.
What is the maximum contribution limit for the Microchip Technology 401(k) plan?
The maximum contribution limit for the Microchip Technology 401(k) plan is in line with IRS guidelines, which may change annually. Employees should check the latest limits on the IRS website or consult HR.
Can employees at Microchip Technology take a loan against their 401(k) savings?
Yes, Microchip Technology allows employees to take loans against their 401(k) savings, subject to specific terms and conditions outlined in the plan.
What investment options are available in the Microchip Technology 401(k) plan?
The Microchip Technology 401(k) plan offers a variety of investment options, including mutual funds, stocks, and bonds, allowing employees to tailor their investment strategy.
Is there a vesting schedule for the employer match in the Microchip Technology 401(k) plan?
Yes, Microchip Technology has a vesting schedule for employer match contributions, which means employees must work for a certain period to fully own the matched funds.
How often can employees at Microchip Technology change their contribution amounts to the 401(k) plan?
Employees at Microchip Technology can change their contribution amounts to the 401(k) plan at designated times throughout the year, as specified in the plan documents.
What happens to the 401(k) savings if an employee leaves Microchip Technology?
If an employee leaves Microchip Technology, they have several options for their 401(k) savings, including rolling it over to an IRA or another employer's plan, cashing it out, or leaving it in the Microchip plan if eligible.
Are there any fees associated with the Microchip Technology 401(k) plan?
Yes, there may be fees associated with the Microchip Technology 401(k) plan, including administrative fees and investment-related fees. Employees should review the plan documents for detailed information.
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