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Healthcare Provider Update: Offers comprehensive medical, dental, and vision benefits to employees working 30+ hours/week, with HSA contributions up to $1,000 annually 1. As ACA premiums rise and subsidies expire, Option Cares employer-sponsored plans and HSA support offer a more affordable and tax-advantaged alternative to marketplace coverage. Click here to learn more
Most Option Care Health 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 Option Care Health 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 Option Care Health employee could secure may surprise you.
- Finder.com, 2019
- StudentAid.gov, 2020
What is the 401(k) plan offered by Option Care Health?
The 401(k) plan at Option Care Health is a retirement savings plan that allows employees to save a portion of their paycheck before taxes are taken out.
How can employees enroll in the 401(k) plan at Option Care Health?
Employees can enroll in the Option Care Health 401(k) plan by completing the enrollment process through the company’s HR portal or by contacting the HR department for assistance.
Does Option Care Health offer a company match for the 401(k) contributions?
Yes, Option Care Health offers a company match for employee contributions to the 401(k) plan, which helps employees grow their retirement savings.
What is the vesting schedule for the company match at Option Care Health?
The vesting schedule for the company match at Option Care Health typically follows a graded vesting schedule, meaning employees earn rights to the company contributions over a period of time.
Can employees change their contribution percentage to the 401(k) plan at Option Care Health?
Yes, employees at Option Care Health can change their contribution percentage at any time, subject to the plan’s rules and limits.
What investment options are available in the Option Care Health 401(k) plan?
The Option Care Health 401(k) plan offers a variety of investment options, including mutual funds, target-date funds, and other investment vehicles to suit different risk tolerances.
Is there a loan option available for the 401(k) plan at Option Care Health?
Yes, Option Care Health allows employees to take loans against their 401(k) balance under certain conditions, providing a way to access funds if needed.
What happens to my 401(k) account if I leave Option Care Health?
If you leave Option Care Health, you have several options for your 401(k) account, including rolling it over to a new employer’s plan, an IRA, or cashing it out, though cashing out may incur taxes and penalties.
How often can employees contribute to the 401(k) plan at Option Care Health?
Employees can contribute to the Option Care Health 401(k) plan with each paycheck, allowing for consistent savings throughout the year.
Are there any fees associated with the 401(k) plan at Option Care Health?
Yes, like most 401(k) plans, the Option Care Health 401(k) may have administrative fees and investment fees, which are disclosed in the plan documents.
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