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Healthcare Provider Update: Healthcare Provider for Otis Worldwide Otis Worldwide Corporation offers healthcare benefits through a variety of plans tailored to their employees, which typically include options from major health insurance providers such as UnitedHealthcare, Anthem, or Aetna, depending on the location. Potential Healthcare Cost Increases in 2026 In 2026, healthcare consumers, including employees of Otis Worldwide, may face significant premium increases as the expiration of enhanced Affordable Care Act (ACA) subsidies looms. Insurers estimate that premiums could rise by as much as 75% for many individuals reliant on these financial assists, with some states seeing hikes over 60%. Coupled with rising medical costs driven by inflation and increased demand, such changes will likely place a heavy financial burden on consumers, highlighting the urgent need for proactive healthcare cost management strategies in the coming year. Click here to learn more
Most Otis Worldwide 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 Otis Worldwide 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 Otis Worldwide employee could secure may surprise you.
- Finder.com, 2019
- StudentAid.gov, 2020
What is the 401(k) plan offered by Otis Worldwide?
The 401(k) plan offered by Otis Worldwide 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 Otis Worldwide?
Employees can enroll in the Otis Worldwide 401(k) plan by accessing the employee benefits portal or contacting the HR department for assistance.
Does Otis Worldwide offer a company match for the 401(k) contributions?
Yes, Otis Worldwide offers a company match for employee contributions to the 401(k) plan, which helps employees save more for retirement.
What is the maximum contribution limit for the 401(k) plan at Otis Worldwide?
The maximum contribution limit for the 401(k) plan at Otis Worldwide is in accordance with IRS guidelines, which may change annually.
Can employees at Otis Worldwide change their contribution percentage to the 401(k) plan?
Yes, employees at Otis Worldwide can change their contribution percentage to the 401(k) plan at any time during the year.
What investment options are available in the Otis Worldwide 401(k) plan?
The Otis Worldwide 401(k) plan offers a variety of investment options, including mutual funds, stocks, and bonds, allowing employees to choose based on their risk tolerance.
Is there a vesting schedule for the company match in the Otis Worldwide 401(k) plan?
Yes, Otis Worldwide has a vesting schedule for the company match, which means employees must work for a certain period before they fully own the matched funds.
How can employees access their 401(k) account information at Otis Worldwide?
Employees can access their 401(k) account information through the online benefits portal provided by Otis Worldwide.
What happens to the 401(k) plan if an employee leaves Otis Worldwide?
If an employee leaves Otis Worldwide, they have several options for their 401(k) plan, including rolling it over to another retirement account or cashing it out.
Are loans available against the 401(k) plan at Otis Worldwide?
Yes, Otis Worldwide allows employees to take loans against their 401(k) plan, subject to certain terms and conditions.
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