Healthcare Provider Update: ResMed provides health insurance coverage to its U.S.-based employees through comprehensive medical plans, along with dental, vision, and life insurance. Employees benefit from flexible work arrangements, retirement plans, and an employee stock purchase program. The company also offers mental health support and wellness initiatives to promote work-life balance. ResMed Healthcare costs in the United States are projected to continue rising through 2026, with insurers proposing significant premium increases for Affordable Care Act (ACA) plans. A recent analysis found that ACA insurers are seeking a median premium increase of 15% for 2026, marking the largest hike since 2018. This surge is attributed to factors such as the anticipated expiration of enhanced premium tax credits, rising medical costsincluding expensive medications and increased hospital staysand a shift in the risk pool towards higher-cost enrollees. Without the renewal of enhanced subsidies, out-of-pocket premiums for ACA marketplace enrollees could increase by more than 75% on average. Click here to learn more
Most ResMed 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 ResMed 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 ResMed employee could secure may surprise you.
- Finder.com, 2019
- StudentAid.gov, 2020
What is the 401(k) plan offered by ResMed?
The 401(k) plan at ResMed is a retirement savings plan that allows employees to save a portion of their salary on a tax-deferred basis.
How does ResMed match employee contributions to the 401(k) plan?
ResMed offers a matching contribution to the 401(k) plan, typically matching a percentage of employee contributions up to a certain limit.
When can I enroll in the ResMed 401(k) plan?
Employees at ResMed can enroll in the 401(k) plan during the initial onboarding process or during the annual open enrollment period.
What types of investment options are available in ResMed's 401(k) plan?
ResMed's 401(k) plan offers a variety of investment options, including mutual funds, target-date funds, and other investment vehicles.
Is there a vesting schedule for ResMed's 401(k) matching contributions?
Yes, ResMed has a vesting schedule for matching contributions, meaning employees must work for a certain period before they fully own the matched funds.
Can I take a loan against my 401(k) with ResMed?
Yes, ResMed allows employees to take loans against their 401(k) balance, subject to certain terms and conditions.
How can I change my contribution rate to the ResMed 401(k) plan?
Employees can change their contribution rate to the ResMed 401(k) plan through the online benefits portal or by contacting HR.
What happens to my ResMed 401(k) if I leave the company?
If you leave ResMed, you have several options for your 401(k), including rolling it over to another retirement account, cashing it out, or leaving it with ResMed until a later date.
Does ResMed provide financial education regarding the 401(k) plan?
Yes, ResMed offers resources and workshops to help employees understand their 401(k) options and make informed investment decisions.
Are there any fees associated with ResMed's 401(k) plan?
Yes, there may be administrative fees associated with managing the ResMed 401(k) plan, which are disclosed in the plan documents.
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