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Healthcare Provider Update: Healthcare Provider for Skyworks Solutions Skyworks Solutions employees typically access health insurance through their employer-sponsored plans, which may include various options from carriers such as UnitedHealthcare, Anthem, or Aetna, depending on specific plan offerings and year. Expected Healthcare Cost Increases for Skyworks Solutions in 2026 In 2026, Skyworks Solutions employees utilizing Affordable Care Act (ACA) marketplace plans may face significant healthcare cost increases. Anticipated premium hikes from major insurers could exceed 60% in some states, with the loss of enhanced federal premium subsidies intensifying the financial impact. According to projections, nearly 92% of marketplace enrollees could experience a rise in out-of-pocket premiums by over 75%. This spike is primarily driven by soaring medical costs and regulatory shifts, which makes strategic planning essential for employees navigating their healthcare options. Click here to learn more
Most Skyworks Solutions 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 Skyworks Solutions 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 Skyworks Solutions employee could secure may surprise you.
- Finder.com, 2019
- StudentAid.gov, 2020
What type of retirement savings plan does Skyworks Solutions offer to its employees?
Skyworks Solutions offers a 401(k) retirement savings plan to help employees save for their future.
Is there a company match for contributions made to the Skyworks Solutions 401(k) plan?
Yes, Skyworks Solutions provides a company match for employee contributions to the 401(k) plan, subject to certain limits.
How can employees enroll in the Skyworks Solutions 401(k) plan?
Employees can enroll in the Skyworks Solutions 401(k) plan by completing the enrollment process through the company's designated benefits portal.
What is the eligibility requirement to participate in the Skyworks Solutions 401(k) plan?
Most employees at Skyworks Solutions are eligible to participate in the 401(k) plan after completing a specified period of service.
Can employees make changes to their contributions to the Skyworks Solutions 401(k) plan?
Yes, employees can make changes to their contribution amounts at any time, subject to plan rules.
What investment options are available in the Skyworks Solutions 401(k) plan?
The Skyworks Solutions 401(k) plan offers a variety of investment options, including mutual funds and target-date funds.
Does Skyworks Solutions allow for loans against the 401(k) plan?
Yes, Skyworks Solutions allows employees to take loans against their 401(k) balance, subject to the plan's terms and conditions.
What happens to the 401(k) plan if an employee leaves Skyworks Solutions?
If an employee leaves Skyworks Solutions, they can choose to roll over their 401(k) balance to another retirement account or leave it in the Skyworks plan, depending on the balance and plan rules.
Is there a vesting schedule for the company match in the Skyworks Solutions 401(k) plan?
Yes, Skyworks Solutions has a vesting schedule for the company match, meaning employees must work for a certain period to fully own the matched contributions.
How often can employees change their investment allocations in the Skyworks Solutions 401(k) plan?
Employees can change their investment allocations in the Skyworks Solutions 401(k) plan at any time, typically through the online portal.
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