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Healthcare Provider Update: Twilio provides health insurance coverage to its U.S.-based employees through partnerships with major providers. Employees can choose from medical, dental, and vision plans, with access to mental health services, fertility benefits, and generous parental leave. Twilio also offers Health Savings Accounts (HSAs) with employer contributions, flexible work arrangements, and wellness reimbursements. Twilio 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 Twilio 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 Twilio 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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- Stages of Retirement for Corporate Employees
- 7 Things to Consider Before Leaving Your Company
- How Are Workers Impacted by Inflation & Rising Interest Rates?
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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 Twilio employee could secure may surprise you.
- Finder.com, 2019
- StudentAid.gov, 2020
What type of retirement plan does Twilio offer to its employees?
Twilio offers a 401(k) retirement plan to help employees save for their future.
Does Twilio match contributions to its 401(k) plan?
Yes, Twilio provides a matching contribution to employees who participate in the 401(k) plan.
What is the eligibility requirement for Twilio's 401(k) plan?
Employees at Twilio are eligible to participate in the 401(k) plan after completing a specified period of service.
Can employees at Twilio choose how to invest their 401(k) contributions?
Yes, Twilio allows employees to choose from a variety of investment options for their 401(k) contributions.
Is there a vesting schedule for Twilio's 401(k) matching contributions?
Yes, Twilio has a vesting schedule that determines when employees fully own the matching contributions made to their 401(k) accounts.
How often can Twilio employees change their 401(k) contribution amounts?
Twilio employees can change their contribution amounts at regular intervals, typically during open enrollment or at any time as allowed by the plan.
What are the tax benefits of participating in Twilio's 401(k) plan?
Contributions to Twilio's 401(k) plan are made on a pre-tax basis, which can lower an employee's taxable income.
Can Twilio employees take loans against their 401(k) savings?
Yes, Twilio allows employees to take loans against their 401(k) savings, subject to certain conditions and limits.
What happens to a Twilio employee's 401(k) if they leave the company?
If a Twilio employee leaves the company, they have several options for their 401(k), including rolling it over to another retirement account or cashing it out.
Are there any fees associated with Twilio's 401(k) plan?
Yes, there may be administrative fees associated with Twilio's 401(k) plan, which are disclosed in the plan documents.
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