New Update: Healthcare Costs Increasing by Over 60% in Some States. Will you be impacted?

Watsco Employees: Unlock the Benefits of the Federal Student Grant Program for Your Family's Education

Healthcare Provider Update: Watsco offers a comprehensive benefits program that includes medical, dental, vision, life, and disability insurance. Employees receive cash incentives for completing wellness assessments and have access to Teladoc for 24/7 virtual care. The company also provides a 401(k) plan with matching contributions and an Employee Stock Purchase Plan 7. 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 Watsco 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 Watsco 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

Featured Video

Articles you may find interesting:

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 Watsco employee could secure may surprise you.

Finder.com, 2019

StudentAid.gov, 2020

What is the primary purpose of Watsco's 401(k) plan?

The primary purpose of Watsco's 401(k) plan is to help employees save for retirement by allowing them to contribute a portion of their salary on a pre-tax basis.

How can Watsco employees enroll in the 401(k) plan?

Watsco employees can enroll in the 401(k) plan by completing the enrollment process through the company's HR portal or by contacting the HR department for assistance.

Does Watsco offer a company match for 401(k) contributions?

Yes, Watsco offers a company match for 401(k) contributions, which helps employees maximize their retirement savings.

What is the maximum contribution limit for Watsco's 401(k) plan?

The maximum contribution limit for Watsco's 401(k) plan is determined by the IRS and may change annually; employees should check the latest guidelines for the current limit.

Can Watsco employees change their contribution percentage at any time?

Yes, Watsco employees can change their contribution percentage at any time, typically through the HR portal or by submitting a request to HR.

What investment options are available in Watsco's 401(k) plan?

Watsco's 401(k) plan offers a variety of investment options, including mutual funds, stocks, and bonds, allowing employees to diversify their portfolios.

Is there a vesting schedule for Watsco's 401(k) company match?

Yes, Watsco has a vesting schedule for the company match, which means employees must work for a certain period before they fully own the matched contributions.

How can Watsco employees access their 401(k) account information?

Watsco employees can access their 401(k) account information through the online portal provided by the plan administrator.

What happens to a Watsco employee's 401(k) if they leave the company?

If a Watsco employee leaves the company, they have several options for their 401(k), including rolling it over to another retirement account, cashing it out, or leaving it with Watsco.

Are there any fees associated with Watsco's 401(k) plan?

Yes, there may be fees associated with Watsco's 401(k) plan, which can include administrative fees and investment management fees. Employees should review the plan documents for details.