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Healthcare Provider Update: Healthcare Provider for WESCO International WESCO International typically partners with various health insurance providers to offer health benefits to its employees, including major insurers such as UnitedHealthcare and Anthem. The exact provider can vary based on the specific plans offered and the location of the employees. Potential Healthcare Cost Increases in 2026 As we approach 2026, healthcare costs are anticipated to rise significantly, particularly for those relying on Affordable Care Act (ACA) marketplace plans. With reports indicating that some states may face premium hikes exceeding 60%, the overall trend spells trouble for consumers. The expiration of enhanced federal premium subsidies, coupled with rising medical costs and aggressive rate hikes from major insurers, could cause out-of-pocket premiums to soar by over 75% for many enrollees, straining the budgets of millions and necessitating careful financial planning in the months ahead. Click here to learn more
Most WESCO International 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 WESCO International 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 WESCO International employee could secure may surprise you.
- Finder.com, 2019
- StudentAid.gov, 2020
What is the purpose of the 401(k) plan offered by WESCO International?
The purpose of the 401(k) plan offered by WESCO International is to help employees save for retirement by allowing them to contribute a portion of their earnings on a tax-deferred basis.
How can employees at WESCO International enroll in the 401(k) plan?
Employees at WESCO International can enroll in the 401(k) plan by completing the enrollment process through the company’s benefits portal or by contacting the HR department for assistance.
What types of contributions can employees make to the WESCO International 401(k) plan?
Employees can make pre-tax contributions, Roth (after-tax) contributions, and may also have the option to make catch-up contributions if they are age 50 or older.
Does WESCO International offer any matching contributions to the 401(k) plan?
Yes, WESCO International offers a matching contribution to the 401(k) plan, which helps employees boost their retirement savings.
What is the vesting schedule for WESCO International's 401(k) matching contributions?
The vesting schedule for WESCO International's 401(k) matching contributions typically follows a graded vesting schedule, which means employees earn ownership of the match over a period of time.
Can employees at WESCO International take loans against their 401(k) savings?
Yes, employees at WESCO International may have the option to take loans against their 401(k) savings, subject to specific terms and conditions outlined in the plan.
What investment options are available in the WESCO International 401(k) plan?
The WESCO International 401(k) plan offers a variety of investment options, including mutual funds, target-date funds, and other investment vehicles to help employees diversify their portfolios.
How often can employees change their contribution amounts to the WESCO International 401(k) plan?
Employees at WESCO International can typically change their contribution amounts at any time, subject to the plan's guidelines.
Is there an automatic enrollment feature in WESCO International's 401(k) plan?
Yes, WESCO International may offer an automatic enrollment feature, which automatically enrolls eligible employees in the 401(k) plan at a default contribution rate unless they choose to opt out.
What is the minimum age requirement for participating in the WESCO International 401(k) plan?
The minimum age requirement for participating in the WESCO International 401(k) plan is generally 21 years old.
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