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Healthcare Provider Update: Healthcare Provider and Cost Increases for Western Union Employees Western Union employees' healthcare coverage is typically provided through a major health insurer, with specific details often outlined in their employee benefits package. As 2026 approaches, Western Union employees should brace for potential increases in healthcare costs. Significant hikes in premiums are anticipated, particularly due to the expiration of enhanced federal ACA premium subsidies that could push out-of-pocket costs up by over 75% for many. Additionally, as a response to rising medical expenses driven by inflation3 (projected at 7-10% annually) and the high costs of certain medications, employers, including Western Union, may shift additional financial burdens onto employees by increasing deductibles and out-of-pocket maximums. Understanding these changes and preparing accordingly is crucial for employees navigating the upcoming healthcare landscape. Click here to learn more
Most Western Union 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 Western Union 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 Western Union employee could secure may surprise you.
- Finder.com, 2019
- StudentAid.gov, 2020
What is the 401(k) plan offered by Western Union?
The 401(k) plan offered by Western Union is a retirement savings plan that allows employees to save a portion of their paycheck before taxes are taken out.
How can employees enroll in Western Union's 401(k) plan?
Employees can enroll in Western Union's 401(k) plan through the company’s benefits portal or by contacting the HR department for assistance.
Does Western Union match employee contributions to the 401(k) plan?
Yes, Western Union offers a matching contribution to employees who participate in the 401(k) plan, up to a certain percentage of their salary.
What are the eligibility requirements for Western Union's 401(k) plan?
Employees are typically eligible to participate in Western Union's 401(k) plan after completing a specified period of employment, which is outlined in the employee handbook.
Can employees change their contribution rate to Western Union's 401(k) plan?
Yes, employees can change their contribution rate to Western Union's 401(k) plan at any time, subject to the plan’s rules.
What investment options are available in Western Union's 401(k) plan?
Western Union'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 Western Union's 401(k) matching contributions?
Yes, Western Union has a vesting schedule for its matching contributions, which means employees must work for a certain period before they fully own those contributions.
How often can employees access their 401(k) account statements at Western Union?
Employees can access their 401(k) account statements online through the benefits portal, typically on a quarterly basis.
What happens to the 401(k) plan if an employee leaves Western Union?
If an employee leaves Western Union, they can choose to roll over their 401(k) balance to another retirement account, cash out, or leave it in the Western Union plan if allowed.
Are there loans available against the 401(k) plan at Western Union?
Yes, Western Union's 401(k) plan may allow employees to take loans against their account balance, subject to specific terms and conditions.
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