Healthcare Provider Update: Healthcare Provider for Xcel Energy Xcel Energy primarily collaborates with UnitedHealthcare to provide healthcare benefits for its employees. This partnership allows Xcel Energy to offer a range of health plans that cater to the diverse needs of its workforce. Potential Healthcare Cost Increases for Xcel Energy in 2026 Looking ahead to 2026, Xcel Energy employees should be prepared for significant healthcare cost increases as industry trends suggest substantial premium hikes. Reports indicate that some states may see ACA marketplace premiums soar by over 60%. In addition to this, employers like Xcel Energy may shift more costs to employees, with many anticipated to increase deductibles or coinsurance due to rising medical expenses. As the market braces for these changes, it becomes essential for employees to stay informed about benefit adjustments, optimize their healthcare plan choices, and explore proactive financial strategies to mitigate the impact of these increased costs. Click here to learn more
Most Xcel Energy 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 Xcel Energy 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 Xcel Energy employee could secure may surprise you.
- Finder.com, 2019
- StudentAid.gov, 2020
What retirement savings options does Xcel Energy offer to its employees?
Xcel Energy offers a 401(k) Savings Plan that allows employees to save for retirement through pre-tax and Roth after-tax contributions.
How does Xcel Energy match employee contributions to the 401(k) plan?
Xcel Energy provides a matching contribution to the 401(k) plan, which is based on a percentage of the employee's contributions, helping to enhance retirement savings.
What is the eligibility requirement for Xcel Energy's 401(k) Savings Plan?
Employees are eligible to participate in Xcel Energy's 401(k) Savings Plan after completing a specified period of employment, typically within the first year.
Can employees at Xcel Energy contribute to their 401(k) plan while on leave?
Yes, employees can continue to contribute to their 401(k) plan while on certain types of leave, depending on the specific circumstances and plan rules.
What investment options are available in Xcel Energy's 401(k) Savings Plan?
Xcel Energy's 401(k) Savings Plan offers a variety of investment options, including target-date funds, stock funds, bond funds, and stable value funds.
Is there a vesting schedule for the employer match in Xcel Energy's 401(k) plan?
Yes, Xcel Energy has a vesting schedule for the employer match, meaning employees must work for the company for a certain period to fully own the matched contributions.
How can Xcel Energy employees access their 401(k) account information?
Employees can access their 401(k) account information through the Xcel Energy benefits portal or by contacting the plan administrator directly.
What is the maximum contribution limit for Xcel Energy's 401(k) plan?
The maximum contribution limit for Xcel Energy's 401(k) plan is subject to IRS regulations, which are updated annually. Employees should check the current limits for accurate figures.
Does Xcel Energy offer a loan option against the 401(k) plan?
Yes, Xcel Energy allows employees to take loans against their 401(k) savings, subject to certain conditions and limits as outlined in the plan documents.
What happens to my 401(k) savings if I leave Xcel Energy?
If you leave Xcel Energy, you can choose to roll over your 401(k) savings to another retirement account, leave it in the Xcel Energy plan (if eligible), or withdraw the funds, subject to taxes and penalties.