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

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GEO Group Employees: Discover Which States Offer the Best Environment for a Stress-Free Retirement!

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Healthcare Provider Update: Healthcare Provider for GEO Group GEO Group, a prominent provider of correctional and community-based services, often relies on a variety of managed care organizations and healthcare service providers to address the healthcare needs of the populations they serve within correctional facilities and community programs. Specific partnerships may vary based on location and operational requirements, but they typically engage with well-established healthcare networks to deliver comprehensive medical, dental, and mental health services. Potential Healthcare Cost Increases in 2026 Healthcare costs are anticipated to surge significantly in 2026, driven by a convergence of factors including rising medical expenses and the potential expiration of enhanced federal premium subsidies under the Affordable Care Act (ACA). Many states are looking at premium hikes upwards of 60%, with over 22 million marketplace enrollees potentially facing more than a 75% increase in out-of-pocket premiums. This situation is exacerbated by ongoing trends of elevated hospital, physician, and drug costs, as well as systemic pressures from labor shortages within healthcare that collectively strain the financial landscape for both insurers and consumers alike. Understanding these impending changes is crucial for effective financial planning ahead of the 2026 healthcare landscape. Click here to learn more

The contemporary era presents a myriad of stressors, from the unpredictable housing market to escalating grocery prices. Indeed, the intensity of stress an individual encounters can significantly hinge on their geographical location, as recent research reveals.

A comprehensive study conducted by WalletHub earlier in the year embarked on the ambitious task of ranking the “most and least stressed” states across the United States. This expansive report utilized a comparative analysis across the 50 states, examining them through the lens of 41 distinct metrics. These indicators encompassed a range of factors including the unemployment rate, income growth trajectory, separation and divorce rates, mental health statistics, and the affordability of medical consultations.

In order to distill these broad metrics into actionable insights for GEO Group professionals, the states were evaluated based on four primary dimensions of stress:

  1. Work-related stress,
  2. Financial stress,
  3. Family-related stress, and
  4. Health and safety-related stress.

This intricate analysis was fortified by data sourced from reputable institutions such as the U.S. Census Bureau, the Bureau of Labor Statistics, and the Centers for Disease Control and Prevention, among others.

In an intriguing revelation, the report not only provided a holistic stress ranking but also delved into specific categories like the average number of sleep hours residents get each night, the number of practicing psychologists per capita, and the average weekly work hours.

Mississippi emerged at the forefront of this study, unfortunately bearing the title of the most stressed state. It was particularly impacted by financial stress despite boasting the lowest cost of living in the country. Contrasting its affordable living, it faces challenges with educational attainment and workforce productivity, alongside having one of the most substantial rates of worker migration, as detailed by a CNBC report.

Conversely, the spectrum's other end highlighted states like Utah, Connecticut, and South Dakota, known for their comparatively low stress levels. Interestingly, states like Hawaii and Florida, often celebrated for their high happiness indices, did not feature in the top ten of this list.

Topping the chart as the epitome of tranquility was Minnesota, recognized as the least stressed state. Minnesotans reported minimal stress related to finances and family. Moreover, Minnesota was celebrated for offering its residents nearly the highest average sleep hours, trailing only behind Colorado. Famously referred to as the “Land of 10,000 Lakes,” Minnesota has also been acclaimed as one of the prime states for both living and professional engagement, as per CNBC’s annual assessment.

Following closely was Utah, securing the second position. Remarkably, Utah recorded the fewest work hours per week on average, a low poverty rate, and the nation’s lowest divorce statistics. In an adjunct study by WalletHub, Utah was distinguished as the happiest state, partly owing to its impressive volunteer rate standing at 40.7% - a stark contrast to Florida’s significantly lower rate.

New Hampshire consolidated the top three, standing out with the lowest proportion of adults in fair or poor health and an impressive average credit score of 729, as per CNBC Select. It boasts one of the lowest poverty and crime rates per capita. The city of Nashua in Hillsborough County, New Hampshire, in particular, enjoys the reputation of being the safest in the country, making it one of the state's most desirable living destinations, according to Niche. Further, Census Bureau data indicates that New Hampshire ranks among the wealthiest and most educated in the nation, enhanced by its lack of income tax on wages and sales tax.

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A crucial aspect contributing to Minnesota's low stress levels, particularly relevant to GEO Group professionals nearing or in retirement, is the state's robust healthcare system. According to U.S. News & World Report (2021), Minnesota is ranked 3rd in healthcare access and 11th in healthcare quality nationwide, ensuring its residents, especially those in older demographics, have ample access to superior medical care. This accessibility is paramount for those transitioning from active working life, as they can rely on high-quality healthcare services, a factor significantly alleviating health-related stress often accompanying this life stage.

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Navigating the states of America in search of the ideal place to retire is akin to sifting through a box of assorted chocolates, each piece uniquely flavored with different fillings representing various lifestyle factors. Minnesota, in this assortment, is the coveted dark chocolate truffle — rich in quality healthcare, laden with the sweetness of plentiful sleep, and enrobed in the smooth texture of low financial and family-related stress. Just as dark chocolate is known for its health benefits and stress-reducing antioxidants, Minnesota offers a blend of life-enhancing qualities that melt away worries, making it the choice morsel for those seasoned professionals stepping away from their bustling GEO Group careers into a phase of life where tranquility and well-being become the ultimate luxury. 

What type of retirement plan does GEO Group offer to its employees?

GEO Group offers a 401(k) retirement savings plan to help employees save for their future.

Does GEO Group match employee contributions to the 401(k) plan?

Yes, GEO Group provides a matching contribution to employee 401(k) accounts, subject to specific terms and conditions.

What is the eligibility requirement for GEO Group employees to participate in the 401(k) plan?

Employees of GEO Group are typically eligible to participate in the 401(k) plan after completing a specified period of service, usually within the first year of employment.

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

GEO Group employees can enroll in the 401(k) plan through the company’s HR portal or by contacting the HR department for assistance.

What types of investment options are available in GEO Group's 401(k) plan?

GEO Group's 401(k) plan offers a variety of investment options, including mutual funds, target-date funds, and other investment vehicles.

Can GEO Group employees change their contribution amounts to the 401(k) plan?

Yes, GEO Group employees can adjust their contribution amounts to the 401(k) plan at any time, subject to plan rules.

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

The maximum contribution limit for GEO Group's 401(k) plan aligns with the IRS guidelines, which may change annually.

Does GEO Group allow employees to take loans against their 401(k) savings?

Yes, GEO Group permits employees to take loans against their 401(k) savings, subject to specific terms and conditions outlined in the plan.

What happens to GEO Group employees' 401(k) accounts if they leave the company?

If GEO Group employees leave the company, they can choose to roll over their 401(k) account to another retirement plan, cash out, or leave the funds in the GEO Group plan, depending on eligibility.

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

Yes, there may be administrative fees and investment-related expenses associated with GEO Group's 401(k) plan, which are disclosed in the plan documents.

With the current political climate we are in it is important to keep up with current news and remain knowledgeable about your benefits.
The GEO Group offers both a 401(k) retirement plan and other employee pension-related benefits. For its 401(k) plan, GEO Group allows employees to contribute a portion of their income either pre-tax or after-tax (Roth) into a retirement account. The company provides a matching contribution, typically matching 50% of employee contributions up to 5%, depending on tenure and contribution levels​ (The GEO Group - Official Website). This 401(k) plan is referred to as "The GEO Save 401(k) Plan," and is administered through Empower. Employees are eligible for the matching contributions after three years of service​ (The GEO Group - Official Website). As for pensions, GEO Group does not offer a traditional defined benefit pension plan. Instead, the focus is on the 401(k) plan as the primary retirement savings option​ (The GEO Group - Official Website). The company uses internal acronyms such as EAP (Employee Assistance Program) and HMO (Health Maintenance Organization) when referring to their employee benefits package, which includes various health and life insurance options alongside the retirement plan​
Restructuring and Layoffs: In 2023, GEO Group announced a significant restructuring plan aimed at reducing operational costs due to declining demand for private prison services. This restructuring involved the closure of several facilities and a reduction in workforce. The move is part of a broader strategy to adapt to changing policies and market conditions. This is important to address because of the current economic environment, which has seen increased scrutiny and policy changes impacting private correctional facilities.
Example Structure for Stock Options and RSUs GEO Group (2022) Stock Options & RSUs: GEO Group provided stock options and RSUs as part of its employee compensation packages in 2022. Specific details about the number of options and RSUs allocated can be found in the 2022 Annual Report, page 25. Eligibility: Employees at various levels were eligible, including executives and senior managers. Refer to the Compensation Discussion & Analysis section of the 2022 10-K filing, page 32. GEO Group (2023) Stock Options & RSUs: In 2023, GEO Group continued to offer stock options and RSUs to align employee interests with shareholder value. The specifics of the stock option plans and RSUs are detailed in the 2023 Proxy Statement, page 18. Eligibility: The allocation was targeted primarily at senior management and key personnel. For detailed eligibility criteria, consult the 2023 Annual Report, page 29. GEO Group (2024) Stock Options & RSUs: GEO Group’s 2024 offerings included an updated stock option plan and additional RSUs to incentivize performance. Detailed information is available in the 2024 10-K filing, page 30. Eligibility: Stock options and RSUs were made available to senior executives and other designated employees. Refer to the Compensation section in the 2024 Proxy Statement, page 35.
Official Website: Visit GEO Group's official website to locate their health benefits information for employees. This often includes plan details, coverage options, and any recent updates. Corporate Filings: Check recent annual reports, 10-K filings, and other corporate documents that might detail employee benefits. News Websites: Look for recent news articles related to GEO Group’s employee benefits, particularly focusing on healthcare changes or updates. Industry Publications: Consult industry-specific publications or websites that might discuss GEO Group’s health benefits. Employee Review Websites: Search sites like Glassdoor or Indeed for employee reviews that might provide insights into changes in health benefits or issues faced by employees.
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For more information you can reach the plan administrator for GEO Group at , ; or by calling them at .

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