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

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

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Healthcare Provider Update: Hologic offers a comprehensive benefits program through its Better Rewards initiative. Employees can choose from medical plans administered by Blue Cross Blue Shield of Massachusetts, including PPO and Consumer Driven Health Plans with HSA options. The company also provides dental, vision, mental health support, and wellness resources. Additional benefits include financial security plans, career development, and family support services 6. 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

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 Hologic 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 Hologic 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 Hologic careers into a phase of life where tranquility and well-being become the ultimate luxury. 

What type of retirement savings plan does Hologic offer to its employees?

Hologic offers a 401(k) retirement savings plan to its employees.

Does Hologic provide a matching contribution for its 401(k) plan?

Yes, Hologic provides a matching contribution to the 401(k) plan to help employees save for retirement.

What is the eligibility requirement to participate in Hologic's 401(k) plan?

Employees at Hologic are generally eligible to participate in the 401(k) plan after completing a specified period of service.

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

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

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

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

Can Hologic employees change their contribution percentage at any time?

Yes, Hologic employees can change their contribution percentage at any time, subject to the plan's guidelines.

Is there a vesting schedule for Hologic's matching contributions in the 401(k) plan?

Yes, Hologic has a vesting schedule for matching contributions, which means employees must work for a certain period to fully own those contributions.

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

The maximum contribution limit for Hologic's 401(k) plan is in line with IRS regulations, which may change annually.

Does Hologic offer any educational resources to help employees manage their 401(k) investments?

Yes, Hologic provides educational resources and tools to help employees make informed decisions about their 401(k) investments.

Can Hologic employees take loans against their 401(k) savings?

Yes, Hologic allows employees to take loans against their 401(k) savings, subject to the plan's terms and conditions.

With the current political climate we are in it is important to keep up with current news and remain knowledgeable about your benefits.
Hologic Inc. offers its employees the Hologic, Inc. Savings and Investment Plan through Fidelity, covering approximately 6,291 employees. This plan allows participants to make contributions toward their retirement and benefit from company matches. The name of Hologic's 401(k) plan is the "Hologic, Inc. Savings and Investment Plan." Employees who participate in the plan can leave their account with Fidelity, roll it over into an IRA or a new 401(k) plan, or withdraw their funds, though tax penalties may apply for early withdrawal​ (Capitalize). Hologic does not offer a defined pension plan; instead, they focus on their 401(k) offering. The company terminology for this plan refers to it as a savings and investment vehicle aimed at helping employees grow their retirement funds.
In 2023 and 2024, Hologic has undergone significant restructuring efforts, leading to workforce layoffs and changes in employee benefits, including their 401(k) and pension plans. The company has aligned its strategy with the ongoing SECURE 2.0 Act reforms, which include updates to 401(k) contributions and eligibility, particularly for part-time employees and those nearing retirement. Hologic has also increased its focus on health benefit plans, adapting to new laws that affect retirement savings and telehealth services​ (Mondaq)​ (CLA).
Hologic offers stock options and Restricted Stock Units (RSUs) to its employees as part of their equity compensation program. These incentives are primarily aimed at retaining talent by providing long-term financial rewards. Hologic's stock options allow employees to purchase company stock at a predetermined price, typically vesting over a period of years. RSUs, on the other hand, grant employees shares of company stock once certain vesting conditions are met, which can also be tied to performance metrics. For the years 2022, 2023, and 2024, Hologic has continued to offer these equity incentives as part of their compensation packages. RSUs are primarily available to senior-level employees and high performers, allowing them to benefit from the company's growth. Stock options are more broadly available, often included in compensation for managerial and higher-level employees. In 2023, for instance, Hologic executed a significant share repurchase program, buying back millions of shares, which can positively impact the value of stock options and RSUs held by employees. This buyback program reflects the company's commitment to maximizing shareholder value, which directly benefits employees holding stock-based compensation
Lyra Health: Hologic partners with Lyra Health to offer a robust mental and emotional wellness program. This benefit includes access to in-person, virtual, digital, group, and individualized care aimed at supporting employees' mental health. Healthy Living Wellness Program: Hologic collaborates with Virgin Pulse to provide a well-being platform offering motivational tools, tips, rewards, and support to help employees and their families maintain a healthy lifestyle. Parental and Family Care Leave: U.S. employees have access to up to 16 weeks of job-protected parental leave, including 8 weeks of paid leave at 100% salary for both birth and non-birth parents. Birth parents also receive short-term disability coverage. Hologic's policy allows parents to return to work part-time at full pay during the first 4 weeks after leave. Family Care Leave offers 100% paid leave for caring for a family member with a serious health condition under FMLA. Healthcare-Related Acronyms and Terms: Some of the healthcare-related terms and acronyms used by Hologic include FMLA (Family and Medical Leave Act), NICU (Neonatal Intensive Care Unit), and short-term disability. Employee Well-Being Focus: Hologic's recent employee initiatives emphasize mental health support, wellness engagement, and flexible leave options, reflecting the company’s commitment to employee well-being​
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For more information you can reach the plan administrator for Hologic at , ; or by calling them at .

https://www.sec.gov/Archives/edgar/data/859737/000130817917000004/lholx2017_def14a.htm https://contracts.justia.com/companies/hologic-652/contract/588166/ https://www.hicapitalize.com/find-my-401k/hologic-inc/ https://www.investopedia.com/terms/h/health_care_sector.asp https://www.milliman.com/en/insight/2023-lump-sums-defined-benefit-plans-much-lower-as-interest-rates-rise https://www.foxrothschild.com/publications/interest-rate-hikes-present-challenge-for-fully-funded-pension-plans https://www.milliman.com/en/ https://investors.hologic.com/press-releases/press-release-details/2023/Hologic-Announces-Financial-Results-for-Fourth-Quarter-of-Fiscal-2023/default.aspx https://www.mondaq.com/unitedstates/employee-benefits-compensation/1272784/2023-brings-changes-to-the-laws-on-employee-benefit-plans https://www.claconnect.com/en/resources/articles/2023/new-federal-law-changes-retirement-rules-for-companies-and-employees https://www.aarp.org/retirement/planning-for-retirement/info-2023/biggest-changes-impacting-retirement-finances-in-2024.html https://mergr.com/company/hologic https://tracxn.com/d/acquisitions/acquisitions-by-hologic/__9zriJHaFq4c2cXJYeXgOTBbAmMF62NH1nVSJ1nVmpAY https://www.wbjournal.com/article/hologic-expects-layoffs-at-international-facilities-in-2024-totaling-up-to-8m-in-severance https://www.massdevice.com/hologic-cfo-mass-layoffs-are-a-failure-of-leadership/ https://www.labiotech.eu/in-depth/brace-yourself-for-a-wave-of-biotech-layoffs/ https://www.investopedia.com/ https://www.dol.gov/ https://www.emparion.com/cash-balance-pension-plan-faq/ https://www.dol.gov/agencies/ebsa/about-ebsa/our-activities/resource-center/fact-sheets/cash-balance-pension-plans

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