Check out these basic terms to help you navigate your benefits options.
Employee benefits are provided to employees in addition to salaries and wages. Employee benefit packages may include overtime, medical & voluntary insurance, vacation, and retirement options.
Open Enrollment is your annual opportunity to update or choose the benefit options that best meet your needs. Some benefits that might be available for you to select is medical, dental, vision, accident, critical illness, and much more.
A plan year is a 12-month period of benefits coverage under a group health plan. This period may not be the same as the calendar year. To find our when your plan year begins, check you plan documents or ask your employer.
Qualifying Life Event
A Qualifying Life Event (QLE) is a change in your situation – like getting married or divorced, having a baby, or losing health coverage – that allows you to enroll or make changes outside the annual Open Enrollment period.
An effective date refers to the exact date and time your insurance policy will officially become active.