Open Enrollment Glossary
Open enrollment can introduce a lot of unfamiliar terminology, making it difficult for employees to compare plans and choose the benefits that best fit their needs. This glossary defines common health insurance and employee benefits terms in plain language to help make the enrollment process easier to understand. A Annual Enrollment The designated period each...
The provisions of the federal COBRA law provide a valuable benefit to employees. The COBRA acronym is shorthand for the Consolidated Omnibus Budget Reconciliation Act of 1985. It requires employers of 20 or more employees who provide healthcare benefits to offer the option of continuing this coverage to individuals who would otherwise lose their benefits…
Flexible spending accounts (FSA) and health savings accounts (HSA) are creatures of the federal tax code, which is notoriously complicated. To try to make things easier, we in the benefits industry sometimes use shorthand, but sometimes these only complicate things further, especially to those unfamiliar with benefits such as FSAs and HSAs. Especially confusing are…