Discover definitions for key terms in employee benefits, enrollment technology, and more.
A type of retirement savings account in the U.S. allowing workers to save and invest a portion of their paycheck before taxes are taken out.
A retirement savings plan similar to a 401(k) but offered to employees of non-profit organizations, public schools, and certain religious organizations.
A company specializing in managing the benefits enrollment process for other businesses.
The process of designing, managing, and updating an organization's employee benefits program.
A professional who provides guidance on employee benefits, helping employees understand their benefit options and make informed decisions.
A third-party company helping employers and employees choose and enroll in benefits plans.
The process of ensuring an organization's benefits program adheres to all relevant local, state, and federal laws and regulations.
A professional who helps employers design and implement benefits programs and assists employees with benefits education and enrollment.
The process of guiding employees about their benefits options, helping them make informed choices based on their specific needs.
Software and tools helping employees make informed decisions about their benefits options, often considering factors like income, family needs, and health status.
The process of enrolling employees in benefits plans.
An online system where employees can view and manage their benefits, learn about their options, and make changes during open enrollment periods.
The combination of benefits offered by an employer, which may include health insurance, retirement plans, paid time off, and other perks.
The software or tools used to manage and deliver employee benefits, automated benefits enrollment and management processes.
The degree to which employees make use of the benefits offered to them.
A federal law allowing employees to temporarily continue their health coverage after leaving a job or reducing their work hours.
The process of managing continuation of health coverage under COBRA law for employees who have lost their job-related benefits.
A written plan maintained by an employer for employees meeting the specific requirements and regulations of Section 125 of the Internal Revenue Code. It provides participants an opportunity to receive certain benefits on a pretax basis.
The percentage of the cost of covered services an employee must pay after having met the deductible.
A flat fee an employee must pay for covered services.
Insurance that pays a benefit to the insured when diagnosed with a covered critical illness.
The amount of money an employee must pay out-of-pocket before their insurance plan will start paying for covered services.
A type of retirement plan where the employer guarantees a specified payout at retirement, based on salary and length of service.
A type of retirement plan where the employer, employee, or both make regular contributions to an account funding their retirements.
A pre-tax benefit account used to pay for eligible dependent care services, such as preschool, summer day camp, before or after school programs, and child or elder daycare.
Insurance coverage extending to an employee's qualified dependents.
Insurance that pays a benefit to the insured when unable to work due to a qualified sickness or injury resulting in a disability.
A workplace program designed to help employees deal with personal problems that might adversely impact their work performance, health, and well-being.
Software designed to manage employee benefits; providing features such as benefits administration, enrollment management, and compliance tracking.
The practice of informing employees about their benefits options, often using personalized messaging and educational resources.
An employer provides benefits contributing to an employee's education, such as tuition assistance or access to training programs.
A company's plan for using benefits to attract and retain employees is often designed with the help of an employee benefits consultant.
The communication tactics used in order to educate and inform employees throughout the enrollment period.
An organization's ability to retain its employees and prevent turnover.
Technology enabling employees to manage their own benefits, typically through an online portal.
A US labor law requiring covered employers to provide employees with job-protected and unpaid leave for qualified medical and family reasons.
A type of savings account allowing employees to set aside pre-tax dollars for certain out-of-pocket health care costs.
Insurance coverage to a group of members, usually comprised of company employees or members of an organization
Federal regulation designed to provide privacy standards to protect patients' medical records and other personal health information.
An intersection of human resources and information technology through HR software allowing HR activities and processes to occur electronically.
Employer-funded accounts from which employees are reimbursed tax-free for qualified medical expenses.
A type of savings account allowing employees to set aside pre-tax dollars for qualified medical expenses.
Programs offered by an employer or insurance company focusing on promoting healthy lifestyles, and may include preventive care, weight loss programs, and exercise programs.
A health insurance plan with a higher deductible but lower premiums, often paired with a Health Savings Account (HSA).
A type of health insurance allowing the policyholder to direct their own healthcare and visit almost any doctor or hospital.
In insurance plan that, in exchange for regular premiums, pays out a sum of money upon the death of the insured.
Insurance that provides income replacement for employees who are unable to work due to a long-term disability.
A system of healthcare delivery aiming to control costs and improve quality by coordinating healthcare services for patients.
The annual period of time during which employees can make changes to their benefits elections.
Communication strategies used to inform employees about the current enrollment period and deadlines, benefits options, and how to enroll.
The maximum amount of money an employee will have to pay out-of-pocket for covered services in a given year.
A type of health plan that contracts with medical providers, such as hospitals and doctors, to create a network of participating providers.
Customizable benefits packages catering to the individual needs and preferences of each employee.
In accordance with an IRS Section 125 plan, employee benefits for which the cost is payroll deducted from the employee's paycheck before taxes are applied, reducing the employee's taxable income.
The monthly cost of an insurance plan.
Learning to earn or maintain professional credentials such as academic degrees to formal coursework, attending conferences, and informal learning opportunities situated in practice.
Insurance that provides income replacement for employees who are unable to work due to a qualifying sickness or injury.
Technology allowing employees to consult with healthcare professionals over the phone or video call.
The complete package of benefits an employer provides to an employee, including salary, bonuses, and non-cash benefits like health insurance, retirement plans, etc.
A benefit in which an employer pays all or a part of an employee's tuition cost for education or training.
The practice of conducting benefits enrollments online, often using technology facilitated by a benefits consultant.
Insurance that covers the cost of eye exams and glasses.
Supplemental benefits an employer can offer to employees, such as life insurance or disability insurance, which the employee can choose to opt into.
