Summary of Benefits (SBC)
Waiting Period: the length of time that employees must work at a company before their coverage is effective.
Termination Policy: when terminated employees are removed from the group insurance plan, which can either be the same day or the last day of that month.
Plan Mapping: determines which plan the employee will be auto enrolled in if they do not participate in open enrollment. Insurance carriers typically "map" or auto enroll employees to a new plan. This prevents employees from being terminated from the insurance plan unknowingly. We recommend matching the insurance carrier's plan mapping. Depending on the type of open enrollment, this can be one of the following situations:
Here are a few things to keep in mind when determining when to begin and end open enrollment.