Top 10 important words and phrases for Benefits Manager

Top 10 important words and phrases for Benefits Manager Introduction to Benefits Management Hello everyone! Welcome to today's video on the top 10 important words and phrases for Benefits Managers. As HR professionals, Benefits Managers play a crucial role in ensuring employees receive the best possible compensation and benefits packages. Let's dive into the key terms! 1. Open Enrollment Open Enrollment refers to the annual period when employees can make changes to their benefits plans. It's a critical time for Benefits Managers as they need to communicate plan details, answer queries, and ensure a smooth process. 2. COBRA COBRA stands for Consolidated Omnibus Budget Reconciliation Act. It allows employees who have left a company to continue their health insurance coverage for a limited period, usually at their own expense. 3. FSA and HSA FSA stands for Flexible Spending Account, while HSA stands for Health Savings Account. Both are pre-tax accounts that employees can use for eligible medical expenses. The main difference is that FSA funds don't roll over, while HSA funds can accumulate over time. 4. 401(k) and 403(b)