The healthcare landscape is getting more and more complicated and all aspects of the annual benefit offerings can quickly become confusing to employees. Its not just during enrollment period but throughout the year that employees need information on what each component of their benefit package is as well as the nuances, costs and requirements of each piece. Healthcare has a jargon of its own and it is useful to provide employees baseline definitions of key healthcare concepts when the year begins.
Upfront and ongoing education about benefits is a win-win for both employer and employee. When employees understand the differences between their benefit choices fully they can pick the best offer based on their unique circumstances and utilize their choices appropriately. This can translates into savings for the employer. Employee education around benefits and enrollment choices is an important component of the offer, so lets start with some of the baseline definitions.
Here is a list of the top 10 terms that employees should be familiar with in order to understand their health insurance offering.
For more in-depth information about many medical plan types and other medical benefits, this link below is an alphabetical listing of health terms pulled together by the Bureau of Labor Statistics.
For those who want to get more in depth information on a cross section of employee benefits, here is another document with an in-depth glossary of various terms found in retirement, healthcare, insurance, paid leave and disability and other benefits.