Posted on March 27, 2024 in 2024 April, Benefit Spotlight

Benefits Lifecycle

by admin

Employee benefit expirations mark the termination date of benefits provided by employers, including health insurance, retirement plans, and wellness programs. These benefits often run on a yearly cycle. Some may auto-renew while others require you to physically reenroll each year. Failing to utilize or renew these benefits within the specified timeframe may result in loss of coverage or access to services. Importantly, if you leave the company or retire, some benefits terminate immediately, while you might have access to others through the end of the month. Employers typically communicate such deadlines annually to ensure that employees can make informed decisions about their benefits and take necessary actions before expiration, promoting employee well-being and satisfaction.