Whats is New Hire Open Enrollment ?

Question

What is New Hire Open Enrolment Priod in Benefits Enrollment process

Answer 1

The above answer is mostly correct, but is more pertinent to employees already in the plan seeking to make changes to their coverage or add coverage after having been employed for a while. If you are a new hire, you will not have to wait for an "Open Enrollment" period (usually annual). You will, however, have a new hire waiting period or probationary period before being able to enroll. the typical waiting period is worded "employee will become eligible for health insurance on the first of the month following 90 days from their start of employment." In other words, If you started on January 10th, your 90 days would be up April 10th and you would be eligible to enroll in the plan for coverage to start May 1st. If you do not enroll at that time, or want to make subsequent changes to your coverages, you will then have to wait for the next Open Enrollment period.

Answer 2

Group insurance, and in some cases, retirement plans, offer windows of opportunity to participate. In the case of insurance, if you go in during the window pre-existing conditions are treated as though they do not exist. If you miss the window, you can often still apply but if you have any pre-existing conditions, they will not be covered. In the case of retirement plans, it permits the plan trustee to control the flow of cash into the program. If you miss the open enrollment period, you will have to wait until the next open enrollment period for the plan which is usually quarterly for most employers.