A short period between the measurement period and the stability period, allowing employers time to determine which employees are eligible for coverage and to offer that coverage.

A comprehensive healthcare reform law enacted in March 2010 aimed at expanding access to health insurance, protecting patients, reducing costs, and improving the quality of care.

For ACA purposes, coverage is considered affordable if the employee's share of the premium for the lowest-cost, self-only coverage does not exceed a specified percentage of their household income (8.39% for 2024, adjusted annually).

Money contributed to an HSA from an individual's own funds after taxes, which can still be deducted from gross income when filing taxes.

Other health insurance options available to individuals eligible for COBRA, such as coverage through a spouse's plan, Marketplace plans, or Medicaid.

An employer with 50 or more full-time employees (including full-time equivalent employees) during the previous year, subject to the ACA employer mandate and reporting requirements.

The person designated to receive the funds in an HSA upon the account holder's death.

A period of time during which benefits are payable under a plan or insurance contract.

A federal law that allows employees and their families to continue their group health coverage for a limited time after a qualifying event that would typically result in the loss of coverage.

The entity (employer or third-party administrator) responsible for managing COBRA benefits, including providing notices and collecting premiums.

A benefit plan that allows employees to choose from a variety of pre-tax benefits, such as health insurance, dependent care assistance, and more.

A method for calculating the 12-month leave entitlement from January 1 to December 31.

A feature allowing participants to carry over a specified amount of unused FSA funds (up to a limit set by the IRS) to the next plan year.

An additional amount that individuals aged 55 or older can contribute to their HSA above the standard limit (e.g., an extra $1,000 in 2024).

A form that an employee must provide, completed by a healthcare provider, to support the need for FMLA leave for a serious health condition.

A biological, adopted, or foster child, a stepchild, a legal ward, or a child of a person standing in loco parentis who is under 18 years of age, or 18 or older and incapable of self-care due to a mental or physical disability.

An employer-sponsored program that allows employees to use pre-tax dollars for eligible commuting expenses such as public transportation and parking.

Local laws in some cities or regions requiring employers to offer commuter benefits to their employees.

A debit card linked to an employee's commuter benefit account, used to pay for eligible transit and parking expenses directly.

Tests required by the IRS and other regulatory bodies to ensure that employee benefit plans do not disproportionately favor highly compensated employees over non-highly compensated employees.

MoneyWise Solutions term for an employee actively enrolled in a pre-tax spending account.

Health insurance coverage provided to eligible individuals under COBRA after they lose coverage due to a qualifying event.

Ongoing medical treatment or supervision for a serious health condition, including conditions requiring multiple treatments, chronic conditions, and long-term or permanent conditions.

The maximum amount an employee can contribute to a tax advantaged plan during a plan year.

An option for COBRA participants to convert their group health plan to an individual health insurance policy after COBRA coverage ends.

The process of determining which plan or coverage pays first when a person is covered by more than one health plan.

A small charge paid at the time a medical service is received. It does not accumulate toward a plan’s deductible or out-of-pocket maximum and is designed to discourage utilization.

The duration of time COBRA continuation coverage is available, typically 18 months, but can be extended to 29 or 36 months under certain circumstances.

A current member of the Armed Forces, including a member of the National Guard or Reserves, who has a serious injury or illness incurred or aggravated in the line of duty.

The financial institution that holds and manages the HSA funds, ensuring compliance with IRS regulations.

A card linked to a tax advantaged plan, i.e. HSA, FSA, HRA that allows account holders to pay for qualified expenses.

The amount an individual must pay out-of-pocket for medical expenses before insurance begins to cover costs, which is higher in an HDHP.

A type of FSA that covers expenses related to the care of dependents, such as daycare, babysitters, or elder care, to allow the employee to work.

An option where the commuter benefit provider pays the transit or parking provider directly on behalf of the employee, instead of reimbursing the employee.

An extension of COBRA coverage from 18 to 29 months for all qualified beneficiaries if one of them is determined to be disabled by the Social Security Administration within the first 60 days of COBRA coverage.

Withdrawal of funds from an HSA to pay for or reimburse qualified medical expenses.

A federal law that sets minimum standards for most voluntarily established retirement and health plans in private industry to provide protection for individuals in these plans.

A notice provided to eligible individuals informing them of their right to elect COBRA continuation coverage and detailing the steps to enroll.

The time frame during which an eligible individual must elect COBRA continuation coverage, typically 60 days from the date of the qualifying event or the date the notice is provided, whichever is later.

Transportation costs that qualify for reimbursement through a commuter benefit account, including transit passes, vanpooling, and parking fees.

An employee who has worked for the employer for at least 12 months, has at least 1,250 hours of service during the 12 months prior to the start of the leave, and works at a location where the employer has 50 or more employees within 75 miles.

Specific expenses approved by the IRS that can be reimbursed through tax advantaged accounts like an FSA.

A work-based intervention program designed to assist employees in resolving personal problems that may affect their performance at work, such as substance abuse, emotional distress, or family issues.

A unique number assigned by the IRS to identify a business entity for tax purposes, used on ACA reporting forms.

The requirement for ALEs to offer affordable, minimum essential coverage to full-time employees and their dependents or potentially face penalties.

The penalties ALEs may face if they fail to offer affordable, minimum essential coverage to full-time employees and their dependents, and at least one full-time employee receives a premium tax credit.

A designated time frame when employees can enroll, usually during the employer's open enrollment period or after a qualifying life event.

A federal law enacted in 1993 that provides eligible employees with up to 12 weeks of unpaid, job-protected leave per year for specified family and medical reasons.

A tax-advantaged financial account that allows employees to set aside pre-tax dollars for eligible medical and dependent care expenses.

The obligation of those who manage an employee benefit plan to act in the best interests of the plan participants and beneficiaries, with a high standard of care, diligence, and prudence.

A statement from a healthcare provider that an employee is able to return to work following FMLA leave for their own serious health condition.

A transmittal form submitted to the IRS along with the 1095-B forms, summarizing the information provided about minimum essential coverage.

A transmittal form submitted to the IRS by ALEs, summarizing the information from all the 1095-C forms issued to employees.

A form used by insurers and small self-insured employers to report information about individuals who have minimum essential coverage.

A form provided by ALEs to full-time employees, detailing the health insurance coverage offered to them. It includes information on the coverage provided and whether it met ACA requirements.

The IRS form issued by the HSA custodian, reporting distributions from the HSA during the tax year.

The IRS form issued by the HSA custodian, reporting contributions made to the HSA during the tax year.

An annual report filed with the IRS, Department of Labor, and Pension Benefit Guaranty Corporation that provides information about a benefit plan's financial condition, investments, and operations.

The IRS form used to report HSA contributions, distributions, and to calculate any applicable taxes and penalties.

For ACA purposes, an employee who works an average of at least 30 hours per week or 130 hours per month.

A combination of part-time employees whose total hours worked equate to a full-time employee. This calculation helps determine if an employer is an ALE.

An extension (up to 2.5 months) after the plan year ends, during which participants can use remaining FSA funds for eligible expenses.

The period after the premium due date during which coverage is still in effect if the premium is paid, typically 30 days.

A health insurance plan with a higher deductible and lower premiums, required to qualify for an HSA.

A federal law that provides data privacy and security provisions for safeguarding medical information. It also includes provisions to protect coverage for workers and their families when they change or lose their jobs.

An HDHP that meets specific IRS requirements, including minimum deductibles and out-of-pocket maximums, to qualify for an HSA.

Expenses that qualify for payment or reimbursement from an HSA, as defined by the IRS, such as medical, dental, and vision care.

A type of FSA used to pay for out-of-pocket medical, dental, and vision expenses not covered by insurance.

A doctor of medicine or osteopathy authorized to practice medicine or surgery, or any other person determined by the Secretary of Labor to be capable of providing health care services.

A federal law providing rights and protections for participants and beneficiaries in group health plans, including COBRA participants, particularly concerning pre-existing conditions and special enrollment rights.

An employer-funded plan that reimburses employees for medical expenses, which can be used alongside an HSA in certain situations.

A tax-advantaged savings account designed for individuals with high-deductible health plans (HDHPs) to save for medical expenses

A general notice provided to employees and their spouses outlining their COBRA rights and obligations, typically given within the first 90 days of coverage under the group health plan.

Used for new hires to determine their full-time status, typically lasting 3 to 12 months from the date of hire.

An overnight stay in a hospital, hospice, or residential medical care facility, including any period of incapacity or subsequent treatment in connection with such inpatient care.

Leave taken in separate blocks of time due to a single qualifying reason, rather than one continuous period of time.

Opportunities to invest HSA funds in various financial instruments like stocks, bonds, and mutual funds to potentially grow the account balance tax-free.

The right of an employee to return to the same or an equivalent position at the end of their FMLA leave period.

A 12-month period measured forward from the date an employee?s first FMLA leave begins.

An employer?s obligation to maintain an employee?s group health insurance coverage under the same terms and conditions as if the employee had not taken leave.

A service available in every state that helps individuals, families, and small businesses shop for and enroll in affordable medical insurance. Some states run their own Marketplaces, while others are run by the federal government.

Public transportation systems that are eligible for reimbursement through transit accounts, including buses, trains, subways, and ferries.

The time frame used by ALEs to determine whether an employee is full-time under the ACA. It can be a look-back period of 3 to 12 months.

Becoming eligible for Medicare, which can affect COBRA coverage rights and duration for the covered employee and their family members.

Up to 26 weeks of leave in a single 12-month period to care for a covered servicemember with a serious injury or illness.

Health insurance coverage that meets the ACA requirement for having health coverage. This includes most employer-sponsored coverage, government-sponsored programs, and individual health insurance plans.

A standard set by the ACA that employer-sponsored health plans must meet, ensuring that the plan covers at least 60% of the total allowed cost of benefits.

The maximum amount an employee can contribute to a commuter benefit account each month, set by the IRS (e.g., $300 for transit and $300 for parking in 2024).

Tests required for certain benefit plans, including cafeteria plans and retirement plans, to ensure they do not favor highly compensated employees, key employees, or owners.

Failure to pay COBRA premiums on time, which can result in the termination of COBRA continuation coverage.

Expenses that do not qualify for tax-free reimbursement from an HSA, such as cosmetic surgery or non-prescription drugs without a doctor's prescription, which are subject to taxes and penalties.

Unlike FSAs, unused funds in commuter benefit accounts can generally be carried over month-to-month and year-to-year as long as the employee remains with the same employer.

A document required under HIPAA that explains how an employee's health information may be used and disclosed by the employer and the employee's rights with respect to that information.

A designated period during which individuals can make changes to their health insurance coverage, applicable to COBRA participants as well.

The maximum amount an individual has to pay for covered medical expenses in a plan year, after which the insurance covers 100% of expenses.

A biological, adoptive, step, or foster father or mother, or any other individual who stood in loco parentis to the employee when the employee was a child.

A type of commuter benefit account used to pay for parking expenses at or near the workplace or public transportation stations.

The entity (MoneyWise Solutions) responsible for managing and overseeing the FSA plan, the commuter benefit program, a group health plan, and an employee benefit plan. This includes processing claims and ensuring compliance with regulations such as COBRA, ERISA, and other relevant laws.

A formal, written document that outlines the terms and conditions of an employee benefit plan, including eligibility, benefits provided, and administrative procedures.

An individual or entity with the responsibility to manage and control the operation and administration of an employee benefit plan, acting in the best interests of the plan participants and beneficiaries.

The 12-month period designated by a plan for record-keeping and reporting purposes. It may or may not align with the calendar year.

The feature of HSAs that allows account holders to keep their HSA even if they change employers or health plans.

Money deducted from an employee's paycheck before taxes are applied, generally used to fund an FSA, HSA, etc, reducing taxable income.

The cost of the health insurance coverage under COBRA, which can include the full cost of the insurance plus a 2% administrative fee.

A type of cafeteria plan that allows employees to pay their health insurance premiums on a pre-tax basis, reducing their taxable income.

A refundable credit that helps eligible individuals and families with low or moderate income afford health insurance purchased through the Marketplace.

An individual who was covered by the group health plan on the day before a qualifying event and who is eligible to elect COBRA continuation coverage. This includes the employee, their spouse, and dependent children.

A default investment option chosen by a plan fiduciary for participants who do not make their own investment choices. QDIAs must comply with certain Department of Labor regulations.

A one-time transfer from an IRA to an HSA, which counts toward the annual contribution limit.

Expenses that are considered eligible for reimbursement under various health plans and tax-advantaged accounts, such as FSAs, HSAs, and HRAs. These typically include costs for medical, dental, and vision care services and products, provided they meet the criteria set by relevant health plan guidelines and tax regulations.

Parking expenses eligible for reimbursement through a parking account, typically for parking at or near the workplace or public transportation stations.

Employer-provided benefits that allow employees to use pre-tax dollars for commuting expenses, as defined by the IRS.

An occurrence that triggers an individual's right to COBRA continuation coverage, such as termination of employment, reduction in hours, divorce, death of the covered employee, or the covered employee becoming entitled to Medicare.

Leave for specific reasons related to a family member's military service, including short-notice deployment, military events, childcare and school activities, financial and legal arrangements, counseling, rest and recuperation, post-deployment activities, and other activities agreed upon by the employer and employee.

A significant life change (e.g., marriage, birth of a child, job change) that allows employees to make changes to their benefits, i.e. FSA Plan elections outside of the open enrollment period.

A schedule that reduces an employee's usual number of working hours per workweek or workday, typically for a period of time for a qualifying reason under FMLA.

The process of receiving payment from eligible expenses by submitting a claim with receipts and necessary documentation.

Under specific circumstances, COBRA coverage may be reinstated if terminated due to non-payment and then resolved within the grace period.

A method for calculating the 12-month leave entitlement that measures backward from the date an employee uses FMLA leave.

The ability to carry over unused HSA funds from year to year without losing the money, unlike FSAs.

A period after the plan year ends (typically 90 days) during which participants can submit claims for expenses incurred during the previous plan year.

Provisions allowing ALEs to determine affordability based on specific criteria, such as the Federal Poverty Line, W-2 wages, or the rate of pay.

An event that occurs during COBRA continuation coverage that can extend the coverage period, such as the death of the covered employee or divorce from the covered employee.

Requires insurers, self-insured employers, and other entities providing minimum essential coverage to report coverage information to the IRS and to covered individuals.

Requires ALEs to report information about the health coverage offered to full-time employees and their dependents to the IRS and furnish related statements to employees.

A plan where the employer assumes the financial risk of providing health care benefits to its employees, instead of purchasing insurance from an external carrier.

An illness, injury, impairment, or physical or mental condition that involves either inpatient care or continuing treatment by a healthcare provider.

An injury or illness incurred or aggravated by a servicemember in the line of duty that may render them medically unfit to perform their military duties.

A reusable card for public transit fare in certain cities, which can be funded with pre-tax dollars through a transit account.

A husband or wife as defined or recognized under state law for purposes of marriage in the state where the employee resides.

The period during which an employee's status as full-time or part-time, as determined during the measurement period, remains fixed regardless of actual hours worked.

State-mandated programs similar to COBRA that apply to smaller employers not covered by federal COBRA, often referred to as "mini-COBRA."

The ability of an employee to use accrued paid leave, such as vacation or sick leave, concurrently with unpaid FMLA leave.

A document provided to plan participants that summarizes the key features of the plan, including benefits, rights, and obligations. It must be written in a manner that can be understood by the average participant.

A document that describes material changes to the terms of the plan or changes to the information required in the SPD. It must be provided to participants when significant changes are made to the plan.

A type of commuter benefit account used to pay for public transportation expenses, including bus, train, subway, and ferry fares.

The tax benefits of HSAs, including tax-free contributions, tax-free growth of investments, and tax-free withdrawals for qualified medical expenses.

IRS regulation stating that any funds remaining in an FSA at the end of the plan year are forfeited unless the plan offers a grace period or carryover option.

A commuter benefit where a group of employees share a van to travel to and from work, eligible for reimbursement through commuter benefit accounts.

A pre-paid ticket or electronic pass that can be used to pay for eligible transit or parking expenses, often provided by employers as part of commuter benefits.

Programs offered by employers aimed at promoting healthy behaviors among employees, often including health screenings, fitness challenges, and educational seminars. These programs must comply with various laws, including the Affordable Care Act (ACA) and the Americans with Disabilities Act (ADA).

A document that "wraps" around existing insurance policies, creating a single SPD for multiple benefits. It combines various insurance policies and contracts into one comprehensive document for compliance with ERISA.