Benefit Management: Introduction and Terminology

The key terminology relating to Benefit Management in terms of applying benefit regulation, which may be new to many users, are the Benefit Policies and Benefit Rules that belong within those Policies.

Benefit Regulation    
Benefit Eligibility Policy Benefit Eligibility Rule Benefit (Example)
Employee Age Employee Over 55 Eligible Enhanced Retirement Savings Plan
Employee Age Employee Under 21 not eligible Product or service with age restriction

Similarly, the terminology relating to benefit categorization, for intuitive and ease of use categorization, Benefits by the Benefit Plan Type, Benefit Plan, and Benefits.

Benefit Categorization    
Benefit Plan Type Benefit Plan Benefit
Retirement Retirement Savings Enhanced Retirement Savings Plan
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The benefit regulation is applied via automation using the Benefit Rollout Center, using their employee data stored within the solution, to ensure that only employees entitles to specific benefits receive those benefits as an option.

The benefit regulation and benefit categorization, when applied within the solution work together to ensure that benefits are structured to meet the organizational and employee need.

Benefit structure          
Benefit Eligibility Policy Benefit Eligibility Rule Benefit Plan Type Benefit Plan Benefit Employee
Length of employment 1 Year of Employment or Greater Medical Insurance Family Medical Insurance Unexpected Illness and Surgery - Family Single employee ineligible based on benefit structure
Length of employment 1 Year of Employment or Greater Medical Insurance Individual Medical Insurance Unexpected Illness and Surgery - Individual Single employee eligible based on benefit structure