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Waiting period

A waiting period is the amount of time a newly-hired employee must wait to become eligible for benefits after their hire date. For example, if your waiting period is 1st of the month after someone is hired and they're hired on the 15th of the month, their insurance would start on the first of the following month. 

This is specified in a company's contract with the health insurance carrier and can't be changed until the company renews benefits at the end of the current plan year. If you choose to update the waiting period during renewal, it will apply to all new hires for the following year.  

 

Payroll, benefits, HR and more.