Carriers calculate their waiting periods using different methods therefore we have expanded the Waiting Period options that are available in TFA Edge.
Example #1:
Counting 30 Days as a Month
A group has their waiting period as “First of the Month following 30 Days” and an employee is hired on May 2nd. They calculate a month to June 2nd and the Effective Date is July 1st.
Example #2:
Counting Actual Number of Days
Some carriers count the actual number of days. If a group has “First of the Month following 30 Days” as their waiting period and someone is hired on May 2nd you would count 30 days which would be May 31st making their Effective Date June 1st.
Edge has been calculating Effective Dates using the “Counting 30 days as a month" as shown in Example #1. With this update, all clients are now showing “First of the Month Following X Month”.
If a client has Anthem (all lines), you’ll need to go into Edge and change their waiting period to “First of the Month Following XX Days”. We will be emailing brokers later today if they have clients who need to be updated in Edge. Please let us know if you have any questions!
The information herein should not be construed as legal or tax advice in any way. This content is provided for informational purposes only. You should seek the advice of your attorney or tax consultant for additional or specific information.