Waiting periods will vary from company to company but a few of the most common waiting periods are:
- First of the month following date of hire
- 1st of the month following 30 days of employment
- 1st of the month following 60 days of employment
Employers usually define waiting periods with benefit carriers when benefits are established. Waiting periods can be amended at renewal but most often will stay the same.
When selecting a waiting period, an employer will want to consider things such as employee retention, and new hire probation periods. Many employers use benefits to attract top talent, this will play a big role in the length of your waiting period. If you are in a competitive industry, a shorter waiting period may help to better attract top talent.