Benefits Glossary

Qualified Default Investment Alternative acronym. A QDIA is a default investment used in a 401(k) Plan when money is contributed to an employee's account, but the employee has not made their investment election.

Qualified Domestic Relations Order acronym. A judgment, decree or domestic order that creates or recognizes an alternate payee’s right to receive all or a portion of a participant’s benefit. An alternate payee may be the participant’s former spouse, child or other dependent.

Qualifying Life Event acronym.  A change in a person’s situation — such as getting married, having or adopting a baby, or losing health coverage — that makes the individual eligible to enroll in or change health insurance and other Flexible Benefits Plan elections outside the yearly Open Enrollment Period.

A health insurance policy that is sold through an Exchange. ACA requires Exchanges to certify that Qualified Health Plans meet minimum standards contained in the law.

Any health insurance that meets the ACA requirement for having health care coverage. Individuals with Qualifying Health Coverage do not have to pay the penalty for being uninsured, which applied through the 2018 plan year. Examples: individual plans, including Marketplace plans; job-based plans; Medicare; Medicaid; and the CHIP. Also referred to as MEC.