What is the significance of a loss of coverage date in Workday?

The significance of a loss of coverage date in Workday is that it indicates the date a benefit coverage will end. This date is crucial because it determines when an employee will no longer be eligible for benefits under their current plan, prompting them to explore alternative options for coverage, such as enrolling in a new plan. Understanding this date helps employees manage their benefits effectively, ensuring there are no gaps in coverage, which is essential for maintaining access to healthcare services and other benefits. It also triggers specific enrollment opportunities, allowing employees to make decisions about their benefits in a timely manner based on their changing circumstances.