Benefit Period

DEFINITION of 'Benefit Period'

The benefit period is the length of time during which a benefit is paid. This can involve a government benefit program such as Medicare, or payment from an insurance policy, such as health or disability insurance. The benefit period is defined in each program or policy's guidelines.

BREAKING DOWN 'Benefit Period'

The benefit period can vary from policy to policy. For example, the benefit period in the context of Medicare begins the day an insured is admitted to a hospital or skilled nursing facility (SNF), and ends when the insured has not received any care for 60 days in a row.




RELATED TERMS
  1. Accelerated Benefits

    A clause in certain life insurance policies that enables the ...
  2. Elimination Period

    The length of time between when an injury or illness begins and ...
  3. Disability Insurance

    A program managed by the Social Security Administration that ...
  4. Guaranteed Issue Rights

    A right afforded to individuals insured under Medicare that requires ...
  5. Medicare Wages

    An employee's earnings that are subject to a U.S. payroll tax ...
  6. Waiver Of Premium For Disability ...

    A provision in an insurance policy that states that the insurance ...
Related Articles
  1. Personal Finance

    How Linked Benefit Insurance Policies Work

    Linked benefit policies can be a viable alternative to traditional long-term care insurance. Here's how they work.
  2. Personal Finance

    Tips for Insuring Your Salary

    Those with high incomes really can’t afford to be without disability insurance. Here's why.
  3. Retirement

    The Cost of Long-Term Care Insurance

    Long-term care insurance has a reputation for being pricey – and it can be. But there’s good news: Prices declined by about 10% from 2015 to 2016 for a couple in their 60s purchasing ...
  4. Trading

    The Disability Insurance Policy: Now In English

    Learn to translate this complicated policy so you can rest assured you're covered.
  5. Financial Advisor

    Don't Lose Your Wealth Due To Healthcare Costs

    This article will highlight the use of an ILIT type of trust to protect wealth in the case of serious illness and transfer wealth in the event of death.
  6. Investing

    Advising FAs: Explaining Disability Insurance to a Client

    Disability is a very critical type of insurance that most individuals should consider carrying. When it comes to your personal finances, long-term disability can have a devastating effect if ...
  7. Markets

    Disability and Business Overhead Coverage for the Self-Employed

    What every small business owner or professional needs to know about individual and business overhead disability income insurance plans.
  8. Managing Wealth

    Life Insurance With an Increasing Death Benefit

    Why buy a life insurance policy with an increasing rather than level death benefit
  9. Retirement

    When Am I Eligible For Medicare?

    You’re eligible for Medicare when you reach age 65 or meet other requirements.
  10. Personal Finance

    How to Protect Your Income No Matter What

    What does it mean to insure your income? Here are a variety of ways to do it and some insights into when it might make sense to invest in income insurance.
RELATED FAQS
  1. Why would you want a monthly benefit versus a daily benefit?

    An insurance benefit is the amount of money paid to or on behalf of the policyholder. Depending on what kind of insurance ... Read Answer >>
  2. Can a self- employed person (now disabled) receive disability?

  3. What is an elimination period?

    Elimination period is a term used in insurance to refer to the time period between an injury and the receipt of benefit payments. ... Read Answer >>
  4. What is term insurance?

    Term insurance is a type of life insurance policy that provides coverage for a certain period of time, or a specified "term" ... Read Answer >>
  5. What is the difference between the death benefit and cash value of an insurance policy?

    Understand the difference between the various components of a life insurance policy including the death benefit and a policy's ... Read Answer >>
  6. What are some examples of industries that practice price discrimination?

    Understand the various types of insurance coverage offered in the insurance marketplace, and learn why each policy should ... Read Answer >>
Trading Center