Conditions to be met before benefits are paid out.
Insurance Encyclopedia
Benefit verification letter
Official document from the Social Security Administration that provides information on how much an individual receives in monthly Social Security benefits and/or Supplemental Security Income payments. A letter is normally issued after a request from a beneficiary or his or her authorized representative.
Benefit waiting period
Time period that must elapse before health insurance benefits are payable.
Benefit year
Twelve-month period used by employers for administration of health benefits. Most employers’ benefit year is from January through December. However, a benefit year does not always coincide with a group’s fiscal year. See benefit period .
Benefits
Compensation for loss and other services provided by insurers under terms of insurance contracts.
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MEDICAL,USA,REFERENCE: See: benefit package , benefit products , and Social Security benefits .
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US: The amount payable by the insurance company to a claimant, assignee or beneficiary under each coverage.
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The financial reimbursement and other services provided insured by insurers under the terms of an insurance contract such as benefits as prescribed by the Employees Compensation Act.
Benefits description
Scope, terms, and conditions of coverage including any limitations associated with the plan provision of the service. Also called benefits plan and benefit package .
benefits identification card (BIC)
Medi-Cal identification card.
Benefits Improvement and Protection Act (BIPA) of 2002
Federal legislation that made the Medicare appeals process easier to negotiate with clearly defined levels that address reasons for rejection based on complexity of the situation. Terminology for these levels is called “redetermination” or “reconsideration” and is no longer known as an appeal.
Benefits in kind
Non-cash benefits for employees, such as private medical insurance. The amount paid for such benefits is added to the employee’s taxable income for tax purposes. The benefits are shown on form P11D and their value counts towards the calculation of maximum Inland Revenue pension benefits.
Benefits plan
See: benefits description .