Age at which an individual has the legal capability of being responsible for his or her actions (e.g., enter into a contract or vote in a national election). In most states the age of majority is 21 years, but in some it is 18 because of enactment in 1972 of the 26th Amendment of the U.S. Constitution, which allowed 18-year-olds to vote in federal elections. Also known as legal majority or emancipated minor.
Tag: RAW
Age related payment/rebate
Payment made by the IR National Insurance Contributions Office to an appropriate scheme, contracted out money purchase scheme or contracted out mixed benefit scheme from April 1997 for members who have contracted out. The payments increase with the age of the member.
Age restriction
In a health care plan when there is a limitation of benefits when the patient reaches a certain age.
Age setback
A practice based on the assumption that women outlive men and will be paying premiums for a longer period, wherein a number of years are subtracted from standard life insurance rates. This is considered a women’s rights matter and has been brought to legislation in some states.
Age-weighted profit-sharing plan
A plan wherein larger contributions are made for older participants. After compound interest has been added, the smaller contribution made for the younger employee will equal the same retirement benefit as the larger one.
Age/sex factor
Measurement in actuarial underwriting that uses age and sex risk of medical costs of a population relative to another population.
Age/sex rates (ASRs)
In a managed care contract, a structure of capitation payments based on members’ ages and genders. ASRs are used to calculate premiums for the purpose of group billing. Also called table rates.
Age/sex rating
See: age/sex rates (ASRs).
Aged
Under Social Security, an individual 65 years and older whose income and resources are within supplemental security income (SSI) limitations.
Aged enrollee
Individual age 65 or older who is enrolled in the supplemental medical insurance (SMI) program.