Benefit period
Benefit Period
Benefit period (/ˈbɛnɪfɪt ˈpɪəriəd/) is a term used in the health insurance industry to denote the length of time during which a policyholder can receive benefits for covered services.
Etymology
The term "benefit period" is derived from the English words "benefit," meaning an advantage or profit gained from something, and "period," meaning a length or portion of time.
Definition
In the context of health insurance, a benefit period typically begins the day a policyholder is admitted to a hospital or skilled nursing facility and ends when they have not received any hospital care (or care in a skilled nursing facility) for 60 days in a row. If the policyholder goes into the hospital after one benefit period has ended, a new benefit period begins, and the policyholder must pay the inpatient hospital deductible for that new benefit period.
Related Terms
- Policyholder: The individual or entity who owns an insurance policy and pays the premium to the insurance company.
- Deductible: The amount you pay for covered health care services before your insurance plan starts to pay.
- Inpatient Care: Care given to a patient admitted to a hospital or other health care facility.
- Outpatient Care: Care given to a patient who is not admitted to a hospital or other health care facility.
- Skilled Nursing Facility: A type of nursing home recognized by the Medicare and Medicaid systems as meeting long term health care needs for individuals who have the potential to function independently after a limited period of care.
External links
- Medical encyclopedia article on Benefit period
- Wikipedia's article - Benefit period
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