Definition - What does Benefit Period mean?
The benefit period is to the span of time during which an insurance company pays the policyholder (or the beneficiary named in the insurance policy) a benefit. Defined specially in the policy, it often involves health and disability insurance policies.
Some people also refer to it as a payment period.
Insuranceopedia explains Benefit Period
A benefit period varies from policy to policy. For example, with Medicare, it begins as soon as you are admitted to a skilled nursing facility or hospital and ends once you have not received care for 60 days in a row. On the other hand, for a long-term care policy, it may begin only after a certain waiting period and last up to a lifetime.
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