benefit period


Also found in: Financial.

benefit period

A period of hospital or skilled nursing use by the beneficiary of an insurance policy, which begins on the day of admission and ends when the recipient has not received hospital or skilled nursing care for 60 consecutive days. The beneficiary must pay the inpatient hospital deductible for each benefit period; there is no limit on the number of benefit.

Medicare
The period during which a Medicare beneficiary is eligible for Part-A benefits. A typical benefit period is 90 days, which begins the day the patient is admitted to a hospital and ends when a person has not been hospitalised for a period of 60 consecutive days.

ben·e·fit pe·ri·od

(benĕ-fit pērē-ŏd)
Classification used by Medicare to define the period starting with the first day of hospitalization and ending when the patient has been out of the hospital for 60 consecutive days.
References in periodicals archive ?
This rider, available with all benefit periods, allows for a permanent waiver of premium if one spouse dies and both policies have been in force for at least 5 years.
During open enrollment, the full menu of benefit choices is available including, most notably, an unlimited benefit period and a facilities-only option.
If cost is a factor, what's wrong with recommending a shorter initial benefit period, given the fact that most disabilities last between two and five years?
If a four-year benefit period is purchased, then clearly a confinement significantly in excess of that time would be catastrophic.
The Community Living Assistance Services and Supports (CLASS) Act is a provision in the new health care reform bill (Public Law 111-148) that is supposed to provide an average benefit of $50 a day with a lifetime benefit period depending on the level of impairment.
Policyholders can extend the four-year benefit period if the total coverage amount selected at the time of application is not already spent.
The benefit period begins with the commissioning of the first vehicle and ends at the end of the repair capacity of all the contractor supplied systems.
Inflation Compound Lifetime: of Daily 2% CCBR, 5% EOBR; Benefit Simple Lifetime: 3% on CCBR & EOBR riders Benefit Periods Guaranteed LTC benefit period can be 2-7 years.
What that means is that after the initial period of time has expired, in order to continue collecting benefits for the remainder of the benefit period (which might be to age 65), the claimant must be unable to, for example, "flip hamburgers," or not be working at all.
A policy with a $200 daily facility benefit, and a three-year benefit period (3 years x 365 days = 1,095 days), is worth $200 x 1,095, or $219,000.
According to the American Council of Life Insurers (ACLI), a 60-year old buying a policy with a two-year benefit period today would pay in premiums over a 25-year period about a tenth of what he could expect to pay for a two-year nursing home stay when he reaches age 85.
It offers a new, patent-pending approach to investing in equities for investors who want to participate in the stock market while protecting their principal, provided they remain fully invested during the benefit period of their choice.