Define Benefit Year Insurance: A Safety Net for Healthcare Costs
Define benefit year insurance is a type of health insurance that provides coverage for a specific period of time, typically one year. Once the benefit year ends, the policyholder’s coverage is renewed, and a new benefit year begins. For instance, if an individual incurs medical expenses of $10,000 in a benefit year, the insurance company will cover a portion of those costs, subject to the policy’s terms and conditions.