Benefit Period

What Does Benefit Period Mean?

The benefit period refers to the duration during which an insurance company pays benefits to the policyholder or the beneficiary named in the policy. It is specifically defined within the policy and is commonly associated with health and disability insurance.

Some people also refer to it as the payment period.

Insuranceopedia Explains Benefit Period

The benefit period varies depending on the policy. For instance, under Medicare, the benefit period starts when you are admitted to a skilled nursing facility or hospital and ends once you have gone 60 consecutive days without receiving care. In contrast, for a long-term care policy, the benefit period may begin only after a specified waiting period and could extend up to a lifetime.