Benefit Period (Benefit Year)
What Is Your Benefit Period (Year) For Health Insurance?
Your benefit period, sometimes called your benefit year, is the 12-month coverage for your health insurance. This means the one year benefit time frame for which your health insurance benefits apply. A plan year or benefit period will typically run from January 1 until December 31, at which point you can reevaluate your insurance elections and benefits. Your coverage will usually end on December 31, even if you made the purchase of your insurance after January 1.
Benefit Year Vs. Calendar Year
A benefit year or benefit period is the time period in which you are covered by your health insurance. This is similar to a calendar year, which also starts on January 1 and ends on December 21. It can differ a bit though because your date of coverage begins when you actually select your insurance plan. For instance, you may enter an insurance plan on July 10 but your benefit period would still end on December 31 even though it started in July. If you need more information on your benefit year please look through your insurance documents or call them for more information.
Where To Find Your Benefit Year
To find out when your benefit plan begins, you should check the insurance documents you received. If you cannot find them then I would recommend that you call your insurance company to get the most accurate information on your benefit time frame and your coverage details. It is important to know this information so you can plan, to the best of your ability, medical expenses and doctors visits and know how much you are going to pay ahead of time. It will also be good for you to know the time frame for which you are covered and have insurance benefits through your insurance company.