Policy Year

Policy Year

Wed, 02/12/2020 - 20:13

A 12-month period of benefits coverage under a health insurance plan. Also referred to as a benefit year.

♦ The benefit year for plans bought inside or outside the Marketplace begins January 1st of each year and ends December 31st of the same year.

♦ For employer group plans, the 12-month period may or may not be the same as the calendar year. Although, the majority of group plans do follow the calendar year.

Group plans often refer to the policy year as the "plan year."

To find out when your policy year begins, you can check your policy documents or contact your insurer.