insurance

What are elective benefits?

 

 

What are elective benefits?

The Bankrate.com financial term of the day is: "elective benefits."

The term "elective benefits" might seem to refer to the idea of how great it is when everybody votes. But while the term does involve a choice, it's a much more personal one than whether a political office should be held by Candidate A or Candidate B. With elective benefits, you can choose whether to take a lump sum from your health insurance company to cover certain conditions or injuries, rather than receive installment payments as you're treated.

With elective benefits, you can simplify matters with your health insurer by taking one big payment for a medical issue instead of submitting a bunch of bills over time.

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