Mental Health Parity Act Of 1996
Act that prohibits insurance companies, group health plans, and health maintenance organizations from establishing lifetime limits or annual limits on mental health coverage that are lower than the limits on medical coverage. These plans that do not have limits on medical coverage cannot establish limits for mental health coverage. Under this act, the employer is not required to offer mental health or substance abuse benefits. This act applies to those companies with at least 50 employees and became effective for the plan year beginning on or after January 1, 1998.
Popular Insurance Terms
Same as term Mortality Table: chart showing rate of death at each age in terms of number of deaths per thousand. ...
Portion of company profits allocated by an employer, in good years, to an employee's trust. Contributions on behalf of each employee are expressed as a percentage of salary with 5% being ...
Accounting method of establishing data on an annual basis. ...
Coverage required by the laws of a particular state. For example, many states stipulate minimum amounts of automobile liability insurance that must be carried. ...
Organization that seeks to educate the public on the benefits of private health insurance coverage. Its membership consists of private companies that sell health insurance. The HIAA ...
Insurance company's total premium income plus investment income. ...
Very broad term for insurance covering liability exposures for individuals and business owners. It provides broad coverage, generally including all exposures for property damage and bodily ...
Insurer in a group of companies that act as subsidiaries. ...
Process of calculating a premium so that it is adequate-sufficient to pay losses according to expected frequency and severity, thereby safeguarding against the insurance company becoming ...
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