Definition. A scheduled or unscheduled reduction in the amount an insured person, policyholder or retirement plan participant will receive after satisfying the conditions for receiving benefits. Often the benefits are reduced using a multi-tiered approach over a specific time period.
The Affordable Care Act (ACA) changed a lot of things about the health insurance market in the United States. Among them: It granted some more options to those who had pre-existing conditions but who lost their access to a workplace plan because of job loss, layoff, benefit reduction or divorce.
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