In management and administration, the necessary items that would otherwise require a cash outlay by the employee. For example, health insurance plan, travel allowance, and others.
In insurance, a sum of money provided in an insurance policy payable for certain types of loss, or for covered services, under the terms of the policy. The benefits may be paid to the insured or on his behalf to others. In prepayment programs, like HMOS, benefits are the services the program will provide a member whenever, and to the extent needed.
The money, care, or other services to which an individual is entitled by virtue of insurance. In health care insurance, there are two basic kinds of benefits, indemnity benefits and service benefits.