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Term of the Day....HIPAA

Posted on 9 August, 2013 at 12:17
Term of the Day                                                                                     HIPAA Definition
Health Insurance Portability and Accountability Act. A law mandating that anyone belonging to a group health insurance plan must be allowed to purchase health insurance within an interval of time beginning when the previous coverage is lost. The law protects employees, especially those with long term health conditions who may be reluctant to leave jobs because they are afraid pre-existing condition clauses will limit coverage of any such conditions under a new insurance plan, from losing health insurance due a change in employment status. The law also creates standards dealing with the privacy of health information, which helps prevent improper use of one's medical record.

Usage Example
Employers that offer a fully-insured health plan and sponsor an HRA often overlook their HIPAA Privacy obligations.

Categories: Accounting, Bookkeeping, Payroll

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1 Comment

Reply Intraday tips
12:34 on 12 March, 2014 
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