Exam term

Actuarial value

The percentage of the average total cost of covered benefits that a plan pays for a standard population. It describes overall generosity and does not predict one person's bills or measure the premium.

Lessons that use this term

ACA market reforms: preexisting conditions, annual and lifetime limits, essential health benefits, and medical loss ratio New York
ACA exchanges: eligibility, premium tax credits, cost-sharing reductions, metal levels, actuarial value, and enrollment periods New York