Portable Benefits

Business / Taxes / Portable Benefits: Benefits or accumulated assets that you can take with you when you leave your employer or switch jobs are described as portable. For instance, if you contribute to a 401(k), 403(b), 457, or other defined contribution plan at your current job, you can roll over your assets to an individual retirement account (IRA) or to a new employer’s plan if the plan accepts rollovers. In contrast, credits accumulated toward benefits from a pension — otherwise known as a defined benefit plan — usually aren’t portable. Insurance benefits under an employer-sponsored group health plan may also be portable as the result of The Health Insurance Portability and Accountability Act (HIPAA). If you have had group coverage and move to a new employer who offers health insurance, your new group health plan can’t impose exclusions for preexisting conditions. HIPAA may also give you a right to purchase individual coverage if you are not eligible for group health plan coverage and have exhausted the 18-month extension of your previous coverage under the Consolidated Omnibus Budget Reconciliation Act (COBRA) or similar coverage. Other job benefits, such as health savings accounts (HSAs), are also be portable, but flexible spending plans (FSAs) are not.

Other Words for Benefits

Benefits Noun Synonyms: perquisite(s), emolument(s), allowance(s), extra(s), fringe benefit(s), perk(s)
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Other Words for Portable

Portable Adjective Synonyms: transportable, manageable, carriable, handy, light, lightweight, compact, pocket, pocket-sized, little, small, carry-on, vest-pocket, shirt-pocket
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Portable Document Format (PDF)

Technology / Computers / Portable Document Format (PDF): A technology developed by Adobe and was designed to capture all of the elements of a printed document and place it in a singe image file. This PDF file can be navigated, printed or attached to an emai MORE

Prescription Drug Benefits

Business / Human Resources (HR) / Prescription Drug Benefits: Typically a provision included in a group health plan designed to provide covered employees and their dependents with payment assistance for medically prescribed drugs. MORE

Portable Benefits

Business / Taxes / Portable Benefits: Benefits or accumulated assets that you can take with you when you leave your employer or switch jobs are described as portable. For instance, if you contribute to a 401(k), 403(b), 457, or other defi MORE

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