Florida Health Insurance Terms:
Define: "Conversion Benefit"
This type of benefit allows you, the policy owner, to change one health policy type for another. An example is exchanging a term life insurance policy for a permanent life insurance policy. Most term life insurance policies offer this type of benefit.
Federal employees can use pre-tax dollars to pay health insurance premiums to the Federal Employees Health Benefits Program under the "Premium Conversion" program. Premium conversion uses Federal tax rules to let employees deduct their share of health insurance premiums from their taxable income, thereby reducing their taxes. This plan is similar to the private sector, which has allowed their employees to deduct health insurance premiums from their taxable incomes for many years.
News Article: More About: "Conversion Benefits"
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