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- Dictionaryreimbursement/ˌriːɪmˈbəːsm(ə)nt/
noun
- 1. the action of repaying a person who has spent or lost money: "reimbursement of everyday medical costs"
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Reimbursement is the act of paying back money to someone who has spent it for you or lost it because of you, or the amount that is paid back. Learn more about the meaning, usage and pronunciation of reimbursement with examples from the Cambridge English Corpus.
- English (US)
the act of paying back money to someone who has spent it for...
- Federal Reimbursement
federal reimbursement definition: money that the US...
- Lodging
LODGING definition: 1. a temporary place to stay: 2. a room...
- Reimbursement in Traditional Chinese
REIMBURSEMENT translate: 報銷. Learn more in the Cambridge...
- Reimbursement in Simplified Chinese
REIMBURSEMENT translate: 报销. Learn more in the Cambridge...
- Cashback
CASHBACK definition: 1. a system in which banks or...
- English (US)
- What Is Reimbursement?
- Understanding Reimbursement
- Types of Reimbursement
- Requirements For Reimbursement
- Special Considerations
- Example of Reimbursed Expenses
- Reimbursed FAQs
Reimbursement is compensation paid by an organization for out-of-pocket expenses incurred or overpayment made by an employee, customer, or another party. Reimbursement of business expenses, insurance costs, and overpaid taxes are common examples. However, unlike typical compensation, reimbursement is not subject to taxation.
Reimbursement is most commonly associated with business expenses. Many companies have policies outlining when they will reimburse employees for out-of-pocket expenses. Typically, these expenses are related to travel and can include the costs associated with hotels, food, ground transportation, and flights (travel reimbursement). Companies may also ...
Insurance
Beyond business expenses, reimbursement is also used in the insuranceindustry. When a health insurance policyholder needs urgent medical attention, the policyholder is unlikely to have the time to contact the insurer to determine the extent to which the policy covers expenses. The policyholder may have to pay for medication, medical services, or related expenses out-of-pocket. Alternatively, the insurance policy may require that the policyholder cover certain expenses out-of-pocket before se...
Taxes
Reimbursement is also common with taxes paid to state and federal governments. Most income taxpayers have federal taxes withheld each pay period through payroll deductions, which does not take into account the credits that a taxpayer may be entitled to due to other taxes paid or expenditures made. Contractors pay their taxes in quarterly estimated tax payments. Tax refundsprovided to the taxpayer by the government are a form of reimbursement, as the money being returned to the taxpayer is...
Legal
A type of reimbursement called reimbursement alimonyapplies to the legal sector. Reimbursement alimony is ordered by a judge and is a payment made to an ex-spouse as reimbursement for time and money invested in the spouse's financial prospects and growth. A person in a divorce settlement who worked full time to support his or her spouse through college may be entitled to reimbursement alimony if the spouse has graduated and is now earning income.
In the U.S., companies often use the per diem rates created by the General Services Administration (GSA). The GSA compiles reimbursement rates for various cities and states. The company may also choose to use its own methodologyto set per diem rates by taking the GSA per diem rate as a base point and adjusting it factoring in company-specific facto...
Organizations, whether businesses, insurers, or governments, have a vested interest in ensuring that reimbursements are only provided for legitimate reasons. Employees, insurance policyholders, and taxpayers can file for an expense that never occurred or inflate the value of an expense. This requires the reimbursing organization to develop internal...
Say that you are a sales representative who visits an industry conference in order to better understand the state-of-the-art for the industry, to attend educational seminars, and to professionally network. As a result of this approved trip, you spend out of your own money $300 for a hotel room, $250 for transportation, and $100 for food. Upon retur...
How Much Should I Be Reimbursed for Mileage?
Depending on your arrangement with the company, up to all of your mileage expense may be reimbursed by your employer for qualified business trips. The IRS also has a defined mileage allowanceto refer to the deductibility of expenses car owners accrue while operating a personal vehicle for business, medical, charity, or moving purposes. For 2021, the IRS suggests deducting $0.56 per mile for business use, $0.14 for charity use, and $0.16 for certain medical uses and moving (for 2020 it's $0.57...
How Do I Get Reimbursed From Medicaid?
Every state administers Medicaid differently. Some states will reimburse patients for medical bills paid out-of-pocket. If so, their Medicaid information should be provided to their doctor. Not all health care providers accept Medicaid.
How Do I Get Reimbursed From My HSA?
If you incur an expense covered by your health savings account (HSA) you can reimburse yourself for the cost via electronic transfer or by writing yourself a check drawn from the HSA account. You may also be able to withdraw money from an ATM using an HSA-linked debit card.
Reimbursement is the act of paying back money to someone who has spent it for you or lost it because of you, or the amount that is paid back. Learn more about this formal word, its pronunciation, and its usage in different contexts with examples from various sources.
Reimbursement is the repayment for an expense or loss incurred. Learn the origin, usage and synonyms of this word, and see how it is used in sentences from various sources.
Reimbursement means getting your money back for expenses that you have paid. Learn how to use this word in different contexts, such as insurance, business, or law, with synonyms, pronunciation, and translations.
reimbursement. noun. /ˌriːɪmˈbɜːsmənt/ /ˌriːɪmˈbɜːrsmənt/ [uncountable] (formal) the act of paying back money to somebody which they have spent or lost; the amount that is paid back. You will receive reimbursement for any additional costs incurred. Questions about grammar and vocabulary?
Learn the meaning of reimburse, a verb that means to pay back or repay someone for something. See synonyms, examples, word history, and related articles from Merriam-Webster dictionary.
