What does Grandfathered Plan mean? Read on to discover the definition & meaning of the term Grandfathered Plan - to help you better understand the language used in insurance policies.
A grandfathered plan is an insurance policy that was put into place before a new law came into existence which could change requirements for the plan. If grandfathered plans retain their grandfathered status, then they can remain legitimate and in compliance with the law even if they do not meet the new standards put in place.
We hope the you have a better understanding of the meaning of Grandfathered Plan.