Reimbursement Meaning

Meaning of Word

Reimbursement refers to the act of paying back money that someone has spent on behalf of another, typically for business or work-related expenses. It can also refer to the process of compensating someone for a specific expenditure.

Definitions and Meaning in English

Payment for expenses – The act of returning money to someone for costs they have incurred on behalf of another.
Compensation for costs – The process of covering out-of-pocket costs that were originally paid by someone else.
Refund – A return of money paid, typically for services or items that were purchased on behalf of someone else.
Reimbursement for services – The repayment for services rendered or goods purchased in relation to work or business activities.

History and Origin

The word “reimbursement” comes from the Latin word “re-“ meaning “again,” and “imbursare,” meaning “to pay into” or “to put in a purse.” It first appeared in the English language in the late 18th century. Reimbursement practices became more formalized with the growth of business operations, particularly in industries requiring employees or agents to incur expenses during their work. The concept is often associated with corporate policies regarding travel, supplies, and other work-related expenses.

Detailed Explanation

Reimbursement is the process through which an individual or employee is compensated for money spent while fulfilling a task or duty, typically in a professional or business context. When employees incur expenses related to their work—such as travel, supplies, or meals—employers may offer reimbursement to cover these costs. This practice ensures that employees are not financially burdened by expenses incurred in the course of their work.

Reimbursement can occur in various contexts, such as:

Business expenses: Employees may submit receipts for expenses incurred on business trips, which are then reimbursed by their employer.
Health care: Medical expenses incurred by an individual may be reimbursed by an insurance company or health plan.
Travel: Companies may reimburse employees for transportation, accommodation, and meals during business trips.

Reimbursement typically requires documentation, such as receipts or expense reports, to ensure that the costs are legitimate and in line with company policies or regulations.

Example Sentences

She submitted her travel receipts for reimbursement after the business trip.
The company offers reimbursement for work-related expenses like gas and parking.
He was reimbursed for the materials he purchased for the project.
Employees are required to keep receipts for reimbursement of any business-related expenses.
The health insurance plan covers reimbursement for prescription medications.
The hotel offered reimbursement for the cost of the room due to the inconvenience.
After the seminar, the participants received reimbursement for their transportation fees.
The accountant reviewed the expense report before authorizing the reimbursement.
The company policy states that all reimbursement requests must be submitted within 30 days.

Synonyms with Short Explanation

Refund – The return of money, usually for goods or services not used or not as expected.
Repayment – The action of returning money that was borrowed or advanced.
Compensation – Payment or reward given for services or expenses incurred.
Reparation – Compensation for damages or expenses, often in a formal or legal context.
Restitution – The act of restoring or compensating for something lost or incurred as a cost.

Related Words with Short Explanation

Expense – Money spent on something, which may be reimbursed later.
Allowance – A fixed amount of money given to cover specific expenses, sometimes related to reimbursement.
Invoice – A document requesting payment for services or goods, which can be submitted for reimbursement.
Receipt – A written acknowledgment of money spent, often required for reimbursement claims.
Claim – A formal request for reimbursement or compensation, often submitted with supporting documentation.

More Matches with Short Explanation

Expense report – A detailed document submitted by an employee, outlining the costs for which reimbursement is being requested.
Travel reimbursement – Compensation for expenses incurred during business travel, such as transportation, lodging, and meals.
Medical reimbursement – Compensation for medical expenses paid by an individual, often through insurance or a health plan.
Reimbursement policy – The rules and guidelines set by an organization for how expenses should be submitted for reimbursement.
Reimbursement form – A document used to submit a claim for reimbursement, often including receipts and other supporting information.

Antonyms

Charge – To require someone to pay for something, often as an expense, opposite of reimbursing them.
Payment – The action of giving money for goods or services, whereas reimbursement is returning money already spent.
Debt – Money owed to someone, whereas reimbursement is the return of money spent.
Cost – The price or expenditure for something, which may or may not be reimbursed.
Expenditure – The act of spending money, as opposed to the return of funds through reimbursement.