1. major medical expense insurance
Insurance that provides benefits for most types of medical expenses up to a
high maximum benefit. Such contracts often contain internal limits and
usually are subject to deductibles and co-insurance.
2. managed care
Systems that integrate the financing and delivery of appropriate health care
services by means of arrangements with selected providers to furnish a
comprehensive set of health-care services to members; explicit criteria for the
selection of health-care providers; formal programs for ongoing quality
assurance and utilization review; and significant financial incentives for
members to use providers and procedures associated with the plan.
3. manual premium rate
Premium for a group developed from the insurer's standard rate tables; it is
the cost usually quoted in an insurer's underwriting manual.
4. Medicaid
Simply put, Medicaid is health insurance for the poor. It was created in 1965
as a joint federal/state public assistance program for those too poor to afford
health care. Since the program is administered by the individual states under
federal guidelines, the benefits offered and eligibility requirements vary
widely. About 36 million people around the U.S., including children, the
elderly, the blind and the disabled, are currently covered by Medicaid.
Usually, Medicaid recipients pay no part of costs for covered medical
expenses, although a co-payment is sometimes required.
5. Medicare
Medicare is a federal insurance program which primarily serves those over 65
years old and younger, disabled people and dialysis patients. It currently
covers about 37 million Americans. Medicare is divided into Part A, which
covers inpatient hospital services, nursing home care, home health care and
hospice care; and Part B, which helps pay the cost of doctors' services,
outpatient hospital services, medical equipment and supplies, and other
health services and supplies. Recipients pay some part of the costs through
deductibles. Since Medicare doesn't cover all expenses, recipients often
supplement their coverage through separate Medigap policies.
6. medsup (aka: medigap)
Private insurance that can be purchased to supplement Medicare.
7. minimum group
The fewest number of employees permitted under a state law to constitute a
group for insurance purposes; the purpose of establishing minimums is to
maintain a distinction between individual and group insurance.
8. minimum premium plan
The employer self-funds a fixed percentage (e.g. 90 percent) of the estimated
monthly claims, and the insurer covers the remainder. This self-funded
approach avoids payment of a premium tax required in most states.
9. miscellaneous expense
Expenses connected with hospital insurance; hospital charges other than
room and board such as x-rays, drugs, laboratory fees, and other charges.
10. modified life insurance
A type of whole life policy with a premium that is relatively low in the first
several years but that increases in later years.
11. morbidity
Frequency and severity of sicknesses and accidents in a well-defined class or
classes of persons.
12. mortality table
A statistical table showing the death rate (probability of death) at each age.
13. mortgage insurance
There are actually two types of mortgage insurance. Usually, people mean
private mortgage insurance, or PMI, which protects a mortgage company
against a defaulted loan. PMI does not benefit the homeowner. If you bought
your home with a down payment of less than 20 percent of its value, your
bank probably made you take out PMI. At some point, you won’t have to pay
for PMI any more, but don’t expect the bank to let you know when that is.
Mortgage insurance can also mean a type of life insurance, which pays off the
balance of a mortgage when the policyholder dies or, in some cases, becomes
disabled. As a homeowner, you want to get rid of the first type as soon as you
can. You might want to consider the second type.
14. multiple employer trust (MET)
A trust established by a sponsor that brings together a number of small,
unrelated employers for the purpose of providing group medical coverage on
an insured or self-funded basis.
15. mutual life insurance company
A life insurance company owned by policyholders who share in the company's
surplus earnings.
Insurance that provides benefits for most types of medical expenses up to a
high maximum benefit. Such contracts often contain internal limits and
usually are subject to deductibles and co-insurance.
2. managed care
Systems that integrate the financing and delivery of appropriate health care
services by means of arrangements with selected providers to furnish a
comprehensive set of health-care services to members; explicit criteria for the
selection of health-care providers; formal programs for ongoing quality
assurance and utilization review; and significant financial incentives for
members to use providers and procedures associated with the plan.
3. manual premium rate
Premium for a group developed from the insurer's standard rate tables; it is
the cost usually quoted in an insurer's underwriting manual.
4. Medicaid
Simply put, Medicaid is health insurance for the poor. It was created in 1965
as a joint federal/state public assistance program for those too poor to afford
health care. Since the program is administered by the individual states under
federal guidelines, the benefits offered and eligibility requirements vary
widely. About 36 million people around the U.S., including children, the
elderly, the blind and the disabled, are currently covered by Medicaid.
Usually, Medicaid recipients pay no part of costs for covered medical
expenses, although a co-payment is sometimes required.
5. Medicare
Medicare is a federal insurance program which primarily serves those over 65
years old and younger, disabled people and dialysis patients. It currently
covers about 37 million Americans. Medicare is divided into Part A, which
covers inpatient hospital services, nursing home care, home health care and
hospice care; and Part B, which helps pay the cost of doctors' services,
outpatient hospital services, medical equipment and supplies, and other
health services and supplies. Recipients pay some part of the costs through
deductibles. Since Medicare doesn't cover all expenses, recipients often
supplement their coverage through separate Medigap policies.
6. medsup (aka: medigap)
Private insurance that can be purchased to supplement Medicare.
7. minimum group
The fewest number of employees permitted under a state law to constitute a
group for insurance purposes; the purpose of establishing minimums is to
maintain a distinction between individual and group insurance.
8. minimum premium plan
The employer self-funds a fixed percentage (e.g. 90 percent) of the estimated
monthly claims, and the insurer covers the remainder. This self-funded
approach avoids payment of a premium tax required in most states.
9. miscellaneous expense
Expenses connected with hospital insurance; hospital charges other than
room and board such as x-rays, drugs, laboratory fees, and other charges.
10. modified life insurance
A type of whole life policy with a premium that is relatively low in the first
several years but that increases in later years.
11. morbidity
Frequency and severity of sicknesses and accidents in a well-defined class or
classes of persons.
12. mortality table
A statistical table showing the death rate (probability of death) at each age.
13. mortgage insurance
There are actually two types of mortgage insurance. Usually, people mean
private mortgage insurance, or PMI, which protects a mortgage company
against a defaulted loan. PMI does not benefit the homeowner. If you bought
your home with a down payment of less than 20 percent of its value, your
bank probably made you take out PMI. At some point, you won’t have to pay
for PMI any more, but don’t expect the bank to let you know when that is.
Mortgage insurance can also mean a type of life insurance, which pays off the
balance of a mortgage when the policyholder dies or, in some cases, becomes
disabled. As a homeowner, you want to get rid of the first type as soon as you
can. You might want to consider the second type.
14. multiple employer trust (MET)
A trust established by a sponsor that brings together a number of small,
unrelated employers for the purpose of providing group medical coverage on
an insured or self-funded basis.
15. mutual life insurance company
A life insurance company owned by policyholders who share in the company's
surplus earnings.
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