margin of safety: The ratio of depression losses incurred plus statutory capital at the end of a “four year” depression divided by depression losses incurred.
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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.
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mandatory rehabilitation: Based on the premise that most people want to work in order to lead active, productive lives, a “mandatory” rehabilitation provision in disability insurance contracts encourages disabled employees to participate in rehabilitation efforts whenever appropriate. Such a provision allows for termination of benefits if the employee refuses to cooperate or participate with a rehabilitation plan.
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Managed Care – insurance term definition
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.
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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.
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Medigap – insurance term definition
Medigap: Private insurance that can be purchased to supplement Medicare. The federal government defines to 12 types of medigap plans that may be offered, but prices vary among insurers.
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Medicare supplement insurance: Also known as Medigap, this health coverage pays for services that are not covered under the government’s basic Medicare plan. Some Medigap policies sold before January 1, 2006 may include prescription drug coverage, but after that date new Medigap policies could not be sold with drug coverage. This time frame coincides with the introduction of the Medicare Part D benefit.
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Medicare – insurance term definition
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.
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Medicaid – insurance term definition
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.
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Msa – insurance term definition
MSA: Medical savings account (MSA) set up as a tax-deferred trust or savings account, similar to an IRA, in which you set aside money for your routine, out-of-pocket health care expenses, and to build up savings for your future medical costs.
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