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GLOSSARY
Major Medical (Catastrophic Coverage) - an adjunct to the base plan that provides extra benefits for services not covered at all by the base plan, and that in some cases pays balances of services not covered completely by the base plan; most are characterized by large benefits maximums, ranging from 250,000 to no limit; above an initial deductible, major medical plan reimburse the major percentage of all charges; the policyholder pays the remaining co-insurance.
Medicaid - state programs of public assistance to people, regardless of their age, whose income and resources are insufficient to pay for health care.
MediCal - Medicaid program in the State of California.
Medical Group - an organization of physicians who are generally located in the same facility and provide a range of healthcare services to health plan members.
Medical Savings Account (MSA) - is a tax advantaged personal savings account intended to pay for a qualified medical services, including some not covered by most health plans. MSA deposits are tax-deductible and may be used tax-free to pay for many medical expenses, or saved on a tax-differed basis.
Medicare - the government health insurance system for people over the age of 65 (and for certain other groups), created by the 1965 amendments to the Social Security Act.
Medicare Supplements (Medigap) - policies sold by insurance companies that help supplement the amounts not paid by Medicare program for covered services.
Miscellaneous Expenses (Ancillary Charges) - hospital charges (other than room and board) such as for X-rays, drugs, and laboratory fees.
Mode of payment - is the method of the premium payment, whether annually, semi-annually, quarterly, or monthly.
Morbidity table - a table showing the mathematical probability of disability.
Mortality table - a table showing the mathematical probability of death. It is developed from statistics of the deaths of millions of people over long periods of time.
Mutual Insurance Company - an insurance company that has no stockholders; it is managed by the board of directors, elected by its policyholders; any earnings in excess of those necessary for the operation of the company are returned to the policyholders in the form of dividends.
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