Financial Glossary

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Term Definition
Major Medical Coverage designed to pay all or most medical or hospital expenses above a specific deductible amount.
Managed Care A type of health care organization that seeks to control costs by monitoring how member doctors and hospitals treat patients by limiting access to specialists and costly procedures.
Managed Care A medical delivery system that manages the quality and cost of medical services.
Medicaid A federally-aided, state operated and administered program which provides medical benefits for certain indigent persons in need of health and medical care. The program is authorized by Title XIX of the Social Security Act. It does not cover all indigent persons, however. It is only for persons who are included in one of the categories eligible for welfare cash payment programs and the aged, the blind, the disabled, and members of families with dependent children where one parent is absent, incapacitated or unemployed. States determine the benefits covered, program eligibility, rates of payment for providers, and methods of administering the program.
Medically Necessary A service or treatment which is appropriate and consistent with a diagnosis and is within the accepted standards of practice in the medical community of the area in which the health services are given.
Medicare A third-party reimbursement program administered by the Social Security Administration that underwrites the medical costs of persons 65 and over and some qualified persons under 65. "Part A" covers hospital services and "Part B" covers physicians' services.
Medicare Part A The Medicare program that covers services provided in hospitals, home health, and extended care facilities.
Medicare Part B The Medicare program that covers inpatient and outpatient physician’s fees and some outpatient medical services and supplies.
Medicare Part D The Medicare program to subsidize the cost of prescription drugs for Medicare beneficiaries. Part D coverage is not provided within the traditional Medicare program. Instead, beneficiaries must affirmatively enroll in one of the Part D plans offered by private companies.
MEDIGAP Insurance A private, extra medical insurance designed to cover gaps in Medicare insurance such as deductibles and coinsurance.