Type of health insurance that has benefits for medical expenses up to a high maximum benefit. Generally these policies have internal limits and the insured must pay a deductible and coinsurance. Sometimes referred to as major medical .
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Policies especially designed to help offset the heavy medical expenses resulting from catastrophic or prolonged illness or injury. They provide benefit payments for 75-80 percent of all types of medical treatment by a physician above a certain amount first paid by the insured person and up to the maximum amount provided by the policy.
Insurance Encyclopedia
Major Medical Expenses Insurance
Contractual protection for major surgical, hospital or medical expenses, usually, a high deductible is applicable and Insurance protection above that amount is payable upon a claim. Even some policies are written without a maximum limit.
Major medical insurance (Health Insurance)
A kind of health insurance policy that carries a high deductible and covers most medical expenses. This type of policy limits the amount that will be paid for specific expenses, such as a hospital room, and a clause that requires a certain percentage participation.
Major procedure
1. Commonly used phrase in describing a surgical intervention that may have 30 to 90 follow-up days. A major primary operative procedure may be considered by insurance third-party payers to be part of a surgical package or Medicare global package. 2. Medical procedures greater than 5 minutes that involve the operating room setting and there is risk and complexity of decision-making throughout the procedure.
Major services
In dental insurance, dental benefits including inlays, crowns, prosthodontics, and orthodontics that are covered at 50% of their reasonable and customary fees.
Major syndicate transaction
Where a mandatory offer has resulted in the major stakeholder in a Lloyd’s syndicate holding at least 90 per cent or more of syndicate capacity, the managing agent may seek permission from the Council to compulsorily acquire the remaining part of the capacity from the minority interests. (Byelaw 18/97).
Major teaching hospital
Medical facility that is associated with a university, has an accredited program in various specialties of medical practice, has an approved graduate medical education program, and has a ratio of interns and residents to beds of 25% or greater. It gives clinical experience to medical students while they deliver supervised medical care to patients.
Majority
Age, generally either 18 or 22, when a minor becomes of adult age as per state law and can assume civil duties and rights such as serving on a jury or voting.
Maldistribution
Surplus or lack of health care providers based on a population per physician ratio either geographically or by specialty. Also see health professional shortage area (HPSA) .
Malfeasance
Performance of an unlawful, wrongful act.