Private insurance that offers a standardized insurance policy with a range of supplemental coverage for those on Medicare.
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Medigap (MG) policy
Specialized Medicare supplemental insurance policy whose predefined minimum benefits are regulated by the federal government and devised for the Medicare beneficiary. It typically covers the deductible and copayment amounts not covered under the Medicare policy. This coverage is available only to individuals who are covered by Medicare and is purchased by individuals or by employers to cover retired employees. Except in Massachusetts, Minnesota, and Wisconsin, there are 12 standardized plans labeled Plan A through Plan L. Medigap policies only work with the Original Medicare Plan. Also known as complementary program, gap fill, Medifill, Medicare supplement policy, Medsupp, Medicare wrap, supplemental health insurance , or wraparound plan .
Medigap Compare
Several websites have been created that help Medicare beneficiaries to find insurance companies that sell Medigap insurance plans and to compare coverage costs (e.g., http://www.medicare.gov/medigap/default.asp ). A Google search using key words “Medigap Compare” can also be used to do this research.
Medigap Insurance
Policies that pay for all, or part of, health care expenses not covered by Medicare.
Medigap protections
See: guaranteed issue rights .
MedPAC
See: Medicare Payment Advisory Commission (MedPAC) .
MEDPARD Directory
State and county directory that contains names, addresses, and specialties of Medicare-participating physicians who have agreed to accept assignment on all Medicare claims and covered services.
Medsupp
Acronym for Medicare supplement (Medsupp) policy. See Medigap (MG) policy .
Meeting of the minds
Situation in which both parties agree and understand their responsibilities and rights under an insurance contract.
Mega Risk Policies for India
IRDA has defined a Mega Risk as (i) Insurance for total sum insured of Rs. 2,500 crores or more at one location for property insurance, material damage and business interruption combined. (ii) Rs. 100 crores or more per event for liability insurance. These are typically insurances that are designed for individual large clients and where the rates, terms and conditions may be determined by reference to the international market. The Indian Insurer will quote terms in line with the terms quoted by reinsurers including the extent of cover and deductibles or claims conditions. If the insurer varies the terms quoted by the reinsurers such variation of terms and any increased retention shall be consistent with the underwriting policy and reinsurance policy approved by the Board. Variations also to be filed with IRDA. The Mega Risk Policies are along the lines of the Industrial All Risk Policies but certain covers like Inland Transit for consumables and spares are also packaged in the same cover. The Sections covered are usually (i) All Risks Property Damage (ii) MB and Associated Engineering Risks (iii) Hull and Offshore Property like Jetty and Secondary Buoy Moorings (iv) Loss of Profit following Fire and Engineering Risks, (v) Cash in Transit and Fidelity Guarantee, if opted. Since it is an All Risks the coverage will depend on the exclusions of the policy which vary from industry to industry, risk to risk and insurer to insurer and must be clearly and unambiguously enunciated on the policy document.