Managed Care: A system of managing and financing health care delivery to ensure that services provided to managed care plan members are necessary...
Material Misrepresentation: A statement made by an applicant or proposed insured in the policy's application which is not factually correct. If the truth had been disclosed...
Maternity Care: Care that promotes the overall health of mother and child from conception, during pregnancy and delivery, and through the post partum period after delivery.
Medical Examination: An exam completed by a physician. The exam may be...
Medical Information Bureau (MIB): A service that compiles medical information and application history of individuals who have applied for insurance in the past.
Medically Necessary: Those covered services required to preserve and maintain the health status of a covered person in accordance with the accepted standards of medical practice in the medical community ...
Member: An individual or dependent who is enrolled in and covered by a managed health care plan.
Mental Health/Behavioral Health: A condition or disease regardless of its cause, listed in the most recent edition of the American Psychiatric Association's Diagnostic and Statistical Manual of Mental Disorders.
Misrepresentation: The act of making, issuing, circulating, or causing to be issued or circulated...(more)
Mode: The term of premium payments...
Moral Hazard: A condition of morals or habits that could affect and individual's insurability.
Mortality: The frequency of deaths in proportion to...
Mortality Rate: The number of deaths in a group of people, usually expressed as deaths per thousand.
Multi-Year Premium Mode: A premium payment option where future annual premiums are paid in advance at a discount. (more)
Mutual Insurance Company: An insurance company which is owned by its policy owners. Net earnings and savings of the company are distributed to the policy owners in the form of dividends.
Low-Cost Health Insurance
Low Cost Employee Benefits
Taking care of the employees is the primary concern of a good employer. But that has been perceived as an expensive affair as it means providing the employee with vacations, bonuses, incentive pay, insurance, etc. While all of them are valid reasons there are many ways in which employees can be given benefits that do not drill too deep a hole into the employer's pocket.
Medical Spending Accounts: MSAs offer benefits and cost-control advantages like no other policy. Self-employed people can use this as also a small group of 50 people. There are two parts to the MSA, one is the high-deductible health-insurance plan (HDHP) and the other is the insurance policy. HDHP offers deductibles in the range $1,500 - $2,250 for single people and $3,000 - $4,500 for families. Medical insurance is claimed using an MSA in a manner similar to any other insurance policy.
CDH, or Consumer-driven Healthcare plans are a good option for those employers who want to involve their employees in framing insurance policies for the firm. There are options like HSA, Healthcare Savings Account and HRA, Healthcare Reimbursement Account, among many others.
401(k) and Savings Benefits: Many small companies have a 401(k) plan or savings plan in place, but hardly any money is contributed to these plans. In spite of this situation, growing companies do not fund more than $2,500 every year to an employee's saving plan. Most of the small company contributions lie at the maximum of $1,000. Hence funding such saving programs would be a good benefit for the employee. Also identifying a tax-saving scheme would help the employer also.
ESOP, Employee Stock Ownership Program permits the employees to buy stocks in the firm. Stocks can also be offered as incentives and bonuses. ESOP has a tax-deferred status that is valid until the retirement of the employee. Similarly Pension Plans can be devised where an employee can either have a fixed income upon retirement or contribute to the pension fund.
Offering assistance to the employees who have relocated to work with the firm can be a good way to build good-will that will go a long way. Business travelers can be offered perks like being able to take their families on a tour once a year. "Life-style" benefits like grocery coupons, dry-clean services, health insurance for pets, etc. give a sense of belonging to the employee. Having a child-care center is a great way to provide support to working mothers.