Program enacted in 1965 under Title XVIII of the Social Security Amendments of 1965 to provide medical benefits to those 65 and over. The program has two parts: Part A, Hospital Insurance, and Part B, Supplementary Medical Insurance. Retired workers qualified to receive Social Security benefits, and their dependents, also qualify for the hospital insurance portion. The program is paid for by payroll taxes on employees and covered workers. The supplementary medical insurance provides additional coverage on a voluntary basis for physician services. Those enrolled in the program pay a monthly premium. Coverage is also available to persons under 65 who are disabled and have received Social Security disability benefits for 24 consecutive months.
Popular Insurance Terms
Deferred annuity under which one premium payment is made and the annuity is paid up (no further premium payments are required). ...
Coverage for bodily injury, property damage or destruction, for which the insured garage and/or its representatives become legally liable resulting from the operation of the garage. For ...
Same as term Disability Benefit: income paid under a disability policy that is not covered under workers compensation benefits. It is usually expressed as a percentage of the insured's ...
Formal process of setting aside funds on a mathematical basis to provide deferred income benefits. ...
Specific values of securities computed annually by the national association of insurance commissioners (NAIC) as guidelines and procedures for insurance companies in listing of their ...
List of cash allowances for various types of surgeries. ...
Bodily or emotional injury resulting from physical or mental wound or shock. A traumatic injury is caused by something outside the person's body as opposed to a sickness or a disease. An ...
In a commercial general liability (comprehensive general liability) policy, exclusion of coverage for sold premises. The objective of this exclusion is to eliminate coverage for property ...
tort against another person's property, designed to detain or dispose of it in a wrongful manner. For example, wrongful selling of another person's automobile without permission would ...
Have a question or comment?
We're here to help.