Medicare Advantage Plans.
Modified Adjusted Gross Income. As it relates to premium supports from the government for ACA health insurance.
Broader than basic hospital, basic medical and basic surgical. Covers all of these under one policy, and includes nursing services, blood, prosthetic devices, ambulance services, etc.
The term managed care is used to describe a variety of techniques intended to reduce the cost of providing health benefits and improve quality of care. Common managed care plans include HMOs, PPOs, and EPOs.
Managed Care Indemnity Plan
A plan where you select a provider (managed part) and submit your own claim form (indemnity part.)
Market Access Program.
A federal tax deduction that allows one spouse to leave the other spouse all of his/her assets estate tax free, regardless of their value.
Marital Deduction Trust
The Marital Deduction Trust protects the marital deduction on the first death. As a result of the Unlimited Marital Deduction, the tax benefits of this tax free deduction are lost if not protected in trust.
A deduction allowed from the gross estate of the value of all property passing to decedent’s spouse, provided the spouse is a U.S. citizen. Exemption does not apply to domestic partners.
Roughly the equivalent of community property. Used under the Uniform Marital Property Act to describe what would be community property in a community property state.
A fiduciary relationship between a trustor and trustee for the benefit of a surviving spouse and the married couple’s heirs. Also called an “A” trust, a marital trust goes into effect when the first spouse dies. Assets are moved into the trust upon death and the income generated by the assets goes to the surviving spouse. Under some arrangements, the surviving spouse can also receive principal payments. When the second spouse dies, the trust passes to its designated heirs. There are three types of marital trusts: a general power of appointment, a QTIP trust and an estate trust. A marital trust allows the couple’s heirs to avoid probate and take less of a hit from estate taxes by taking full advantage of the unlimited marital deduction, which allows spouses to pass assets to each other without tax consequences. However, when the surviving spouse dies, the remaining trust assets will be subject to estate taxes. To further avoid estate taxes when the surviving spouse dies, a marital trust is sometimes used in conjunction with a credit shelter trust (also called a “B” trust).
An example of when a marital trust might be used is when a couple has children from a previous marriage and wants to pass all property to the surviving spouse upon death but provide for their individual children upon the surviving spouse’s death. In case the surviving spouse remarries, the deceased spouse’s assets will go to his or her children instead of to the new spouse.
Price at which an assets would sell within a reasonable period of time between buyer and seller, neither under duress, both possessing all pertinent facts and in an arms length transaction.
Status of a couple conferred by the state. In California marriage requires a marriage ceremony conducted by an authorized individual, and the filing of documents with a county clerk.
The technique by which a blending exercise of a power of appointment as to which a portion is valid will direct appointive assets to the valid portions to the extent possible, such as to avoid violation of the Rule Against Perpetuities.
Michigan Alcohol Screening Test.
Also known as the Master contract. It is issued to the employer under a group plan; contains all the insuring clauses defining employee benefits. Individual employees participating in the group plan receive individual certificates that outline highlights of the coverage.
Masters of Business Administration.
McCord v. Commissioner, 461 F.3d 614 (5th Cir. 2006)
. . .
Mandatory Continuing Legal Education.
Managed Care Organization.
Monthly Disability Benefit.
Mood Disorder Questrionnaire.
Million Dollar Round Table.
Modified Endowment Contract.
California’s version of Medicaid.
A trust intended to meet the special needs of a beneficiary without disqualifying the beneficiary for Medicaid.
Refers to doctor’s non-surgical fees.
See Durable Power Of Attorney.
Medical Savings Account
Generally associated with self-employed individuals or small employers, in which tax-deferred deposits can be made for medical expenses. Withdrawals from the MSA are tax-free if used to pay for qualified medical expenses. Funds from an MSA may be used to pay the deductible on a HDHP.
At the end of the year funds may be removed (and taxed) or rolled over into the following year’s account.
These have been replaced by Health Savings Accounts (HSAs).
Part A – Hospital
Part B – Medical Insurance
Part C – Medicare Advantage
Part D – Drugs
Mental Capacity or Mentality
Usually is referred to as “of sound mind” for will or other document execution validty.
Is the legal combination of titles, either life estate or term of years with the remainder or legal and equitable titles, resulting usually in a fee simple entitlement and potentially causing a trust to terminate because the combination of legal and equitable titles destroys the nature of a trust.
Multiple Employer Trusts.
Multi-Employer Welfare Arrangement.
Mandatory Provident Fund.
Managing General Agent.
Any person, firm, association, partnership, or corporation that manages all or part of an insurer’s business.
Medical Information Bureau.
Medicaid Intentionally Defective Grantor Trust.
A “safe harbor” trust under the Medicaid rules, allowing a trust to be funded with the income ofa Medicaid beneficiary in an “income-cap” state, so that the beneficiary may qualify for Medicaid.
Minimum Premium Plan
MMP: Designed to support a self-insured plan, a minimum premium plan helps insure against large, unpredictable losses that exceed the self-insured level. This is sometimes referred to as a Stop Loss Plan.
Any person under 18 years of age, [unless emancipated].
Is a latent ambiguity that is an inaccurate description that could apply to more than one asset, person, event, etc., and creates controversy because it is not clear which is the intended reference. See Equivocation and Inaccuracy.
Is an issue in execution, revocation, or understanding the law or facts as they relate to a document. Mistake of this last variety comes in four varieties: mistakes of law, of fact, in the inducement, and of omission. Under the common law, it was said there was no remedy for mistake. See Ambiguity.
Minimum Income Tax.
Minimum Income Tax Trust.
Master Limited Partnership.
Multi-Member Limited Liability Company.
Minimum Premium Plan.
Arise from people’s habits and values. Filing a false claim is an example.
Arise out of human carelessness or irresponsibility.
The probability or frequency of accident or sickness within a given group of people.
is more fully defined as the number of individuals exposed to the risk of illness, sickness, and disease at each age, and the actual number of individuals who have incurred an illness, sickness, and disease at various ages. This table is based on the law of large numbers and is used to establish premiums for health, accident, sickness, and disability income products.
Statutes that restrict gifts to charity by will. Usually held unconstitutional.
Modern Portfolio Theory.
Medicaid Qualified Income Trust.
Medicaid Qualifying Trust.
Medical Loss Ratio.
Managed Risk Medical Insurance Board.
Major Risk Medical Insurance Plan/Program.
For information call (800) 289-6574 or visit www.mrmib.ca.gov.
Medical Savings Account. Medicare Set Aside.
Mandatory Settlement Conference.
Medicare Summary Notice.
Master of Science in Taxation.
Multiple Employee Welfare Arrangement
Similar to a MET, but the plan self-insures. By self-insuring they come under ERISA regulation.
Multiple Employer Trust
METs are groups formed by insurers, agents, brokers, or TPA who are called sponsors. The sponsor develops the plan, sets up the underwriting rules, and administers the plan. The purpose of a MET is so small employers of the same industry can band together and purchase as a large group.
Massachusetts Uniform Trust Code.
Is one form of physical revocatory act to a will that affects the paper on which the will is written.
Wills executed by two persons, usually spouses, with reciprocal provisions. Sometimes called “mirror-image wills.”
Market Value Adjusted annuities.