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MAC (Maximum Allowable Cost)

The upper limit a plan will pay for generic or multi-source brand drugs.

Maintenance Drug

Medication taken on a long-term basis for chronic conditions like diabetes.

Mandated Benefits

Benefits that are required by federal or state law to be included in an insurance...

Manual Check

A physical paycheck written outside of the normal automated payroll cycle.

Matching Contribution

Money an employer adds to an employee's 401k based on the employee's own contribution level.

Maximum Contribution

The highest amount allowed by the IRS to be put into a 401k or HSA.

Maximum Out-of-Pocket

The total limit an employee will pay for covered services in a plan year.

Medical Loss Ratio [MLR]

 A requirement that insurance companies spend at least 80-85% of premium dollars on medical care/quality...

Medically Necessary

Health care services or supplies needed to prevent diagnose or treat an illness or injury.

Mental Health Parity

A law requiring mental health benefits to be equal to medical/surgical benefits.

Micro-Learning Stipend

Small funds provided for short specific skill-building courses or certifications.

Mindfulness App

Digital tools provided to employees to help with meditation and stress reduction.

Minimum Essential Coverage (MEC)

The basic level of health insurance required to satisfy the ACA's individual mandate.

Minimum Value (MV)

A health plan that covers at least 60% of total allowed costs for standard benefits.

Multi-Source Drug

A medication that has at least one generic equivalent available on the market.

Mutual Fund

An investment vehicle made up of a pool of money from many investors to buy...