DEFINITION of 'Nonrenewable Resource'. A resource of economic value that cannot be readily replaced by natural means on a level equal to its consumption. Most fossil fuels, such as oil, natural gas and coal are considered nonrenewable resources in that their use is not sustainable because their formation takes billions of years.
Election-Enrollment in, or voluntary disenrollment from, an MMP, an MA plan or the traditional Medicare fee-for-service program (âOriginal Medicareâ) constitutes an election (disenrollment from Original Medicare would occur only when an individual enrolls in an MMP or MA plan).
Medicaid and Medicare are different programs for health care coverage. Medicare is an insurance program that provides medical care to people over 65. Medicaid is a financial assistance program for low-income people. Medicaid is based on need and social welfare. Eligibility is based on a person's income. Medical bills are paid from federal, state and local tax funds. It serves low-income people of every age.