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. Medicaid is a health insurance program jointly administered and funded by the federal and state government. It provides health care services for eligible, low-income individuals. People qualify for Medicaid by meeting set financial standards and by fitting into a specific coverage group such as children, pregnant women, or individuals who are elderly or who have disabilities.