What are maximum out-of-pocket costs?


What is maximum out-of-pocket costs?

The financial term of the day is: "maximum out-of-pocket costs."

Face it: When you need to see a doctor or go to the hospital, your health insurance won't pick up 100 percent of the tab. What's the most you'll be required to pay for your care? Whatever the answer is, that's your maximum out-of-pocket costs. It's the limit on the charges you'll be responsible for, and it includes things such as deductibles, copays and coinsurance.

Through maximum out-of-pocket costs, a health plan puts a ceiling on the amount you'll be expected to kick in toward the cost of your care.

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