Out-of-pocket maximum: We like this term. This is the most you have to pay for covered services in a plan year. If your out-of-pocket max is $5,000, once you’ve spent $5,000 on deductibles, copayments, and coinsurance, your health plan will pay 100 percent of the remaining costs of covered benefits for the year.
You might be surprised, but only four percent of Americans are able to correctly define all four terms. Learning them will keep you ahead of the curve—and in control of your health care.