What does Out-of-Pocket Expense mean? Read on to discover the definition & meaning of the term Out-of-Pocket Expense - to help you better understand the language used in insurance policies.
An out-of-pocket expense, in the context of insurance, refers to expenses an insurance policy does not cover. The policyholder would therefore be responsible for paying these costs using their own financial resources. Depending on the insurance type and plan, the insurance company may reimburse the policyholder for some of these expenses.
We hope the you have a better understanding of the meaning of Out-of-Pocket Expense.