What does Out of Pocket mean? Read on to discover the definition & meaning of the term Out of Pocket - to help you better understand the language used in insurance policies.
Out of Pocket
Out of pocket, in the context of insurance, refers to health care expenses the policyholder has to pay with their own financial resources. Often, health insurance policies include an out-of-pocket limit or maximum over the course of a year. In this case, after having paid that amount out of their own pocket, a policyholder can expect the insurance company to cover the entirety of future insured health services fees.
We hope the you have a better understanding of the meaning of Out of Pocket.