Out-of-pocket cost
Out-of-pocket cost
Out-of-pocket cost (pronunciation: /ˌaʊt əv ˈpɒkɪt kɒst/) refers to the direct expenses that an individual pays in the course of receiving medical care, which may include costs for services not covered by insurance.
Etymology
The term "out-of-pocket cost" originates from the phrase "out of one's own pocket," which means to pay for something oneself, without assistance. The term has been used in the context of healthcare to refer to the costs that patients must pay themselves, without the aid of insurance or other forms of healthcare coverage.
Definition
Out-of-pocket costs are the costs for medical care that aren't reimbursed by insurance. They include deductibles, coinsurance, and copayments for covered services plus all costs for services that aren't covered.
Related Terms
- Deductible: The amount you pay for covered health care services before your insurance plan starts to pay.
- Coinsurance: Your share of the costs of a covered health care service, calculated as a percent (for example, 20%) of the allowed amount for the service.
- Copayment: A fixed amount (for example, $15) you pay for a covered health care service, usually when you receive the service.
- Premium: The amount that must be paid for your health insurance or plan.
- Health Insurance: A type of insurance coverage that pays for medical and surgical expenses incurred by the insured.
External links
- Medical encyclopedia article on Out-of-pocket cost
- Wikipedia's article - Out-of-pocket cost
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