What Are Out-Of-Pocket Expenses?
Out-of-pocket expenses are the costs that a patient must pay for medical services that are not covered by their health insurance. These expenses include deductibles, copayments, and coinsurance. Out-of-pocket expenses can vary widely depending on the type of insurance plan and the specific medical services received.
Example: A patient with a $1,000 deductible and a 20% coinsurance rate would be responsible for paying $200 out-of-pocket for a $1,000 medical bill. If the patient had already met their deductible for the year, their out-of-pocket expenses would be limited to the coinsurance rate of 20%.