Describe an out-of-pocket maximum.(1 point)

Question

Responses

It is the most you will spend on premiums for your health insurance.
It is the most you will spend on premiums for your health insurance.

It is the total amount you will spend on your health insurance.
It is the total amount you will spend on your health insurance.

It is the total amount you will spend on your share of your in-network health care expenses covered by your plan each year, not including premiums.
It is the total amount you will spend on your share of your in-network health care expenses covered by your plan each year, not including premiums.

It is the total you will spend on health care.
It is the total you will spend on health care.

Answer 1

It is the maximum limit on the amount of money you will have to pay out of your own pocket for covered medical expenses within a certain period of time, usually a year. Once you reach this limit, your insurance company will typically pay 100% of any additional covered medical expenses for the rest of that period.