HR Glossary for HR Professionals
Glossary of the most common HR terms and acronyms to assist professionals navigating the ever-growing and ever-changing world of HR terminology.
Out of Pocket Maximum
What is an out of pocket maximum?
An out-of-pocket maximum is the most you could pay for covered medical expenses each year. The amount includes money you spend on deductibles, copays, and coinsurance. Once you reach your annual out-of-pocket maximum, your health insurance will pay your covered medical and prescription costs for the rest of the year.