When Will My Health Insurance Step In?

Re-posted 4-8-20

Your out of pocket maximum is the most you’ll have to pay for covered services in a policy period (one year). After you reach this amount, your health insurance plan will pay 100% for covered essential health benefits.  This doesn’t count your monthly premiums or services from out-of-network providers.

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[updated for 2020]

The maximum out-of-pocket limit for a health insurance plan for 2020 is $8,150 for an individual plan and $16,300 for a family plan.

Think of it like a game of baseball.  Once you’ve paid all of your deductible, you are standing on 1st base.  Now you’ll begin to move towards 2nd base – Co-Insurance.  During this time, co-insurance is where you and the insurance company split the medical bills, for example 70/30 or 80/20.  Usually the insurance company will pay the larger amount and you pay the lesser amount.

Your next step is 3rd base or your “Out of Pocket Maximum”.  Once you’ve met your “out of pocket maximum”, you are now done paying anything else.  The insurance company will pick you up on 3rd base, and carry you to home plate.

Note:  This is an annual accrual, meaning it starts January 1st and ends December 31st each year.

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Related Articles:

What is a Health Insurance “Deductible”

What is Co-Insurance? [Health Insurance]

What are Essential Health Benefits and who has to have them?

What Is a Health Insurance Network?

Read More: Health Insurance in Las Vegas, Nevada

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