What does " out of pocket costs" mean?
I saw a insurance bill. what does " out of pocket costs" mean? It means I don't need to pay the amount or , I need to take from my pocket amount?
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Answers · 7
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On my bill "out of pocket costs" are something I already paid. This is probably true if what your received is an "explanation of benefits(EOB)."
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"Out of pocket costs" are the amounts that you are responsible for. For example, let's say you go to the doctor. You might have to pay a copay (the amount that you need to pay just for seeing the doctor, and you might have a deductible (the amount that you need to pay before your insurance will cover anything). If your copay is $30 and your deductible requires you to pay $100, your "out of pocket costs" for this visit would be $130 dollars, assuming the insurance covers the rest. Hope that was clear! :)
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