Definition
The most you'll pay in a plan year for covered services. Once reached, the insurer covers 100% for the rest of the year.
Related Insurance terms
Insurance
A contract that provides financial protection against specific risks in exchange…
Premium
The recurring amount paid to an insurance company to maintain coverage. Typicall…
Deductible
The amount you pay out of pocket before insurance coverage kicks in. Higher dedu…
HSA (Health Savings Account)
A triple-tax-advantaged account paired with a high-deductible health plan: tax-d…
Term Life Insurance
Pure life insurance that pays a death benefit if you die within a set term (10, …
Whole Life Insurance
Permanent life insurance combining a death benefit with a tax-deferred cash-valu…
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Browse 350+ finance, crypto, and fintech terms across 12 categories in the Digital.Finance glossary.