Key insurance terms that start with "O"

The maximum amount you'll pay out of your own pocket for covered health services in a benefit year. Once you reach this limit, your insurance company pays 100% of your covered costs for the rest of the year. This includes deductibles, copays, and coinsurance, but not your premium.

The money you pay directly for health care, including copays, coinsurance, and deductibles. Out-of-pocket costs don't include your monthly premium. Your out-of-pocket maximum is the most you'll pay in a year.

A doctor, hospital, or pharmacy that does not have a contract with your insurance company. Out-of-network care usually costs more because your insurance company doesn't have a negotiated rate. Some plans don't cover out-of-network care at all (except emergencies). Check your plan's network before scheduling care.

An annual period when you can enroll in, change, or cancel health insurance coverage. The federal Open Enrollment Period runs from November 1 to January 31. You can only enroll outside this period if you have a qualifying life event. If you miss Open Enrollment, you must wait until the next year to enroll.