Out-of-Pocket Expenses

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Out-of-Pocket Expenses

Expenses that one must pay from one's personal, instead of business, income. Out-of-pocket expenses include mundane, recurring expenses such as paying the home electric bill or buying groceries. Often, however, the term refers to expenses incurred by an employee in the service of the employer. For instance, an employee may buy a more efficient computer program to accomplish his/her office work. These out-of-pocket expenses are usually reimbursed by the employer. Some out-of-pocket expenses, especially those related to education or health care, are tax deductible.
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References in periodicals archive ?
However, Bayer insists the out-of-pocket expense for the majority of patients will be $20 or less.
Nearly two-thirds (65 percent) say if they had an unexpected out-of-pocket expense, they could afford less than $1,000.
The average adjusted per claim out-of-pocket expense for oral contraceptive pills fell from $33.58 in June 2012 to $19.84 in June 2013, after the mandate took effect for most private health plans.
"For customers making a claim for out-of-pocket expense, we will launch a comprehensive process later this week so anyone impacted will fully understand how to progress any claims they may have as a result of this issue."
If Congress specifies exactly what an insurer may charge a consumer for certain procedures or whether certain procedures will be covered without any out-of-pocket expense, insurers will be left with little room to make private business decisions on coverage, revenue, or payment schemes.
Under one option, employees would have to cover their first $600 of medical bills each year, then would be responsible for 10 percent of their additional medical costs until they reach a maximum total out-of-pocket expense of $1,500, after which the state plan would cover the rest.
FCAA's only out-of-pocket expense was the $50 permit fee required by the City of Jacksonville Beach.
There are different ways to solve this out-of-pocket expense dilemma: Flexible Spending Accounts (FSAs), Health Savings Accounts (HSAs), and Health Reimbursement Accounts (HRAs).
"People were anxious about the immediate impact of the out-of-pocket expense," Yoder says.
The intent at most schools is for student-athletes to have no out-of-pocket expense.
TABLE 1: THE LAW MEDICARE PART D BENEFITS Out-of-Pocket Expense Description $250 Deductible $500 25% of the next $2,000 in charges $2,850 100% of the next $2,850 in charges $3,600 Total based on $5,100 in charges Source: Illustration of Part D benefits by Phyllis Shelton, LTC Consultants, Hendersonville, Tenn.
If a patient gets outside help to pay for medications while she's in the donut hole, that financial help may count as an out-of-pocket expense, and once total drug costs reach the "catastrophic" level, Part D will pay for 95% of further costs.