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Out-of-Pocket Maximum

A cap on the amount of money per year that individuals might pay for health care costs, excluding the premium cost. All costs above the out-of-pocket maximum are paid by the insurance plan.

Employee Retirement Income Security Act of 1974 (ERISA)

Legislation enacted in 1947 that protects workers from losing benefits that are provided through the workplace. The Act does not require employers to establish a…