The Maximum Out-of-Pocket provision is not included on every insurance policy but is something you should consider. With the rising cost of health care on everyone’s mind, even a minor surgery can cost thousands of dollars. If your insurance requires a co-payment, you could be looking at 20 percent of hundreds of thousands of dollars - a hefty payment for anyone to meet.

Some insurance policies offer the option to cap the amount of money you’d have to pay out in any given year. The amount will vary from one plan to another and you as the consumer would typically have the option to choose from several amounts. The lower you set that cap, the higher monthly premiums will be.

Another option to cap the maximum out-of-pocket medical expense is to take out a second policy that will pick up once you’ve reached a certain payment level. As a general rule, these plans are not overly expensive because most people simply won’t ever have the need to collect.

Talk to your broker about maximum out of pocket options available for you and your family. That detail could save you from bankruptcy in the event of a serious illness or accident.