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Glossary - O

Open Date

In regard to Health Savings Accounts (HSAs), the original date the HSA opened at the custodian.

Open Enrollment Period

An employer’s enrollment period when employees may enroll or re-enroll for their medical benefits without evidence of insurability or waiting periods.

Out-of-Pocket Expense

The dollar portion of healthcare expenses that is covered by an individual and not through their insurance plan.

Out-of-Pocket Maximum

The maximum dollar amount individuals have to pay for healthcare services covered under their insurance plan per calendar year.

Over-the-Counter (OTC) Drug

A medicine that does not require a prescription to purchase.