Definition:
Your insurance policy may include a provision specifying a "maximum lifetime benefit," or "benefit ceiling." The amount specified is the total amount your insurance company will pay on your behalf over the course of your lifetime. This amount begins accruing the date your policy begins and continues until your policy terminates for any reason, including your death.
Unlike the annual out-of-pocket maximum, with the maximum lifetime payout, the amounts that your insurer spends paying your claims carry over from year to year, so someone with a chronic medical condition or catastrophic health expenses could very well be in danger of reaching their maximum lifetime payout.
Also Known As: benefit ceiling
