What does "Lifetime Maximum" mean in a health insurance policy?

"Lifetime Maximum" in a health insurance policy refers to the total amount that the insurance company will pay for covered health care services over the lifetime of the insured individual. This means that once the insured has reached this limit, the policy will no longer provide benefits for additional health care expenses, regardless of whether those expenses are incurred for ongoing treatment or newly emerging health issues.

This type of limit is crucial for understanding how extensive a policy's coverage is and can have significant implications for individuals with chronic conditions or those who may require extensive medical treatment over their lifetime. In contrast, the other options describe different types of limits and aspects related to health insurance, such as annual caps, specific service limits, and premium rates, which do not pertain to the overarching lifetime limit on benefits provided by a health insurance policy.