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Definition: A deductible is a set amount of money you must pay for healthcare services each calendar year before your insurance plan starts to cover a portion of the costs.
How it Works: If you have a $1,000 deductible, you are responsible for paying the first $1,000 of your covered medical costs. After you meet that amount, your insurance kicks in, and you will typically only owe a copay (a fixed fee per visit) or coinsurance (a percentage of the costs).
Resets Annually: Deductibles typically reset at the start of each plan year, meaning you must meet the amount again for the new year.
Deductibles and Premiums: Generally, plans with higher deductibles have lower monthly premiums (the amount you pay just for having insurance), while plans with lower deductibles have higher monthly premiums.