Definition: The word "deductible" refers to a fixed amount, called the deductible or premium that an individual or group has to pay before their medical bills are paid out. The higher the deductible, the less money they will have to pay out if their medical expenses are incurred. In health insurance, the deductible is usually the amount of money the insured person must pay upfront before their health insurance coverage kicks in and starts paying for any eligible medical expenses. This is typically a fixed amount that varies by policy. The definition of "deductible" can be further broken down into different components such as: - The amount of money an individual or group has to pay upfront: This is the deductible itself. - The time period for which the medical bills will be covered: In some cases, this may be a specific number of months, years, or even days. It depends on how long it takes for the medical expenses to be paid out. - The type of coverage offered by the insurance company: Some health insurance plans have different deductibles that apply to various types of medical conditions or services. - The limits of what the deductible covers: In general, the more money the individual has to pay upfront, the less they will be responsible for covering under their health insurance.

what is the deductible on health insurance