Definition: The amount you pay each year for covered healthcare services before your insurance plan starts sharing costs. If your deductible is $2,000, you pay the first $2,000 of covered medical bills each year.
Your deductible is the dollar amount you must pay out of pocket for covered healthcare services each year before your health insurance plan begins to share costs with you.
Example: If your deductible is $2,000 and you need a $3,000 medical procedure, you pay the first $2,000 (your deductible) and your insurance covers the remaining $1,000 according to your coinsurance arrangement.
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