Deductible
InsuranceGlossary term
Definition
The amount you must pay out-of-pocket before your insurance coverage begins. Higher deductibles typically result in lower premium costs.
Related terms
- PremiumThe amount paid for an insurance policy, typically monthly, quarterly, or annually. Premium costs vary based on coverage amount, deductible, and risk factors.
- CopayA fixed amount you pay for a covered healthcare service, typically due at the time of service. For example, $25 for a doctor visit or $10 for a prescription.
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