Quick Answer
A deductible is an amount of money you’re required to pay out-of-pocket before your insurance policy will start covering the cost of care.
Detailed Answer
A deductible is a financial threshold you're responsible for paying out-of-pocket before your insurance benefits help cover the cost of care.
For example, let's say you had a health insurance policy with a $1,000 deductible. If you need a medical treatment that costs $2,000, you would pay the first $1,000 out-of-pocket as a deductible. Then, your insurance would start to cover the remaining $1,000 of your treatment.
In other words, a deductible is your financial responsibility before insurance helps cover costs.
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