Deductible
Your deductible is like the gatekeeper of your health insurance benefits! It's the amount you need to shell out from your own pocket for covered services before your insurance steps in and starts footing the bill.
Detailed Explanation
For example, if your deductible is $1,000, you'll need to cover $1,000 worth of medical expenses before your insurer takes the stage.
Practical Example
David has a $500 deductible on his health insurance plan. This means he will need to pay the first $500 of his medical expenses each year before his insurance company starts to pay its share for covered services.
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