What is a Deductible?

A deductible is the amount that a patient must pay to a provider before benefits will be paid by the insurance company. Once the deductible has been met a patient no longer has any out of pocket medical expenses. For example, If someone has a medical plan with a $500 deductible, the patient must pay the first $500 in charges before the insurance company will pay out the rest of the benefit.

Category: Fees and Insurance