Insurance Deductible (Insurance & Financial Protection) - Definition, Examples, Advice | Bolder Money

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Definition

The amount you pay out of pocket before your insurance kicks in. A lower deductible means higher premiums, while a higher deductible can lower your monthly cost.

What to consider

Understand your co-insurance percentage.
Know when co-insurance applies after meeting your deductible.
Review your plan to see how co-insurance affects your out-of-pocket costs.

Real world scenarios

After a doctor's visit, Mark’s Explanation of Benefits noted a 20% co-insurance that he had to pay after the deductible.
Linda’s bill indicated her co-insurance percentage for specialist consultations.
John reviewed his co-insurance details to understand his share of costs for a procedure.

Related terms

Insurance & Financial Protection

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