What does deductibles mean?
noun
The amount that an insured person must pay out of pocket before an insurance policy begins to pay for a medical expense. Deductibles are typically annual and can vary depending on the type of insurance and the policyholder's needs.
Example
"The patient had to pay the $1,000 deductible before the insurance covered the rest of the hospital bill."
Definition generated by AI and curated by RJS Tech Solutions LLP.