What’s a deductible?

A lot of plans have something called a deductible. This is the amount of money you need to pay out of pocket before your insurance will start helping you cover the costs of your medical visits or procedures. It’s set by your insurer and usually resets annually.  

Here’s an example: Devon has a plan with a $500 deductible. They see a doctor that charges $250 per visit. Devon would pay the full amount for the first and second visits. After paying $500, Devon’s deductible is met. For any future visits (not just with that provider, but with any other care Devon receives), their insurer would start to cover some or all of the cost, with Devon paying either a copay, coinsurance, or nothing, depending on their plan.