What do you mean by the term deductible in insurance?

Business & Management
#1

Deductable can be referred as ones own expenses. The Deductible is the amount that you must pay out of your own pocket before the insurance company will begin paying towards any covered expenses. The deductible affects how much money you will pay to the doctor or hospital, and is typically paid at the time of treatment.
Depending on the plan, the deductible may be paid once per calendar year or once per new condition