What does the term "deductible" refer to in healthcare insurance?

The term "deductible" refers specifically to the amount a patient is required to pay out of pocket for healthcare services before their insurance begins to cover the remaining costs. This mechanism is put in place to share healthcare expenses between the insurance provider and the insured individual. It encourages patients to consider their healthcare usage since they are responsible for the initial expenses up to the deductible amount.

Once the deductible is met, the insurance will typically start paying a portion of the healthcare costs while the patient may still be responsible for any copayments or coinsurance thereafter. This process helps to manage risk and ensure that insurance remains affordable. Other options mentioned describe different components of health insurance plans, such as overall coverage limits or the specifics of out-of-pocket maximums and coinsurance, but they do not accurately capture the concept of a deductible.