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In the health insurance industry, a deductible is the out-of-pocket amount that you must pay before your coverage kicks in. For example, with a $1,000 deductible for hospital visits, you’d be fully responsible for that amount, while your policy would pay a portion of any remaining cost.

Most deductibles are annual, meaning that the cap for out-of-pocket spending is per year. Health insurance plans with higher deductibles tend to have lower monthly premiums.

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