A deductible is the amount you pay for health care services before your health insurance kicks in to pay. Your deductible is part of cost-sharing, which means that the insured party must pay a portion of the expenses they incur.

How it works: If you plan's deductible is $1,500, you will pay 100% of eligible health care expenses until the bills total $1,500. After that, you share your cost with your plan by paying coinsurance.