A "deductible" is the amount of money you must pay out of your own pocket before your insurance company starts to cover your expenses. For example, if you have a health insurance plan with a $500 deductible, you need to pay the first $500 of your medical bills. After you meet this amount, your insurance will help pay for the rest of your eligible costs. Deductibles can vary widely depending on the type of insurance policy you have. Some plans may have low deductibles, meaning you start receiving coverage sooner, while others may have high deductibles, which can lower your monthly premiums but require you to pay more upfront when you need care.