noun an amount of money that is subtracted from someone's income or from the price of something, especially as a business expense
In finance, a deductible is a specific amount of money that must be paid by the borrower before the lender will cover the remaining costs.
In healthcare plans, a deductible is the amount that the patient must pay before the insurance company starts covering medical expenses.
In insurance policies, a deductible is the amount of money that the insured party must pay out of pocket before the insurance company will cover the remaining costs.
In taxation, a deductible is an expense that can be subtracted from a person's gross income to reduce the amount of income that is subject to taxation.
In the insurance industry, a writer may discuss deductibles in relation to various insurance policies, such as health insurance or car insurance. They may explain how deductibles work and how they affect the cost of premiums.
Psychologists may encounter deductibles when working with clients who have health insurance that covers mental health services. They may need to explain how deductibles impact the out-of-pocket costs for therapy sessions and other services.
Accountants may advise clients on deductibles related to taxes, such as business expenses that are deductible from taxable income. They may help clients understand which expenses qualify for deductions and how to calculate the deductible amount.
Medical doctors may discuss deductibles with patients who have health insurance and need to pay a certain amount out of pocket before their insurance coverage kicks in. They may explain the concept of deductibles and help patients navigate their healthcare costs.