Final answer:
A deductible is the amount one pays out-of-pocket before insurance covers healthcare costs, which protects individuals from bearing the full burden of medical expenses.
Step-by-step explanation:
Healthcare costs can be significant, and insurance is designed to help protect individuals from having to pay the full cost. Among the options provided, a deductible is a specific term that refers to the amount a person must pay out-of-pocket before their insurance coverage starts to pay. Once a deductible is met, the insurance company begins to cover expenses, often leaving the policyholder with only a coinsurance or copayment amount to pay.
Coinsurance represents a percentage of medical costs that an individual must pay even after meeting the deductible, whereas a copayment is a fixed fee paid for a specific service or visit, irrespective of the total cost.